Wallets Within NEAR Ecosystem: MyNearWallet Vs Sender

Crypto wallets come in different forms, but essentially they serve one purpose: to keep your digital assets safe and protected. Therefore, the key aspects you need to pay attention to when choosing a wallet are reliability and security. These features are inherent in all wallets built on NEAR, and here we review two of them: MyNearWallet and Sender. Read further to learn more about their other features. 

Before we start, we should drop a few words about NEAR. Actually, NEAR is far too vast to be explained in a few words but we will try. First, it is a layer-1 blockchain quite popular with developers thanks to its scalability and ease of use. Second, NEAR is a massive ecosystem comprising 750 active projects and 125 DAOs. Last but not the least, NEAR is a foundation intended for funding the ecosystem development. Simply put, NEAR is one of the biggest crypto communities that any crypto enthusiast would be happy to join. 

MyNearWallet

MyNearWallet is a non-custodial wallet available as a browser-based app. It can be connected to over 500 projects powered by NEAR blockchain which makes it a universal tool for exploring Web3 dApps built on NEAR. In essence, it is intended for fueling your activities within the NEAR ecosystem, so it supports only two assets: the utility token of the system ($NEAR) and its stablecoin (USN). Be you a developer on the NEAR network who earns fees generated by contracts or a participant who earns rewards for validating transactions or providing storage — you will surely need MyNearWallet to send, receive or just keep your $NEARs in.

To activate MyNearWallet, first you need to fund it with NEAR tokens. There are three ways of doing it:

• Buy $NEAR through a widget such as NearPay
• Buy $NEAR on any supported exchange including Binance, Huobi, Kraken, and other
• Transfer tokens from Ethereum to NEAR via Rainbow Bridge

The wallet security can be enhanced by two-factor authentication or integration with Ledger. If you have 2FA enabled, all transactions in the wallet will be possible only upon confirmation from another device. Also, you can set up Ledger Nano, a hardware device for storing private keys that is always offline. For that, first you need to install the Ledger Live manager app, and then integrate it with the NEAR app. 

Using MyNearWallet, you can stake NEAR tokens and get around 10% APY rewards. The process is secure and straightforward. It is a matter of a few clicks, as all you need to do is select a validator, set the amount to stake and click Submit. MyNearWallet also supports NFTs, so you can safely store and display your collectibles. 

Sender

Sender is a non-custodial wallet available as Android and iOS apps or a browser extension. This wallet can easily be integrated with the NEAR app facilitating transactions within the system. By default, Sender runs on NEAR Mainnet, but you can add a custom network that you trust. 

When registering, you only need to set up the password and save a recovery phrase. You won’t be required to provide any personal data. As in the case with MyNearWallet, to activate Sender, you need to fund it with at least 0.1 NEAR. The purchase methods are described above, but don’t bother about memorizing them because Sender has embedded links to widgets where you can instantly buy some NEARs. While the primary function of Sender is storing crypto, it also enables you to send, receive, and swap over 60 cryptocurrencies supported. 

While MyNearWallet can be used with Ledger Nano, Sender is compatible with the Keystone hardware wallet. To set it up on your Sender wallet extension, you just need to scan a QR code on a Keystone device. Another security measure is the Auto-lock timer that automatically locks your wallet when it remains idle for the period of time you set. 

All users of Sender can stake (or unstake) NEAR tokens in a few clicks. The wallet is also a secure place for storing and displaying your collectibles. 

Obviously, Sender’s developers prioritize enjoyable customer experience as they have made this app as customizable as possible. In the wallet settings you can adjust the currency, language, color scheme, and even create an address book. Overall, Sender has any features necessary for easy and hassle-free operations with your crypto assets. 

MyNearWallet vs. Sender comparison table

Bottom Line

Though this comparison table evidences that both these wallets are mostly the same, they still have certain distinctive features. While MyNearWallet is intended for storing, staking, and otherwise managing the ecosystem utility token, Sender enables you to exchange over 60 cryptocurrencies in one app. All the same, both wallets are non-custodial meaning that they can ensure ultimate security while maintaining complete privacy as you are required to provide no personal data whatsoever. No matter which of the two wallets you opt for, safety and reliability will be integral parts of your user experience.