Stellar wants to set up a global financial system. This network should be compatible with any financial system around the world. Jed McCaleb launched Stellar in 2014. He also founded Mt. Gox and co-founded Ripple. Its main token is Stellar Lumens (XML).
So, let’s have a look at three of the top wallets for Stellar.
“Every time we have a crisis we want to respond with cash assistance for basic needs. Having a portable digital wallet can be a powerful tool for promoting financial inclusion and helping people engage in digital literacy." – Carmen Hett, @Refugees #Consensus2023 pic.twitter.com/1rN7S3Dm9J
— Stellar (@StellarOrg) April 27, 2023
Ledger is a hardware wallet. They are currently the most popular hardware wallet. It’s also a cold storage wallet. In other words, the wallet doesn’t connect to the internet. Ledger currently offers three different Nano versions. For instance, the S, Plus S, and the X version. The latter, the X version, is the most advanced wallet Ledger currently offers.
Here is how you can store your XLM tokens on a Ledger Nano.
- First, you need to get a Ledger Nano product. Make sure to buy direct from the supplier. Do not buy a secondhand Nano device. You’re not in control of the private keys anymore.
- Download and install Ledger Live. This is the app that has the user interface. It allows you to see your accounts and portfolios. This is either web-based or available for your mobile. With Ledger Live, you can set up your wallet and manage your tokens.
- Install Stellar on your Ledger Nano device. You can find this in the app catalog. You can install it by clicking on it.
- The last step is to add a Stellar account on your Ledger Live. Go to “accounts,” click “Add account,” and choose Stellar from the dropdown menu.
- Congratulations, you’re done. You installed Stellar on your Nano device and on Ledger Live.
Now you can buy, manage, and swap Stellar. You can do this, for example, on StellarX. However, be aware that you will need at least 2 XLM to activate your account. Furthermore, StellarX will lock these 2 XLM. Here’s a Ledger guide on using StellarX.
Ledger Nano S/X now supports #Stellar Protocol 18! Make sure to update to the latest firmware to access the new features in Protocol 18: https://t.co/vrh4tUfQqq
— Stellar (@StellarOrg) November 10, 2021
Trezor is another hardware wallet with cold storage. It’s a competitor for Ledger. Trezor offers two models, “Model T” and “Model One.” The Model T is the most advanced option.
However, be aware that you can’t use a Trezor to manage Stellar directly. You first need to install a compatible Stellar third-party wallet. For instance, Exodus, Account Viewer, or Stellarport. There’s no reason to worry about this. Your private keys are still in your Trezor hardware wallet. This is a common set-up for hardware wallets. For example, you can do the same for the Cosmos ecosystem with a Keplr or Leap wallet.
You can now start interacting with a wallet or interface. However, you confirm all transactions in your Trezor.
Another hardware wallet on the market is SafePal. This wallet also accepts Stellar, already since March 2020. The following video shows you how to use ERC-20 tokens in Trezor Suite.
SatoshiPay is the company behind Solar Wallet. It’s a non-custodial wallet, made for Stellar, and it’s free. However, the team may add some enterprising features. They would charge for these features. For us, the average user, the wallet is free of charge.
The Solar Wallet has a nice set of features. So, let’s explore them. Solar offers, for example:
- A free open-source wallet
- An integrated DEX
- User friendly, and it’s fast
- Multi-signature accounts and transactions
- Security at enterprise-grade level
Furthermore, the wallet is available for the following platforms. As you can see, both web-based and mobile options.
The picture below shows the browser UI for Solar Wallet.
Source: Solar Wallet
We looked at three of the top wallets for the Stellar blockchain and the XLM token. This included two hardware wallets, Ledger and Trezor. However, it also included the Solar Wallet. This is a Stellar-specific non-custodial wallet.
The current XLM price is $0.088994. It has a market cap of $2.3 billion. The max and total supply of XLM tokens is 50 billion. Out of these, 26.7 billion currently circulate.
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