- As the TON network advances, users are increasingly seeking wallets with advanced functionalities to support its assets.
- This cryptocurrency surge also includes a rise in demand for sophisticated wallet solutions, ranging from custodial services to non-custodial alternatives.
- “Keeping Toncoin on a Telegram bot isn’t the safest option,” asserts Kris Varley, editor at crypto analytics platform DropsTab.
Discover the latest developments in Toncoin wallets, from security features to user-friendly functionalities. Explore which wallet solution fits your needs best.
Toncoin’s Significant Growth and Market Position
Toncoin (TON), associated with The Open Network (TON), has seen a remarkable ascension this year, entering the ranks of the top 10 cryptocurrencies by market capitalization, now sitting at $13.4 billion. With 2.5 billion coins in circulation out of a total supply of 5.1 billion, Toncoin’s value has soared roughly 150% in the past nine months. This growth is fueling interest in wallet solutions that can handle the complexities of TON and its ecosystem.
The Diverse Ecosystem of Toncoin Wallets
The Toncoin wallet ecosystem is rich and varied, offering solutions with a wide range of functionalities. From basic custodial wallets that focus on ease of use to sophisticated non-custodial wallets that prioritize security, there’s a wallet for every type of user. Features range from simple storage and transactional capabilities to advanced options like staking and long-term secure storage.
Telegram’s Native Wallet: The Entry-Level Solution
Telegram’s built-in wallet, operated through a bot, allows users to store, exchange, and trade Toncoin. While this centralized solution is exceptionally convenient for beginners, it comes with limitations. Users do not have control over their private keys, posing a security risk. Additionally, the wallet supports a limited number of currencies, including Toncoin, Bitcoin, and US dollars. Verification levels within this wallet set monthly transaction limits, scaling from €35,000 at the “basic” level up to €1 million at the “extended” level and beyond with further verification.
Tonkeeper: Balancing Simplicity and Control
Tonkeeper offers a balanced approach by providing a non-custodial wallet that supports multiple TON blockchain tokens. Users can manage their private keys, providing an enhanced security layer. Available on both desktop and mobile platforms, Tonkeeper allows users to purchase cryptocurrencies with fiat using a partner service and stake Toncoin, with a minimum required balance of 2.2 TON.
SafePal: The Secure Hardware Option
Designed for long-term storage, SafePal offers a robust hardware wallet solution for Toncoin. It features advanced security measures, including an EAL5+ secure element chip and an air-gapped signature mechanism, ensuring private keys are kept offline and protected from online threats. With its versatile functionality, SafePal supports a broad array of cryptocurrencies and integrates seamlessly with Binance for trading, providing a user-friendly interface that combines security and functionality.
Tonhub: Providing Anonymity and Flexibility
Tonhub is another non-custodial option that ensures complete user anonymity and does not require registration or identification. It supports mobile and browser versions and includes features like PIN codes and biometric login for added protection. Tonhub is compatible with any wallet on the TON blockchain and allows for staking in various pools, along with incorporating a Web3 browser. However, users have reported occasional technical issues, including application crashes and update problems.
OpenMask: The Web3-Enabled Wallet
OpenMask offers a straightforward browser plugin designed for TON blockchain tokens and non-fungible tokens (NFTs). While it provides easy-to-use functionalities such as storage and exchange of Toncoin, and compatibility with various decentralized applications through Web3, it comes with some technical challenges. Users have experienced crashes, spontaneous reboots, and difficulties integrating with the Ledger hardware wallet, which could affect usability and reliability for some users.
Conclusion
The array of wallet options available for Toncoin users highlights the need for both security and functionality. For those prioritizing security, non-custodial wallets like Tonkeeper and hardware solutions like SafePal offer robust protections. Conversely, custodial wallets such as Telegram’s native Wallet provide convenience and ease of use, albeit with inherent security risks. Users should weigh these factors to choose a wallet that best fits their needs, considering the trade-offs between security, control, and convenience.
