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Definition: DeFi wallet


A general-purpose, non-custodial crypto wallet that is not tied to a central exchange. Non-custodial or "self-custody" means that users are responsible for the safekeeping of the wallet's private keys should the wallet ever become unusable (see seed phrase). Also called a smart contract wallet, a DeFi wallet is very flexible and can access a variety of applications.

DeFi wallets are generally Ethereum compliant and support Ethereum's native ether cryptocurrency as well as ERC-20 crypto tokens and ERC-721 NFT tokens (see ERC-20 and ERC-721). See DeFi and crypto wallet.