A Crypto Wallet Explained
A crypto wallet is a digital tool that allows you to store, manage, and transact cryptocurrencies. Unlike a physical wallet that holds fiat currency (like dollars or euros), a crypto wallet doesn't actually store the cryptocurrency itself. Instead, it keeps secure digital keys used to access public blockchain addresses and sign transactions. The wallet application is simply an interface to interact with the blockchain.
Crypto wallets in various forms:
Software Wallets: These are applications you can download on your computer or phone, such as MetaMask, the Coinbase wallet app for EVM blockchains, or Pera Wallet for Algorand.
Most software wallets that you download to your mobile or desktop store the private keys directly on the device where the wallet is installed. These private keys are typically encrypted with a unique password or passphrase that you set or receive.
While software wallets offer a convenient way to manage your crypto assets, their security largely depends on how well you protect your device and backup your keys. It's crucial to use strong passwords, maintain good digital security practices, and keep an up-to-date backup of your recovery phrases.
Hardware Wallets: Physical devices that store your private keys offline. They are considered more secure because they are less susceptible to online hacking.
Examples of hardware wallets are Trezor or Ledger.
They both need to be connected to a computer or a smartphone to transact, but the private keys are always kept offline in the device. Both are widely considered as one of the safest ways to store cryptocurrencies due to their robust security features and offline storage of private keys.
Using hardware wallets like Trezor or Ledger significantly reduces the risk of your cryptocurrencies being stolen by hackers, as opposed to keeping them in a software wallet or on an exchange. However, it's crucial to handle the device carefully, keep the recovery seed secure, and only purchase the wallets through official channels to avoid counterfeit products.
Web Wallets: Wallets provided by online services such as cryptocurrency exchanges or browser applications and services. While convenient, they are considered less secure since the private keys are stored online and sometimes controlled by a third party such as an exchange service (remember, not your keys, not your crypto).
Your Crypto Wallet at Opulous 2.0
At Opulous 2.0 we currently support MetaMask and the Coinbase Wallet, in addition to any wallet application that is supporting WalletConnect.
In order to interact with Opulous Finance and transact with the liquid staking pool, OVAULT, you need to first connect your wallet.
If you are unsure exactly how to connect your wallet to Opulous Finance then read on below!
How to Connect Your Wallet
STEP 1: Connect To Opulous
On the Opulous Finance main page, click on Connect Wallet in the top right corner.
STEP 2: Choose Your Wallet
Choose the wallet of your choice among the supported wallets. For the purpose of this example and guide, we have used MetaMask.
Important: When you connect to the site for the first time, some wallets may require you to give the site access to the wallet application. This is especially applicable for the MetaMask browser extension.
STEP 3: Make the Connection
Follow the instructions on the wallet of your choice to confirm the application request and complete the connection.
Well done! You are now connected to Opulous Finance!
If you need assistance for any wallet application specifically, you can find the links below.
Important: Your newly acquired Arbitrum tokens, like OPUL, may not appear in your EVM wallet until you add or import (depending on the wallet of choice) the token contract manually.
Arbitrum OPUL contract address is 0x0c5fa0E07949F941A6c2C29a008252db1527d6EE
You can find more token contract details here on Arbiscan, the Arbitrum Blockchain Explorer.
Check this article to learn how to add custom tokens, like OPUL, to some of the popular wallets on Arbitrum.
Do You Still Need Help?
Let us know by joining the official Opulous Telegram Community 👉 here.
If you're still having any issues with any of the above steps, please contact us on a chat function here 👉 Opulous Chat. You can find the chat button in the bottom right. Make sure you share as much information about your issue as you can so the support team can help you quicker.
Alternatively, you can contact support by emailing support@opulous.org.