What Are EVM Wallets?
As blockchain technology expands, managing digital assets across various platforms becomes increasingly complex. Users face challenges like interoperability, security, and ease of use, often leading to frustration and inefficiency. This is where EVM wallets step in as a solution, streamlining the process of interacting with Ethereum and other EVM-compatible blockchains.
In this article, we’ll explore what an EVM wallet is, its key features, the types available, and how to set one up. By the end, you’ll have a clear understanding of why these wallets are essential for navigating the decentralized web.
What Is an EVM Wallet?
An EVM wallet is a web3 wallet designed to interact with Ethereum and EVM-compatible blockchains. EVM wallets ensure compatibility with smart contracts on these networks; their standardized addresses and logic give them an edge when it comes to interoperability.
What Is an EVM Wallet For?
EVM wallets allow for a few key things:
Providing EVM ecosystem identities
Each EVM wallet has a unique EVM address, a hexadecimal that allows the blockchain and its participants to define which wallet is which. It serves as your onchain identity. Most EVM wallets use an EVM address managed by a single private key via a software or hardware interface, but today, there are also smart wallet options allowing you to create EVM wallets without managing private keys.
Managing Ether and Ethereum tokens
Importantly, EVM wallets are mainly to manage EVM compatible assets such as Ether and a range of ERC-20 tokens, such as USDT, USDC and various memecoins. Depending on the wallet, they may also have support for more complex Ethereum tokens such as NFTs in ERC-721 and ERC-1155 formats. This is especially important for EVM wallets used for web3 gaming, which may require using multiple token formats.
Interacting with EVM apps and platforms
You’ll also need an EVM wallet for interacting with Ethereum-based apps. Whether you’re in an EVM compatible metaverse such as Decentraland or interacting with decentralized exchanges such as Uniswap, you’ll need to connect an EVM wallet in some way or another. On some platforms, you’ll need to have an EVM wallet already made. However, with thirdweb Connect, you can bypass that complexity and implement social logins with ease.
What Is an EVM Wallet Address?
An EVM wallet address is a unique alphanumeric string used to receive, send, and store digital assets on Ethereum and EVM-compatible blockchains. These addresses typically begin with "0x" followed by 40 characters—a hexadecimal format. This hexadecimal acts as a user’s public identifier on the blockchain. Each EVM wallet’s address is completely unique, and this lets users find each other and send and receive assets.
How Does an EVM Wallet Address Work?
Most EVM wallet addresses are EOAs (Externally owned Accounts). This means they are managed by a public and private key pair. The private key is what allows the user to manage the funds at a specific address, and the public key is a long number that identifies your account.
This public key is derived cryptographically from your private key, meaning they retain a link. While it’s practically impossible to work out your private key with your public key, it’s extremely easy to work out the public key with the private key. That’s what allows you to manage multiple addresses and share your public keys with strangers while keeping your private keys secret.
Since the public key is originally formatted in binary, it would be too long to record or send to a friend that wanted to send you funds. So instead, public keys are translated into a more recordable hexadecimal form—and that’s what an EVM wallet address is.
What Types of EVM Wallets Are There?
EVM wallets come in various forms, each catering to different user needs. Here are the main types:
Custodial EVM Wallets
Custodial wallets are user-friendly but may compromise on security as they don’t allow users to control their own accounts—the centralized entity running them retains the rights to the private keys of accounts using their platform. Usually these wallets are operated by centralized exchanges or institutions.
Examples include Binance Wallet and Coinbase Wallet
Software EVM Wallets
These are applications or browser extensions that store private keys digitally—so they offer EVM wallets with ownership. They’re ideal for everyday transactions and interacting with blockchain apps such as NFT marketplaces or DeFi platforms.
Software wallets come in 3 main types, desktop, browser or mobile wallets. Software wallets—no matter their type—typically store private keys on the computer or phone that hosts them which can leave them vulnerable to online threats. For this reason, they are best suited for apps and games rather than storing significant funds.
Examples include Metamask, Trust Wallet and Rabby.
Hardware EVM Wallets
Hardware wallets are physical devices that store private keys offline, offering enhanced security against hacking attempts. However, they can be difficult to use for beginners, and aren’t suitable for web3 apps and games that require seamless authorization. For this reason, hardware wallets are best used for storing significant assets such as treasuries or savings.
Examples include Ledger and Trezor.
Smart EVM Wallets
Smart crypto wallets are not EOAs, instead they are EVM wallets controlled by smart contracts using the ERC-4337 standard. This gives them extra functionality not previously possible with software or hardware EOAs such as time-locked transactions, recurring payments, social recovery and much much more. Smart crypto wallets offer some of the best solutions for EVM wallets today since they interact so seamlessly with the EVM ecosystem—echoing the same interoperability and programmability that grew Ethereum to where it is today.
If you want to create a smart crypto wallet, the easiest way is to deploy one via thirdweb! Smart wallets let you add programmatic functionality since they operate via smart contracts. With thirdweb, it's also easy to add smart wallet functionality to your app. Simply give your users to create their own accounts linked to smart wallets; without them even knowing they're interacting with web3! It's all possible with our smart wallet contract templates that leverage account abstraction.
Which Wallets Are EVM Wallets?
Many wallets support EVM functionality, making them compatible with Ethereum and other similar blockchains. Here are some of the most popular ones:
Metamask
Metamask is a widely-used browser extension and mobile app wallet. Known for its user-friendly interface, it supports Ethereum and multiple EVM-compatible blockchains like Polygon and Binance Smart Chain.
Trust Wallet
Trust Wallet is a mobile wallet that provides seamless access to various blockchains. It offers staking, token swaps, and support for NFTs.
Ledger
Ledger offers hardware wallets combining top-tier security with EVM compatibility, making it a reliable choice for long-term asset storage.
Trezor
Trezor offers hardware wallets that focus on open-sourcing. They are one of the most popular hardware wallets for multiple ecosystems and offer some EVM compatibility.
How to Set Up an EVM Wallet
Setting up an EVM wallet is straightforward. Here’s a step-by-step guide.
1. Download a Wallet
Choose a wallet that supports EVM functionality, such as Metamask or Trust Wallet, and download the application or browser extension.
2. Create a New Wallet
Follow the setup instructions to create a wallet. This usually involves generating a new wallet address and recording a seed phrase which allows you to regain access to the account on other devices.
3. Configure EVM-Compatible Networks
Many wallets default to Ethereum. To add other EVM-compatible blockchains, enter the required network details (RPC URL, Chain ID, etc.) manually or use wallet tools to automate this process.
4. Start using your EVM Wallet Address:
Once your wallet is set up, navigate to the "Receive" or "Account" section. Copy the displayed address. This is your EVM wallet address, which can be used to receive assets across EVM-compatible blockchains.
Can I add EVM Wallet Compatibility to my app?
Yes! Adding EVM wallet compatibility to your app is easy via thirdweb Connect. Simply follow the steps to add thirdweb’s Connect wallet button and you can allow anyone to sign in to your blockchain app, defi platform or web3 game via their existing EVM wallet or social logins such as Google, Steam or Meta.
EVM wallets: the cornerstone of the Ethereum ecosystem
EVM wallets are indispensable tools for navigating the Web3 ecosystem, offering interoperability, security, and ease of use. Whether you’re a crypto enthusiast, blockchain app user, or NFT collector, having a reliable EVM wallet ensures smooth access to Ethereum and other EVM-compatible blockchains.
By understanding what an EVM wallet is, its types, and how to set one up, you’re now ready to explore the decentralized world with confidence. Choose the wallet that fits your needs and start your Web3 journey today!