Starter Pack of Defi Tools:
Here is a quick starter pack of tools to give you a head start in navigating the world of Defi. Hope this helps make exploration easier.
Wallet:
Metamask. This wallet acts as a sort of single sign on into the Defi universe. Defi mostly consists of Ethereum based projects for now, and Metamask is the default wallet for many to start depositing value or exploring decentralized apps.
One complexity is that one must store and keep safe a string of words. The nice thing about this string of words is that it enables the wallet to be logged in to from any computer or phone. Another complexity is there is no backup or support if the wallet phrase is lost. It also can be hard to transfer any wealth built up on the wallet balances unless you teach your family member how to use it and store it. A third complexity is that though many store funds online in a ‘hot wallet’, it is advised to store them offline in a hardware wallet (more below), and that the amount in the wallet is spread out over several accounts. The nice thing is that it’s fairly easy to create multiple accounts within Metamask. One risk of using any computer or phone with metamask is that if the computer is used for email/internet usage outside of crypto, the user is susceptible to phishing scams and fake websites which will steal the…
