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What is DeFi, crypto wallets, crypto for beginners, scams from Kama scams scams of centralized exchanges, loss of blocked deposits on these exchanges, rumors that Binance will soon collapse and blocking of people with Russian passports on various centralized exchanges again, you need to understand that this will not end in the near future, and to reduce your risks, you must know how to use DeFi services already now. And we will help you with this today. To do this, today we will figure out how to use decentralized wallets for storing and working with cryptocurrency, and even learn how to secure your assets directly from the wallet developers. For philologists, we will see how to exchange cryptocurrency decentrally at the most favorable rate and how to receive an additional percentage of income from five to 100% per annum on existing cryptocurrency, and we will analyze some things that may be unclear, but you didn't know how to ask. My name is Nikita, you are on the Cryptus channel, and let's learn to be decentralized. If we want to use DeFi services, the first thing we need to install is a wallet for storing and managing our assets. This is the base. We have previously shot videos on the channel about MetaMask, but the extensiveness of the functionality and convenience of wallets is constantly evolving, so today we will work with one of the newer wallets called XD. Philologist, which will be much more convenient for our work, as it supports many times more different blockchains, you can store NFTs there, and it has several other useful features that I will also tell you about now in this video. DeFi means decentralized finance, that is, services within which you do not give your assets under the management of third parties, due to which they cannot be frozen and, if your wallet security is maintained, taken from your account. To start working in DeFi, we download the xdfi Wallet extension in the Chrome browser. We wait literally 15 seconds for installation, and all links will be in the description. After that, it will offer us to create a password, which will be, attention, local, that is, it will not be directly connected to the blockchain, it is used only on our computer, literally so that in case we don't lock it and leave the laptop open, our money is not withdrawn and stolen. Next comes the most responsible part, namely the seed phrase, which acts as a password for our wallet, but not on the computer, but directly on the blockchain. It is better to write down the seed phrase on a piece of paper, then hide the paper securely, because knowing it, you can restore, that is, your seed phrase can restore the wallet on any other device, even without knowing the previously set password that we are setting now. After that, we confirm that we have saved our seed phrase by re-entering it, and that's actually all. Our wallet is already created and ready for further work. Also, a question regarding the seed phrase: why in most wallets, if not in all wallets, is the phrase generated for us automatically? Why can't we create it ourselves, for example, write the word mom, dad, their names, some other words, and here is our ready phrase? Why don't wallets allow us to do this? And the second point, where is this seed phrase stored in wallets? Of course, first of all, it is unsafe. Usually, wallets follow a format that we call the BIP39 standard, essentially a link to some list of words in each language. Each word will be unique within the first four letters, which means that none of the words will contain the same first four letters. And when you install a wallet, it essentially generates a sequence of random words. Usually, a computer does this because it is more efficient than if a person did it. For this reason, the user does not do it themselves. But can you create a wallet by creating your own private key? The answer is yes, you can. But since the wallet uses the BIP39 standard, you will need to approach the process very carefully and with sufficient entropy. For example, it offers to import a wallet based on a private key, and this can be, well, you know, randomly filled in. These are generally complex technical issues, but if you want it, it's always better to have a computer that can figure out how wallets work. Imagine that you have a certain blockchain cloud computer on which cryptocurrency and various tokens are stored. Within the blockchain, cryptocurrency cannot exist, so to speak, in the air, and therefore any coin is assigned to a specific account or wallet, where only this wallet can issue a command to the blockchain to transfer its coins to, for example, another wallet. Access to the wallet can only be obtained using or having the phrase that we have now created and written down. And if we want to work with the blockchain autonomously, we need to download a node for each blockchain that interests us and enter all commands, so to speak, manually through the software terminal. However, of course, this is inconvenient and labor-intensive for an ordinary user like me and possibly you, and also nodes weigh quite a lot. For example, a Bitcoin node weighs 400 GB. Bitcoin is, of course, not the only blockchain, so wallets were created that facilitate our work with our account on the blockchain. That is, a wallet is a kind of intermediary between us and the blockchain, which issues commands such as making a transfer or transaction, or checking the balance in a more understandable or accessible interface with buttons. And the wallet uses our seed phrase and sends a command to the blockchain, so to speak, on our behalf, but does not store any assets itself. Assets are stored only on the blockchain, and the wallet only displays them to us in an understandable form and simplifies our work with them. Therefore, if the device, for example, this computer with our wallet, breaks down or is erased, the assets will not disappear, they will remain on the blockchain, and with our phrase, we can always restore them, even using a completely different wallet or another device. So it is very important to understand that cryptocurrency is not on my computer, it is on all computers in the blockchain that are connected to it, and we only have the seed phrase that gives us full access to this cryptocurrency. And I think before we move on to the innovations that you want to present in the form of your wallet on the market, and by the way, the technical components, perhaps we can talk a little about the security of wallets, their architecture, because after the FTX scam, after the hacking of various hot wallets, people are actually worried about security, so I thought, who else but you to ask about the architecture of hot wallets, because we have an interface where our cryptocurrency is shown, but it is actually stored on the blockchain, and therefore between our interface in the wallet and the blockchain there are many, many intermediaries. Can you describe who they are, what they look like, what is the architecture of wallets, and what are the components of hot wallets at the moment? Yes, please. First of all, xdfi is not custodial in terms of architecture in general. There is no big difference between custodial and non-custodial wallets, with the exception of the fact that the user himself stores his private key for working with the blockchain, due to which he needs to remember the rule: your key, your coin. Due to its architecture, decentralized wallets can directly access the blockchain, for example, to conduct transactions, while centralized wallets must first contact a centralized service owned by the custodians themselves, who own all your keys and conduct transactions for you. This is the main difference in terms of access to funds. Private keys are controlled by the wallet provider, which is equivalent to them controlling the user's funds, just like banks. But in a non-custodial wallet, the user retains full control over the funds, access to their assets, and all the resulting advantages. Before we continue, I want to share with you news from our Cryptus Academy. On December 20th at 18:00, as part of our free intensive on earning cryptocurrency, we will hold a stream for you on strategies for earning in the cryptocurrency market, how to analyze projects and understand when to buy what. On the stream, we will analyze project analysis strategies, learn to find information about new projects and coins at the earliest stage using five stages of analysis, determine how promising a particular project is and whether it is worth buying or not, as well as a step-by-step plan on how to create your own investment strategy to understand when to buy what and better navigate market phases and cycles. To get to our online meeting, you need to follow the link in the description under this video and register, after which you will enter the bot where a selection of very useful information from our Cryptus Academy team will be waiting for you. This is the final educational stream of this format this year, there will be no more like it, so I don't advise you to miss it. The information will be for beginners and for those people who have been in crypto for a longer time. And the second piece of news is that we have finally officially launched our academy, from novice to crypto god, version 2.0. This is training for those who want to master the most complete set of working tools and knowledge in cryptocurrency for independent, confident, and stable earnings in the crypto sphere. All details about how the training will take place, the course program and lessons, cost, and participation format can be found on our website. The link will also be in the description under this video. We are waiting for you at the academy. Well, we continue. After downloading and setting up our wallet, we can now fund it with our cryptocurrency, and xdfi Wallet is a multi-currency wallet, which means that we can store cryptocurrency from different blockchains on it, and from blockchains with different standards. And in MetaMask, for example, we can only store ERC20 standard coins, which significantly reduces the range of available assets. Now let's figure out how to fund our decentralized cryptocurrency wallet. First, after installation, if your wallet is displayed automatically here at the top, click on this puzzle, scroll down where we find our wallet and accordingly pin it. After that, it will appear here. We open the seed phrase, everything is already set up, and this wallet has been used before, so there is some cryptocurrency left here. However, it won't hurt us now to figure out how exactly to fund our cryptocurrency wallet further. To do this, we simply click on the button, that is, receive cryptocurrency, and then we need to choose the blockchain on which it is located. How to determine this, I'll tell you now. So, we choose the blockchain we need. For example, I know that somewhere I have cryptocurrency on the Binance Smart Chain network. Here it is, BSC, and accordingly, after we have chosen the correct network, we simply copy our address and paste it there, or send it to the person who is supposed to send this cryptocurrency, that is, roughly speaking, enter it there from where we will transfer our cryptocurrency. For example, we can do this on Binance, say, if I had money here, but there is nothing in terms of storage on centralized exchanges. I click specifically on withdrawal, conditionally for USDT. After that, I paste what we copied, our wallet address, naturally into the address field, and after that, we choose the same network as we indicated in our wallet, that is, BSC. Here it is, BSC. We click that we are sure, and accordingly, after that, we can specify the amount and click on withdrawal to withdraw our cryptocurrency. But we can also withdraw from a regular other hot wallet, that is, a decentralized wallet, for example, from MetaMask. And as you can see, I already have cryptocurrency stored here on Binance Smart Chain, abbreviated as BSC. And accordingly, some portion or all of it, if I want, I can withdraw from here to another wallet. Therefore, I click here, send, after I have chosen which cryptocurrency I want to send. I paste the address that we just copied here and click, for example, here, $200 that I want to send. After that, of course, I click next and confirm this transaction so that it is finalized and sent, so that miners on the blockchain process it. Accordingly, in literally a few seconds, as a rule, it takes more than 15 seconds, we can return back, that is, go back and see that our cryptocurrency has been credited to us. If it hasn't arrived yet, we simply close our wallet and refresh it until this cryptocurrency arrives. Everything is ready, literally 15 seconds have passed, and these $200 that we sent to ourselves are already on our wallet. This is a fairly basic functionality. Let's now delve deeper into how wallets work. That is, if we go back to the receive tab and want to work with various blockchains and cryptocurrencies, not just dollars on BSC, we can see that on different blockchains, addresses can be either the same or different. For example, on Ethereum, if we open it, the address ends in dd2. If we open, for example, Binance Smart Chain, not Binance, but specifically Binance Smart Chain, the address also ends in dd2. But if we open, for example, the Solana blockchain, let's scroll down and find it, then the address will be different, znp. Let's figure out why this is the case and how to distinguish these addresses. This is due to the fact that our wallet can store many coins on different blockchains. However, what can arise is that for some coins the address is the same, and for others it is different, although the same seed phrase was used for each blockchain to create this wallet. Let's start with the question of identical addresses. Where does cryptocurrency, like this USDT, know where to come if, for example, on Ethereum, the address is exactly the same? For this, imagine different blockchains as separate universes, where in each of them there is its own cryptocurrency, which between these blockchains or universes does not interact at all and cannot interact in principle. Cryptocurrency can never, under any circumstances, jump from one blockchain to another and can only exist in its closed ecosystem without exceptions. This can be represented as an analogy with a bank, if there were no interbank transfers, for example, through the Faster Payments System. If money is stored with us, say, at Sberbank, and we send it to our friend by his phone number, which in this case acts as our address, yes, it will come exactly to Sberbank if we did not make an interbank transfer, even though the same number can be linked not only to Sberbank but also to Tinkoff, to Alfa-Bank, and so on. But it does not come to Tinkoff or Alfa-Bank, but specifically to Sberbank, from where the money left, since the other banks are essentially two different systems, just like different blockchains with cryptocurrency. In reality, everything is exactly the same. Therefore, the immutable rule states that from which blockchain the cryptocurrency is sent, on which it is located, to that it will arrive. Therefore, before receiving cryptocurrency, always clarify on which blockchain the person has the secret coin and send him the address of the same blockchain and wallet on it. As for wallets with different addresses, why from one seed phrase do we get, for example, two or more different addresses? Why then couldn't they just make one address for all blockchains? This is due to the fact that different blockchains use different hashing formats, that is, encryption of our address, where the hashing formats can be the same, for example, in Binance Smart Chain and Ethereum, and somewhere they can completely differ from each other, as for example on Ethereum and Solana, they are different. Because of this, from the same seed phrase, after various methods of encryption and hashing that differ from each other, we get different addresses. Therefore, carefully double-check the blockchain network when transferring so that the money is not lost irrevocably because you accidentally sent it to the wrong address on the wrong blockchain. It turns out that xdfi Wallet is like a hub that supports access to various blockchains, but these blockchains absolutely do not see each other at all, neither in the wallet nor on the blockchain itself, but their data is simply displayed for different blockchains in one interface for our convenience, so as not to download, for example, 15 different currency wallets, as I have installed here at the top. That is, the wallet supports Bitcoin, Ethereum, all these Binance Smart Chain, Solana, Avax, Phantom, Polygon, Litecoin, Tron, and some other less popular blockchains, as well as any tokens on these networks, on these blockchains. That is, currently the blockchain, or rather the wallet, supports 80 different cryptocurrencies that are traded and exist in principle. But the developers plan to add even more networks to this wallet in the near future. It is also very important to understand that within one blockchain, the address will always be the same for all tokens and all other coins. For example, if we select here when we click receive that we want to get a coin or token on the Ethereum blockchain, then at this address any cryptocurrency that exists on top of the Ethereum blockchain will arrive. That is, this is the Ethereum coin itself, it can be USDT if it was already stored before or was issued on the Ethereum blockchain, it could be some other coins when, for example, I don't know, the Uniswap coin or Avalanche, which also exist on the Ethereum blockchain. That is, for all of them, the address will always be the same, namely, the one that is here. Therefore, if we go back to our wallet and filter our assets so that they show assets not on all networks, here for our convenience, again, and if we, for example, filter only by Binance Smart Chain, where we just received assets, then on BSC, at the same address, there will be both the BNB that I had on this wallet before, as well as these USDT that we recently received, and also new tokens that are stored on Binance Smart Chain. They will all be at this same address. That is, these are just some points where confusion arises, so I wanted to clarify them initially. Now we will move on faster. Having figured out the replenishment, now let's figure out how to send cryptocurrency from our wallet and then perform more complex transactions like exchanging cryptocurrency, for example, for trading, for sending any coin on the blockchain, we first need the coin we want to send, for example, USDT, and the native coin of the network or blockchain, as the coin in which the gas fee or fee for our transaction will be charged. The gas fee is charged for absolutely any transaction when cryptocurrency moves from one account to another, and this fee is charged as a reward to people with their nodes who validate the blockchain and, in fact, conduct transactions on the blockchain. On the Ethereum blockchain, you need the Ether coin to pay for transactions, that is, always the native coin of the network, on Binance Smart Chain, the BNB coin, on Bitcoin, the Bitcoin coin, on Solana, Solana, and so on. And on each blockchain, there is only one cryptocurrency in which you can pay for transactions or gas fees. Accordingly, to now be able to use these assets that are currently just safely lying in this wallet, we need a gas coin, because this coin is located, these USDT are on the Binance Smart Chain, we need the BNB coin, that is, this one, but probably a little more, because I have withdrawn almost all of them from this wallet. So we fund our wallet with BNB and also click receive, choose the blockchain on which the cryptocurrency is located that we want to withdraw or where we want to perform a transaction, that is, Binance Smart Chain, because earlier we sent USDT on BSC. We copy the same address, go, for example, to where I currently have BNB, that is, for me it could be MetaMask, for someone a centralized exchange, for someone you will just send this address to an exchanger so that they credit cryptocurrency to you, and let's just send 50% of my BNBs that are already here, let's say 0.02, click next, that is, we entered the same address, click confirm, and now, literally in another 15 seconds, these BNBs will arrive in our XF wallet. Everything is ready, the network tokens have arrived in our wallet, that is, the BNBs with which we can now pay for the transaction. I'll show you in more detail how it looks here. They are located here, and now, for example, we want to transfer this cryptocurrency for a visual example to our centralized exchange, that is, we click the button here, just to make it clearer, on the exchange, accordingly, after that, we choose the cryptocurrency we want to receive and choose its network, which is very important. That is, since these USDT are currently stored on Binance Smart Chain, of course, we choose Binance Smart Chain, that is, we choose this option, copy the address, and accordingly, after that, we simply paste it into our wallet, or if we want to do the same, for example, with MetaMask, or someone sent us the address of their account and says that it is USDT on Binance Smart Chain, then we simply copy the same address. Here is my Binance Smart Chain, copy this address where this cryptocurrency should arrive. As we just did on Binance, in fact, after that, we open our wallet, click on the cryptocurrency we want to transfer, and essentially click here, it's just Send to send this crypto. Next, where it says To, who we want to send it to, we paste the address that we either received or copied from our own account. After that, we click on Next, that is, further, and we show the amount of cryptocurrency that we want to send. Let's just send $10 for clarity, because we will still need the rest of the coins here. Further below, there is a field that shows how much our transaction will cost. I don't want to go into detail within this video because it's not critical for effective wallet use. However, you can look again in more detail in our other videos on the channel about how transaction costs are calculated. Therefore, it is better not to change anything here. And accordingly, after we have specified the amount, here it is $10, and the wallet address, we previously clicked Send. After that, our cryptocurrency is already being sent to the other wallet to which we specified. That is, it should now arrive here, to our MetaMask. Everything is ready. As we can see, if we open our wallet, $10 has been debited from here, and it has arrived here, to our MetaMask. That is, we had $2,400, we have $2,410 left. Accordingly, the transaction works exactly the same way with any other cryptocurrency, even if you want to send, for example, BNB, which you pay for transactions, you send, say, 10 BNB plus a small portion of BNB on top, and then you will be charged for actually paying for this transaction. That is, BNBs on Binance Smart Chain will be useful for transferring any other cryptocurrency, as well as BNBs themselves. On the Ethereum blockchain, you will need Ether to transfer any other cryptocurrency, as well as Ether itself. On the Solana blockchain, the same is true, on the Matic blockchain, the same is true, and so on, and so on. I think you got the general idea. Besides working with coins or tokens through our wallet, we can also work with our NFTs here. That is, as you can see, there is a separate NFT tab where NFTs can be viewed immediately. Unfortunately, they haven't added this function yet, so it's not possible. And besides that, you can either send them or go to a site like OpenSea, or Rarible, or other platforms, and accordingly sell them there or buy them using this wallet and immediately see the NFTs you bought. Moreover, since this is a multi-currency wallet or a wallet for several blockchains, they are displayed on different blockchains. For example, here we have some penguin that is on the Binance Smart Chain blockchain. Then we have another NFT that is on the Ethereum blockchain, and a third NFT that is on the Solana blockchain. That is, in this way, we can manage all these NFTs at once in one place, which is again much more convenient than doing it, as we do in many videos, from different wallets. Besides this, I will show you a few more important functions in the wallet before we.
We will move to cryptocurrency exchange. Firstly, in "Activity," here you can view our previous transactions, how much and where we sent cryptocurrency, again, across different blockchains. We can filter automatically or manually, for example, only, only coins, for example, on Ethereum or on any other network.
And also a very important function, especially if you are engaged in, for example, multi-accounting, or you simply need several wallets to sort your assets, conditionally, by degree of risk or by the duration of holding, how long you want to use them. You can create various accounts. To do this, you need to go here to the "Account" tab and simply click on the "Create Account" button. What this will do is it will allow you to create a new wallet that will also be linked by the Seed phrase that you originally created for yourself. That is, you will be able to access two wallets immediately with one phrase. Moreover, on different blockchains, but on the network, on the blockchain, they will not be interconnected in any way, so that people simply cannot understand that these wallets belong specifically to you. That is, on the blockchain, in public access, these will be two different, unconnected wallets. You, however, will be able to restore both of them using your phrase.
That is, you can, for example, name this wallet simply, simply "number two." We will click, and accordingly, wallets on several blockchains are thus created here for us. And now we see that on one wallet we have 196 dollars and some change. Here you can immediately see what addresses these wallets have. And on the other wallet, we see that we don't have any money here yet, because there will already be completely different addresses here. That is, for example, on Ethereum here it's 11 59, and on the first wallet we have dd-2. That is, these are completely different wallets, and even despite the fact that our Seed phrase is one, as you can see, they have a completely different number. That is, it's impossible to trace that these are wallets of the same person.
If we want, we can go back to our accounts, and here we can now switch between our wallets. That is, for example, between our main one, let's conditionally select it, we have switched to it, and we can immediately go to our second wallet if we wish, and transfer cryptocurrency from our first wallet here. That is, we will click here, we choose the blockchain we want, conditionally, just like Binance Smart Chain, which we have already used before because it is cheap. So, we copy its address, go back to the first wallet, click "Select." And here we will need to go back, and if we want, we can now transfer USDT from one wallet to another, simply by pasting this address that we copied from the second wallet, 80 the amount of cryptocurrency, and accordingly, we also top up this wallet. The only thing is, don't forget to also transfer coins here for the transaction later. If you want to use several wallets, again, simply for your additional convenience.
I will also show you a very important thing for recovering your assets and your wallet, just in case something gets lost; this needs to be done in advance. How to access your assets, for example, from another wallet or from another device and another wallet. For this, I have now reinstalled the XDEFI Wallet application and, accordingly, the wallet. And accordingly, here we will need to go to "Account," click on the three dots, and here we will be able to click "View Secret Phrase." We will need to enter the password to view our Seed phrase again, that is, the password that we created locally here. Here we see our situation again, and also, in addition to this, we can go to each of these individual accounts and export our private keys from them, that is, get our private key. What does this mean? We click on the three dots on each account we created and click "Export Private Key." We click again, enter our password that we set here, click, and accordingly, after that, our private keys for our wallets are issued to us. These private keys give us full access to the blockchain. That is, if you bother to rewrite all these symbols and try to restore this wallet, you will get full access to this account that it is currently showing.
So, accordingly, for some blockchains, the private keys can be the same, as, for example, on Ethereum and Avalanche, or Ethereum and Binance Smart Chain. As you can see, they match one to one. This is again due to the fact that the hashing method on these blockchains is the same, as they have the same token format. Well, for example, simply on Binance, on the old Binance network, not Binance Smart Chain, here there will be a different private key. For the Bitcoin blockchain here, there will also be a different private key, for Dogecoin it will also be different, and so on and so forth. That is, in this way, you can get a code that specifically restores not all your assets across all different blockchains, but only assets, for example, only on Ethereum or only on Solana, if you need to precisely restore a specific wallet. That is, we can simply copy this thing, and then click "Restore Account" in another wallet or even in the same wallet. That is, this will be such a thing, and accordingly, you just paste this phrase, and immediately access to all your assets on this wallet is opened.
And that's all for now regarding wallets, and we will talk about their development prospects and upcoming innovations closer to the end of the video, together with the XDEFI Wallet project team. But for now, let's figure out how to exchange your cryptocurrency in a decentralized way and to catch the most favorable exchange rate.
In order to exchange your cryptocurrency without centralized exchanges, which we want to avoid, we have so-called decentralized exchanges, or DEXes for short. There, by connecting your wallet, you can exchange any cryptocurrencies for each other. And the best service for this today is the 1inch DEX aggregator, as it is not a separate exchanger or a separate DEX, but a service that monitors more than 30 other DEXes and selects the most favorable rate among them at the moment. That is, among DEXes, we have many options. We have Uniswap, we have SushiSwap, PancakeSwap for Binance Smart Chain, for example. But you need to understand that all of them are under 1inch's monitoring, and accordingly, it monitors each of them. Thus, you don't need to go to each one separately to see the most favorable rate; it is automatically displayed here.
Accordingly, to exchange cryptocurrency, we click on "Launch decentralized application" or simply "application" at the top right. And here you can click "Cancel," and since we are currently using the XDEFI wallet, if you also have other wallets installed, you need to open our wallet and here, where we have three lines, select "XDEFI." That is, so that our computer understands that it is necessary to give priority to XDEFI Wallet, so that if we want to perform any operations on 1inch, this specific wallet with these assets is used. But it personally encounters such a window where two cryptocurrencies are shown that we want or can exchange for each other. That is, here we can choose a larger number of cryptocurrencies, but for now, that's not needed yet. First, for exchange, we need to connect our wallet. Accordingly, what do we do for this? If we only have XDEFI, we don't need to do anything. If, however, we have different wallets, besides, I would enable such a thing here called "Priority," that is, to prioritize the XDEFI wallet in the browser so that we work specifically through it if our assets are stored there. After that, we refresh the page and accordingly, now select the network or blockchain on which our assets are located so that we can work with them further. Here, Ethereum is currently selected. We will choose Binance Smart Chain, as we deposited our assets specifically onto it. And after that, we click on the "Connect Wallet" button.
Next, here the network we need is already selected. And after that, we click. If, for example, there is no XDEFI icon here, we simply click on MetaMask, because they have the same connection standard, so you can just select MetaMask, and accordingly, as we see, XDEFI still opens because we gave it priority. After that, we can click on the wallet that needs to be given access. That is, this will be the main "Cryptus" where our funds are currently, and we are not open. Accordingly, after that, we click "Next" and click "Connect." So, accordingly, after that, we have fully connected our wallet, which again gives us access to our cryptocurrency to an additional service through which we can now perform more complex transactions with our tokens and our cryptocurrency.
After connecting the wallet, the next step we need to do is to select the cryptocurrency we want to give away. This is done in the upper window. That is, we only have USDT in the wallet, so we will choose USDT, and below we will need to select the cryptocurrency we want to buy. Again, just for demonstration, I will choose USDC. That is, both are stablecoins, costing plus or minus 1 dollar, but you can, of course, buy any other cryptocurrency, for example, here we have a choice of virtually any cryptocurrency.
Let me first show you how to find cryptocurrency if, for example, it's not in the search. For this, there is a website called coinmarketcap.com. I think many know it, but if not, I'll just show you, as this video is for beginners, how to search for a particular cryptocurrency. Let's say we need some coin that we want to buy. Let's conditionally go directly to the fifth page of CoinMarketCap so that there are some completely unknown coins. So, let's say it's Blocktopia. So, accordingly, we click on Blocktopia. We could also find it here in the search by simply clicking, or rather, typing and then pressing Enter. And here, in CoinMarketCap, there are always contracts. That is, contracts are, roughly speaking, the designation of a token, only on the blockchain they will no longer be called "Blocktopia" like this, but each token will have its own contract or hash. That is, we can click it, copy it. You see, here on Binance Smart Chain, you also need to pay attention to ensure it's the correct blockchain. And accordingly, after that, we can return to our 1inch DEX aggregator.
There, to the blockchain or the service, permission to write off our assets from our account on the blockchain. Accordingly, we click on "Approve" and confirm our transaction in XDEFI, click "Confirm." After this transaction goes through, it will take literally 10-15 seconds. Let's click "Confirm" again to give permission, and then we will be able to make our exchange. That is, after the approval goes through, it will take literally a few seconds. Everything is ready, we can click "Swap" and accordingly exchange our assets.
Everything is ready. After confirming our transaction again through the wallet, we see that our 95 have been debited, but we don't see USDC here. This is because they still need to be added to our wallet. That is, they are already in our account on the blockchain, they won't disappear anywhere. However, they just need to be added to our interface so that they are visibly displayed. Accordingly, what do we do for this? We always first click on the three dots, you can just click on our account where our BNB are, and click on "Block Explorer." This will take us to the binancescan.com website, and here you can view the list of assets. Let's see what we generally have stored in the wallet. That is, we see we have USDT. We click on USDC, that is, on the asset we want to add, and copy its contract address, exactly as we copied the contract address of the Blocktopia coin to find it in the search. So, accordingly, after that, we can open our wallet again, click here on the plus sign for assets, click on "Custom Asset," that is, to add our own token that is not in the dropdown list, it will just be more reliable this way. So, we click here on Binance Smart Chain, paste the address we just copied from USDC. Accordingly, it automatically detects that it is the USDC coin, and we don't need to fill this in. We just click "Next," and that's it, the coin will now be added to us. Yes, here it is already in our wallet, and accordingly, in this way, you can always add and find assets that you, for example, acquire but are not automatically added to your wallet. That is, in this way, exchanges are made through a decentralized exchange, and it doesn't matter if you do it on 1inch or on another DEX, the mechanics are always the same: connect the wallet, select assets, confirm the transaction through our wallet.
However, 1inch here has a thing called "Route." That is, it shows us the route through which our assets will be exchanged. That is, for example, USDT to USDC, right now it suggests exchanging entirely through Uniswap because the amount is small, and as 1inch shows us, it currently has the most favorable rate. However, if we increase our amount, say, to 10 thousand dollars, it might offer us different routes. 10,000 still no. And perhaps if we, again, USDT and USDC are very liquid coins here, so entering a large amount, just to show you visually. That is, if you are exchanging some other coins that have less liquidity, are not so popular, this will also be useful for other amounts. That is, roughly speaking, here you see, if we have already added more liquidity, since on Uniswap, for example, there isn't enough money to process us without losing the rate, that is, without slippage, 1inch automatically plots a more complex route for us. That is, it shows us that we exchange 4% through Hashflow, 6% through Uniswap, 16% through Wombat, and so on and so forth. That is, in this way, a more complex exchange will be created from DEXes so that we have minimal slippage, so that after the exchange, our assets are worth no less than what they were worth before the exchange.
That is, we have now figured out how to store cryptocurrency, how to transfer it, how to receive it, how to exchange it, which is super important if you want to earn in the cryptocurrency market. You won't just be in one asset all the time, specifically in dollars. However, also using various mechanics, we can also receive additional income on the cryptocurrencies we currently hold, even on dollars, as a certain annual interest rate. Let's look at what this activity looks like. The activity that allows us to earn income from our assets is called Farming.
The thing is that every time we perform a decentralized exchange, as we just did through our coin, someone has to buy and sell us the coin we need. And this is actually not even done by the exchange; it simply allows and provides the infrastructure. Decentralized exchanges are made possible by ordinary people providing their own assets as liquidity for our trades. Because every time an exchange is made thanks to them, that is, when someone exchanges cryptocurrency through a DEX, as we just did, liquidity providers who provide their assets receive a certain percentage or commission from our exchange for it. And accordingly, we can also provide our assets, while we are not using them, as liquidity for additional earnings.
Farming actually comes in two types: there is regular, simple farming, and there is concentrated liquidity farming. Now I'll briefly show you the difference. Simple farming can be found, for example, on services like PancakeSwap, but only for Binance Smart Chain. For Ethereum, it would be, for example, Uniswap. For Solana, it would be a service called Raydium, and so on. I'll give you a link later where you can search for farms. Accordingly, what do we do? On PancakeSwap, for example, we go to the "Earn" and "Farms" tab, and here we see various types of assets that we can send to farming. That is, so that people perform exchanges through them and accordingly receive income from this. So, for example, our USDT-USDC pair, uh, means we will provide these two assets in the pool, and that means when people want to exchange USDC for USDT, they will exchange specifically through us, and because of this, we will receive, on average, this non-fixed, floating rate, depending on how many trades have passed through the pool, how many commissions have accumulated, that's how much we will earn proportionally relative to others. Here, we will receive about 4.9 percent annual interest, or, for example, with USDC-USDT, you can get 3.39 percent annual interest. For more risky assets that have volatility, we can get 33 percent, for example, on HFT (I haven't even heard of such a coin), USB, or Hook, TerraCake 60%. These new coins generally offer us over 100% annual interest, but they carry the risk that their price might fall, and accordingly, while we hold these coins, we will lose more than we earn. That's why I really like farming, but I try not to get involved in more risky assets, especially in such a market phase when everything is at the bottom.
Accordingly, to start farming, we need to perform a few simple steps. Firstly, we must have the assets we want to send for farming in our wallet, that is, specifically USDT and USDC. You cannot send a single asset to farming; it must always be a pair of assets. Accordingly, we already have USDT and USDC. Next, we simply open the pair to which we want to send our assets for farming and click "Connect Wallet" to connect our wallet. Again, we select the MetaMask icon so that XDEFI opens for us, click that we give access to all wallets, and connect our wallet. After that, we can click on "Enable Farm," that is, give this farm access to work with our assets. Accordingly, we are asked for permission for this transaction, we click "Confirm." So, accordingly, we wait for this transaction to go through, and after that, we will be able to interact with this farm, send our assets there, and receive additional interest income from it if we don't plan to use these funds in the near future (for me, this is usually one, two, or three months).
Everything is ready, everything has loaded for us, and the "Stake LP" button appears, but for now, it's not needed because we need to get LP. Now I'll briefly show you what it is. And we also have a separate video about farming on the channel, even two on the channel. If you are interested in the mechanics of how income is calculated and so on, what it depends on, you can watch it. This is just a quick video so that, hopefully within an hour, a person who has never used DeFi can master the three main mechanics: wallets, exchanges, and farming. Accordingly, the button that says "Get LP tokens" is always next to the first ones. We click on it, it takes us to a separate page, and accordingly, from our assets, we now form LP tokens. We simply click "Max" on the smallest asset, and accordingly, here it will show us, here the other amount in tokens should automatically be pulled up. After that, we click "Enable USDC" to give permission to work with our USDT and USDC, and we do the same for USDT, that is, for both pairs that we want to farm. And we must do this every time if we want to send a new asset to farming. Accordingly, now USDC is the last one, and after that, we will be able to use this farm. Accordingly, we click. Let's click "Max" again here. After that, we click "Supply," that is, to provide our assets, and click "Next." After that, "Confirm Supply," that is, to this farm we will now send a total of 189 dollars and 30 cents. We click "Confirm Supply," that is, essentially, you can't make a mistake, this is the only button you can click. We click "Confirm" to confirm this transaction in XDEFI. So, accordingly, we click the button. There is also a button here to add these assets directly to our wallet, honestly, we don't need it. Accordingly, all this is ready. Now we return to the tab where we just clicked "Get LP tokens," and what are LP tokens? These are coins that symbolize the fact that we have deposited our coins into this pool. That is, roughly speaking, it's like a voucher or a token that we need to use to get our assets back. Accordingly, we click on "Stake LP," here we click "Max" because we probably want to send everything. So, accordingly, from these two, 190 dollars, in a year we will earn about 9,500 dollars according to current calculations. If there are more trades through this pool, we will earn more, provided that there is as much money in this pool as there are people willing to earn. If there are fewer trades, the interest rate will decrease. That is, this is a real-time interest rate, not a guarantee. So, accordingly, after that, we click "Confirm" and, after signing this transaction, send our money to the liquidity pool.
Now I will show you, for example, another platform where we actually farm our assets in a monthly portfolio, for example, and just how the process of receiving rewards looks. In principle, everything is ready. If you see such a screen, that is, you have staked your LP tokens, then essentially, rewards will slowly start to accrue to you. Since you've only staked 200 dollars, we still have rewards accruing, but in reality, it will come in real-time. That is, every time someone makes a transaction through the liquidity pool, as we just traded again, a small part of their trades will come to us, because, for example, there are people farming here, there's you, there are 20 other people, and accordingly, among all these people, depending on how much money they sent to farming, all this commission, all this profit will be constantly divided. Therefore, the money will be given, conditionally, not in a year, a month, or a week. We can withdraw it right now, just click the button, and fractions of cents will be given. Next, if we want to, for example, withdraw our assets, we simply click here on the minus sign, click "Max" to unstake our assets, click "Confirm," and sign the transaction in MetaMask. And then we simply perform the reverse process: we remove our LP tokens, and accordingly, our assets are returned to our wallet.
This was regular farming, that is, with regular liquidity, where, to explain briefly, roughly speaking, the value of assets can be, for example, in an unusual situation, a dollar can cost 1 dollar 10 cents, 1.20, or it can cost nothing, like, for example, Terra Luna when it depegged. And accordingly, according to the formula, since the price of assets is calculated automatically, our assets are distributed across all possible price ranges with different probabilities. More of our assets will remain at 1 dollar, fewer of our assets remain at other prices. Accordingly, a significant portion of our coins is never used in the farming process; it's simply held in reserve in case the dollar costs more than a dollar or, for example, less than a dollar, that is, for other prices that, for example, stablecoins especially never reach unless there are critical situations. However, there is such a thing called concentrated liquidity. It is provided, for example, on Minimax, with whom we also work very often. We can go here to "Liquidity" on "Farm" to see what farm pools there are. And what does concentrated liquidity do? It's not only on Minimax, of course, Uniswap, and so on. This means that all these coins are not kept in reserve for, say, some non-standard values for stablecoins. That is, we farm simply in one narrow range, for example, always dollar for dollar. So to speak, we don't leave a reserve for if the dollar is 95 cents or 90 cents, and in this way, much more of our coins are involved in the farming process at once, and accordingly, this increases our income. So we can see this, for example, here. That is, these same pairs, we get on some of them, you can get more income as a result. That is, for example, USDC here is currently 4.8%, and this is due to the fact that, for example, PancakeSwap, it apparently had more transactions, which is why it has now increased. As a rule, concentrated liquidity does not reach exactly the same amount; it is significantly more. I showed this in some previous videos; it was directly higher and higher. So accordingly, here we can also farm, and the mechanics here will be absolutely the same.
And the same, there are simply several platform options where you can essentially do one and the same activity, and how you can orient yourself where, for example, farming will be more profitable. In which of these places, to which of these places, should you ultimately give your assets? However, when farming, you need to understand that there are also risks, not just potential income, and risks called impermanent loss, or rather, impermanent losses associated with coin volatility. And we made a whole separate video about this, you can also watch it on the channel. Therefore, I do not recommend engaging in farming before you watch it, it's just a separate topic for another 30 minutes. That's why, for those who are still interested, please watch the relevant video. Well, in fact, these three types of services are more than enough for confident work with cryptocurrency, because you will be able to store, exchange, and additionally receive. But after you get comfortable with these three types of services, I would also recommend getting acquainted with, firstly, cryptocurrency bridges, which are services that allow you to transfer a coin from one blockchain to another, and also get acquainted with lending services, such as, for example, that is, a place where you can get a loan in cryptocurrency, an application where you can get a loan in cryptocurrency against the collateral of your assets, or where you can lend your assets to someone and also earn income from it. And also, with the help of such credit positions, you can significantly increase your trading position, for example, by giving Bitcoin as collateral, but not selling it, and getting collateral, or rather, a loan against the collateral of this Bitcoin, additional Bitcoins, and buying even more Bitcoin, and so on in a circle. That is, how to trade with leverage or go into a deal with leverage. And this, again, can all be done without centralized services, that is, lending services and bridges for transferring cryptocurrencies from different blockchains are all more or less decentralized. At least the risks of your cryptocurrencies being blocked there are many times less than on centralized exchanges. I will not analyze these services now, as this is more advanced functionality, but we already have videos about them on the channel. But now, first, I would like to delve into security issues, burning issues, in more detail, and to identify possible risks and how to treat your assets more safely and carefully so that they are not stolen. For example, we contacted the developers of the xdfi Wallet and they will give us some advice and also answer our questions. Okay, also, we recently had FUD about wallets, and it's constantly happening since the creation of cryptocurrency, that some wallets were hacked, for example, the Phantom wallet for Solana, or the MetaMask wallet, also about a year ago there was FUD about it, that people leaked their Apple ID password, or their Apple ID was hacked on iPhone, and consequently, the scammers who gained access to the Apple ID were able to fully restore the wallet and withdraw money from it. So, what is the most vulnerable place in wallets at the moment, and why do hacks still happen due to user carelessness or due to poor wallet architecture? Okay, look, there are many ways to hack a wallet, and most often the source of the problem is not the wallet itself, but the specific user's computer. Very often, the cause is visiting phishing sites, and these are fake sites that disguise themselves as original sites, for example, MetaMask or Ledger. And very often, people like to enter, just a second, I was just written to. In general, an interface appears that requires you to enter your seed phrase, and if you do this, the hacker will gain access to your funds, and usually, they will immediately empty your wallet. Besides this, there are advanced-level attacks, for example, fake phishing DeFi that ask you to perform some actions that lead to hackers getting your coins. Now, for a user to remain safe, they need to acquire the necessary knowledge in cybersecurity and understand that they are responsible for their keys. It is worth organizing your security before placing your funds in any wallet. We are a wallet provider, and we give people the opportunity to create their wallets, but the reality is that both our client and our extension are not secure by definition, and this is characteristic of both our product and all others. Therefore, we have always recommended and continue to recommend our users to use Ledger or Trezor. Now we have provided Ledger support for most chains, except for a couple, but we are already working on it, and also on Trezor support. This is extremely important because when your key is stored in a cold wallet, it is much safer than if it were stored in a hot one. This prevents most attacks that could potentially happen, and it doesn't mean there are no risks at all, but it's much, much safer. Therefore, we will always recommend using Ledger additionally, and it's not that expensive, especially when it comes to storing crypto worth $1000 or more. Think about getting a cold wallet, it's worth it. Security should be the top priority. Also, at the moment, we are developing two-factor authentication. It will work like you use Google Authenticator, with its help you can sign transactions using multiple devices, and our application, which we will release in the first quarter of 2023, will be another additional layer of security, and we are eagerly awaiting its release. It can be a luxurious addition to a hardware wallet. And the next question concerns data, because let me explain, for example, in the foreign space, I don't know, in the USA and so on, people are discussing which cryptocurrency will explode next, what will pump, into which cryptocurrency to invest now, will this cryptocurrency go up or not. Whereas in Russia, in the CIS regions, there is a very big emphasis on cryptocurrency security, how safe it is to store your crypto in this wallet or that one, and consequently, what data users, for example, do you store when a user uses your wallet, or perhaps you know about other wallets, what data is stored in this or that wallet, for example, IP address, or perhaps some other fingerprints. It depends on the specific provider. Some provider, like some blockchain, as we discussed earlier, may collect data on users and their IP location, device, list of assets, presence of system errors, and so on. In general, and it often happens that it's more like searching for some bugs or things that don't work properly, because it's important for developers to solve such problems to simply improve the performance of the software. As for our wallet, xdfi does not collect IP addresses and locations from users. For those who want to improve our product, we will collect data on user experience. It is important for us to see where some system errors occur and how the user adaptation goes in general. It is important for us that people continue to use our product, maybe they have some doubts or something like that, so we check how their adaptation is going. For example, we can understand at what stage of their experience the user stops working with our product, and then we can fix something in the interface, or even in the code. And I think our motives here are clear, because it is our duty as software developers. Otherwise, we do not collect any location data, and so on. This is not our policy, we simply don't do it because it's not our business mentality. Excellent. Well, that's pleasant to hear. Then the last question from my side regarding security regulation. What do you think, will there be a tightening of regulation in terms of wallets and cold storage of assets, that is, in hardware wallets, because, for example, recently Sam Bankman-Fried, well, not recently, maybe 3-4 months ago, made a proposal, so to speak, in crypto circles, which states that it would be reasonable to implement full KYC for all decentralized wallets and addresses. Perhaps directly on the blockchain, this KYC will need to be passed, and it's impossible. But on some centralized services that will again, will again be connected to our address on the blockchain. What do you think, is such a regulation of wallets possible, especially in the near future, or perhaps this is already a more foolish, unreasonable idea that in reality will most likely soon be implemented? No, it should be understood that I am not a lawyer and I really cannot comment on regulation. I am not going to speculate or think about it or say anything because I don't know what might happen. But if I knew, I would certainly share it. You understand, everything here depends on the situation. However, today we see that DeFi wallets protect user funds much better than any centralization, and the collapse of BlockFi and FTX is proof of this. And you know, I believe that people are inherently smart enough to see that what we are doing serves their interests, and all of DeFi is actually working quite well right now. Regulation may come, or it may not. But for example, for any software, and even look at BitTorrent clients, it's incredibly difficult to block any software, especially if it has open-source code. Our product is not open-source yet, but we plan to open it next year. But the decision is always up to the users, whether to use the software or not. For example, I myself decide whether to use BitTorrent or not, just as I decide whether to use a hot wallet for working with the blockchain. That's my opinion. That's what I'll say. Otherwise, I'm not inclined to think much about regulation, but we'll just see what happens. And yes, by the way, we have a head of legal department, and he monitors the situation in the regulatory sphere and keeps us informed. The jurisdiction is very large, we don't have such a large legal department, and yet we keep our finger on the pulse and intend to continue at the same pace because it's working well for us so far. Aha, I understand. So you are not focusing on regulation, but are simply busy with making a good product for the masses of users. Yes, of course, that is our primary task. Super. And as a wallet expert, can you give, say, three tips, three life hacks, to treat your assets more safely and work with them? How best to treat your seed phrase, how to handle it, how to generally handle your cryptocurrency in hot wallets, use, for example, cold wallets as you said. What are the top 3 tips for safe work with your assets? Oh, yes, yes, let's go. So, the first tip: use a hardware wallet. This is important if, for example, you are afraid of being attacked, for example, because you are some kind of public figure. Also, you can create multi-signatures that other people will sign, and only after that can you work with funds. In this case, external physical threats will not affect the security of your coins, because you will need another person, or even several people, to sign. Otherwise, you need to learn to work with DeFi. Obviously, well, you know, I was actively involved in crypto during the summer DeFi, and this period strongly hardened me, like almost everyone who was active then. That time was really tough. And another recommendation: you need to revoke permissions as often as possible. Especially when you connect to a new service, it can be some serious, large service like Compound, Uniswap, and so on, and they are quite well-known, and everyone knows them, and many users trust them, and everyone uses them, and everything is fine. But if you connect to some new protocol, no one vouches for it, you don't know if it's malicious or not, then here I would recommend using some tools like Token Sniffer or DeBank. And we are actually planning to add them to our application. So, for such protocols, it's better to revoke permissions every week, or even more often. And of course, be reasonable. Don't talk about your money online. Don't spread it around. Don't flash your assets at every opportunity. You've seen how many influencers have encountered problems just because they showed a little more than they should have, took photos in their Lambos with Rolexes on each hand, and all that. This is just common sense. Better to be safe. Just be more careful. By the way, for security purposes, we have added a couple of features to our wallet, and they are not yet available to users, but we will open access next month. The feature is that you can launch any existing dApp directly from the wallet. That is, you type Uniswap in the search bar and get the correct, secure URL to go to. If you don't know how to check sites for phishing, this feature will be simply indispensable. It will allow you not to worry and at the same time remain safe, because, you know, we learn from experience. We've seen how they made very high-quality fake sites for OpenSea and other major projects, or presented themselves as their leaders or developers. And they managed to create a really convincing scam. So, be careful. Trust no one but yourself. If someone influential suddenly writes to you in direct messages out of the blue, someone should understand that this is too good to be true. Usually, such people are too busy to write personal messages. If this is at least strange, maintain a sober mind. Be a little paranoid. We, as a company, are trying to improve the user experience for each of our products and for all DeFi protocols in general. When you are working on a project like ours, you have to be paranoid, and I use this paranoia in my work. I recommend it to everyone who works with assets. Yes, I agree, especially with the fact that you must regularly revoke approvals from various sites. And I've read or know at least that you plan to soon add the functionality to revoke all approvals directly from your wallet for your account. Yes, what about this functionality? Is it really working like that, or are you working on it? Yes, yes, this functionality is not yet launched, but we will implement it soon. It's actually not a difficult function, and it will most likely be in the web extension, because we don't want to make the wallet itself too heavy. The wallet is the foundation, we want to keep it light. So, yes, most likely it will be in the web version, possibly, possibly later we will make an extension, we'll see. Besides, this is a function that you can always perform yourself using Etherscan. It's very simple. So, if you can't do it directly from the wallet, you can do it through Etherscan, and there are many sites you can use for these purposes. Yes, if such a functionality is added directly to the wallet, it will be great, because most people, honestly, don't know that you can revoke approvals through Etherscan, they don't know that you can view transactions, but this topic is very little heard of. And if such a function is added, it will be great. And speaking of new features, I have a feeling that two years ago, MetaMask and a large part of users in crypto use it, especially for Ethereum, for BSC, for all EVM-compatible chains. But because of this, they have missed out on many new features, new functionality that wallets are now offering. What functions, for example, are you, or perhaps other wallets, now introducing to the market that are not yet in MetaMask, any innovations like staking through the wallet? You know, I think the main difference that sets us apart from MetaMask and some other wallets is the fact that we are not a mono-wallet. If you want to work with Cosmos, with Solana, and for example, with EVM chains in general, you need to download Phantom, MetaMask, Kepler, and other wallets for other networks. All these wallets essentially focus on one ecosystem, and you end up working in three, four, five different wallets, and this can hardly be called ideal. You will have a bunch of seed phrases and different interfaces, and it also becomes difficult to track balances and you have to reconstruct them manually. All this is not cool at all, it's very inconvenient. But in the case of XDFI, you only need XDFI. We cover 15 chains and are now adding Near and Cosmos. This will be ready in the first quarter of next year. We have worked on this thoroughly. We are currently in the active testing phase. To put it simply, here you can send, receive, and store all your tokens regardless of the networks. On top of that, we support NFTs for six different blockchains and will not stop there. And we also have plans for the future for functionality related to managing your assets, swaps, and so on. You could say that we have created our own aggregator for many chains with the possibility of bridging and swapping by collecting various aggregators, bridges, and DEXs, such as, for example. Currently, there are many companies that are already in the process of integration. So, in short, without unnecessary complexity, we have created an opportunity for users to make transactions with any assets in relation to other assets, regardless of which network they were issued on. This is a serious functionality, especially when you consider a wallet, well, you know, as a tool that allows you to navigate through protocols and networks and seamlessly transfer funds from one ecosystem to another, or if you are looking for similar functionality, for example, for NFTs, because everyone probably wants to be able to transfer NFTs between ecosystems, or at least manage them from one application. We have done some research and realized that this is what people need, what we want to achieve is to eliminate the complexities that exist in Web3 by recreating the experience users had in centralized systems, but in a decentralized way. To do this, we need to eliminate all old concepts and give people something simple, but that does complex things. Even a simple example of MetaMask: you need to select the correct network in the top menu, click on it, and only after that you will see your profiles, your assets. And in XDFI, you don't need to do this. All your assets are right in one place, just like in Binance. So today, we have covered, quite quickly actually for this topic, how to start using cryptocurrency in the decentralized, DeFi space. I highly recommend you get comfortable with it as soon as possible and don't store your money or cryptocurrency on centralized exchanges. As they say, not your keys, not your crypto. And for large sums, say, over $10,000, I generally recommend using or getting cold hardware wallets, like Ledger or Trezor, for even greater security. But they also work, again, like XDFI wallets, exactly the same, they have the same interface, and through them you can also make strong transactions. The only difference is that you confirm the transaction not with a button on the screen, which in theory can be hacked if, again, you compromise certain data somewhere, for example, your browser data, or as was the case with MetaMask, your Apple ID. You need to physically press a button on your hardware wallet to send your cryptocurrency. Therefore, this is much safer. But this is cryptocurrency for beginners, cryptocurrency, DeFi, exchanges, how to buy crypto.