Analysts named the most popular non-custodial wallets
Date: 2023-08-10 Author: Karina Ziganova Categories: BLOCKCHAIN
MetaMask has become the most popular hot cryptocurrency wallet with over 22.66 million installations worldwide. This is stated in the CoinGecko study.
Launched in 2016 by ConsenSys as a wallet on the Ethereum network, MetaMask is so widely used that its name has become synonymous with “crypto wallet,” the analysts explained.
Just behind MetaMask are Coinbase Wallet (11M installs), Trust Wallet (10.4M installs), and Blockchain.com Wallet (10M installs). These three are also popular MetaMask alternatives, each with at least 10 million installs.
Moreover, half of the top 10 wallets are associated with crypto exchanges: five crypto wallets are either supported or owned by centralized crypto exchanges (CEX). For example, Coinbase Wallet and Crypto.com DeFi Wallet are created by their respective exchanges, as their name suggests, while Trust Wallet was acquired by Binance in 2018. In addition, BitKeep is supported by Bitget.
Top 10 crypto wallets occupy the largest share of the market
In total, the four most popular hot cryptocurrency wallets alone have 54.06 million installs (66.6%). The ten most popular wallets account for 65.9 million installs, accounting for 81.2% of the total. In addition, the total number of installs is only 15.25 million for the rest of the hot cryptocurrency wallets outside the top 10.
“In other words, the ten most popular hot crypto wallets have more than four times as many installs as the less popular wallets,” CoinGecko explained.
How hackers steal money from crypto wallets
The security of crypto wallets is often called into question due to frequent hacks or vulnerabilities in smart contracts. In particular, ZenGo Wallet analysts have found that Coinbase Wallet, as well as other decentralized applications, are vulnerable to hidden smart contract attacks.
According to them, attackers have learned to “deceive” crypto wallets by emulating legitimate activities during the verification of a smart contract by the application’s protection system. After making sure that the protocol is reliable, the victim conducts a real transaction with the cryptocurrency. At this stage, the smart contract notices that the operation is not checked by the security system and changes the values to steal assets from the wallet.
