Try Wigwam wallet - The Great Rainbow Wallet Alternative
For Web3 users who want to have a more convenient wallet with the same security standards
Download ExtensionMain differences between between Wigwam and Rainbow Wallet
More convenient user experience
Try out wallet and enjoy intuitive interfaces, advanced NFT Tab, Transaction tab, etc
Work with popular EVM-blockchains from the box
Forget about manually adding new blockchains or switching them in wallet while working with dApps in different networks.
Phishing protection
Unique icon generation for each wallet ensures you're always secure from phishing threats
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Self Custodial
Ethereum support
WEB3 (dApp) connect
EVM-blockchains support
Mobile Version
Built-In Swaps
Built-In Bridges
Hardware Wallet Support
Open Source
Pre-added networks
Advanced transaction bar
Automatic Token Detection
Public Audits
Token Allowance Revoke
NFT Gallery
Default Gas Settings
Phishing Protection
Buy Crypto with Fiat
Rainbow Wallet Review
Rainbow is a digital wallet designed to manage Ethereum and other EVM-compatible networks like Optimism, Polygon, Arbitrum, BNB Smart Chain, Base, Zora, Avalanche, Blast, and Degen Chain. It has an interface intended for a smooth interaction with the Web3 space. It supports multiple-wallet management, including hardware wallets like Ledger and Trezor, for safe and efficient handling of digital assets.
History
Founded in 2019 by Christian Baroni, Jin Chung, and Mike Demarais, Rainbow Wallet aims to demystify Ethereum and the entire Web3 landscape for first-time users. Recently, in April 2024, Rainbow Wallet was upgraded with an 'Onchain Browser' feature to enhance the transaction speed and reliability. This update also brought some major features like Instant Bridging with popular EVM-compatible blockchains such as Polygon, Arbitrum, and Optimism; an enhanced search experience in the Magic Menu; and a backup process of recovery phrases.
Features of Rainbow Wallet
The Rainbow wallet is developed to work across Ethereum and a variety of EVM-compatible networks such as Arbitrum, Optimism, Avalanche, and many more. This ensures that users can conveniently move from one network to the next, and manage their assets across chains on one platform because of this in-built feature.
One feature that might attract NFT enthusiasts in particular to the Rainbow Wallet is its NFT management capabilities. The OpenSea integration enables the users to search and surf through their complete collection of NFTs directly from within the wallet. This allows them access to descriptions, on-chain attributes, and current floor prices all in one place.
Additionally, it includes a swapping and trading feature that allows for in-app trading with simplicity, courtesy of Uniswap. It also has a list of verified tokens to enable safe and fast swaps.
Wallet integration enables a user to connect the wallet with the Web3 protocols and interact with the Dapps with ease. In terms of security, Rainbow Wallet has recovery and safeguarding features making certain users can manage their assets effectively.
The wallet gives a 12-word recovery phrase for backups and is encrypted by iCloud storage solutions. As a wallet, it inculcates trust through transparency in operation.
Benefits of Rainbow Wallet
One of the major benefits and features of Rainbow Wallet is cross-chain compatibility, which enables users to run assets across different EVM-compatible blockchains. It means that one does not have to worry about handling different wallets when one wants to move across different blockchains.
The user-friendly interface makes it easy for beginners as well as experienced users to interact with and manage assets with this wallet. For the transaction of assets, Rainbow Wallet incorporates the Ethereum Naming Service (ENS) to use addresses instead of long strings.
Rainbow Wallet targets those purchasing Ethereum or DAI. It supports Apple Pay, thereby making it convenient and easy for individuals, especially novices in trading, as they can access the commodity and buy it fast.
In addition to that, the wallet has shortcuts that will allow users to interact with the app easily. Users can take an all-rounded view of their portfolio with balances, tokens, and liquidity positions with both Ethereum and EVM-compatible blockchains. This makes it easy to track assets effortlessly with settings such as controls, preferred currencies, and even theme preferences.
Challenges for Wallet
Rainbow Wallet is currently riddled with many challenges such as infrastructure challenges in an evolving ecosystem, data privacy, and interoperability between the networks of various blockchains, as the blockchain ecosystem is itself fragmented, which leaves users with a very complex multi-chain, gas fee management, and siloed experience. These are not just challenges for Rainbow Wallet; they are challenges for the Web3 ecosystem.
The fact that crowns it all is slow transaction speeds and poor interoperability between networks. It is necessary to address these impediments while maintaining a fine balance between user experience and security, for Rainbow Wallet to continue its growth.
Conclusion
In conclusion, Rainbow Wallet is both a user-friendly and powerful application for managing Ethereum and EVM-compatible blockchains. It caters to novices and advanced users with an appealing interface. With cross-chain compatibility for various EVM-compatible blockchains, NFT management, and swapping functionalities, it proves to be the tool for exploration into the realm of Web3.
FAQ
Rainbow Wallet offers solid security features and is a good choice for managing Ethereum-based assets.
Rainbow Wallet is a non-custodial wallet, meaning it doesn't store your private keys or recovery phrases on your behalf. Instead, full responsibility for securing these keys rests with you, ensuring that only you have access to and control over your funds.
Yes, Rainbow Wallet currently supports the Ethereum network (layer-2 solutions) and other EVM-compatible assets. It is worth noting that it does not support non-EVM-compatible blockchains like Bitcoin, Solana, etc.
If you forget your Rainbow Wallet password, you can recover access to your wallet using your 12-word backup phrase.
To add Polygon to your Rainbow Wallet, follow these steps:
1. Open the Rainbow Wallet app.
2. Tap the settings icon and select "Networks" or "Blockchain Settings."
3. If Polygon isn’t listed, choose the option to add a new network and select Polygon.
4. Switch to Polygon by selecting it from the available network options.
For viewing Polygon NFTs, ensure they are part of the supported collections.
To delete a wallet from your Rainbow account, follow these steps:
1. Open the Rainbow app and tap the three dots in the top right.
2. Go to "Privacy & Security."
3. Select "Wallets & Keys."
4. Choose the wallet to remove, tap the three dots next to it, and select "Delete Wallet."
5. Confirm by clicking "Remove."
Note: Deleting a wallet removes it from the app but not your recovery phrase or assets. You can restore the wallet with the secret phrase if needed. Rainbow won’t let you delete your last wallet.
About Wigwam wallet
Dive into the future of decentralized finance with Wigwam, the all-in-one crypto wallet tailored for the Web 3 ecosystem. Whether you're a newbie or a seasoned crypto enthusiast, Wigwam offers a seamless blend of functionality and security.
Buy, Sell, and Hold
Experience limitless crypto transactions.
Multi-Blockchain Support
Dive right in with pre-loaded blockchains.
Effortless Exchanges
Swap tokens with ease using our intuitive inbuilt exchange.
Stay Secure
Unique icon generation for each wallet ensures top-notch phishing protection.
NFT Management
View, manage, and transfer your digital collectibles effortlessly.
Real-Time Portfolio Tracking
Stay updated with instant token value insights.