Krystal Wallet | Simplest Web3 Wallet for Everyone

KyberSwap introduced Krystal Wallet in 2021, and it's an all-in-one application assisting users in integrating the best DeFi (decentralized finance) services. Accessible on iOS and Android and through their official website, users can save assets, time, and efforts by keeping their crypto funds, swapping their assets at the best prices, and lending, saving, or supplying assets to earn interest. Krystal Wallet is multi-chain and compatible not only with Ethereum (ETH) but also with Binance Smart Chain, Polygon, and Solana coming soon. The wallet consolidates famous DeFi platforms such as PancakeSwap, Compound, UniSwap, and Aave. 

There are plenty of benefits of using Krystal Wallet, such as:

Krystal Swap

With the swap features of the wallet, you can exchange from one crypto to another at the best costs using several DEXs (decentralized exchanges) like SushiSwap, Kyber Network, UniSwap V3, and PancakeSwap. 

Just choose the network you need to swap on, then select the desired tokens you need to swap from & to. The wallet will then display the best costs and gas fees available and provide all the accessible options for users to choose from. 

Support a Range of Wallets

Krystal supports different wallets based on the network users choose. However, you must confirm your wallet is compatible with your chosen blockchain. For instance, if the users pick Polygon or Ethereum, they can connect using crypto wallets like Ledger, Wallet Connect, or Trezor. With Binance Smart Chain, one must select from Wallet Connect or MetaMask.

Krystal Earn

Earn is the best way to find your digital currency's cheaper DeFi interest rates. You must choose the network and the kind of cryptocurrency you need to supply, and the wallet will find the best rates via Venus, Compound, and Aave. You can cash out the tokens supplied to these platforms at any time; however, remember that you must pay the gas/transaction fee at this time. 

Manage Crypto portfolio!

After connecting to the supported wallet, the summary of Krystal Wallet will let you handle your portfolio. You can check the overall and individual token balances and receive, transact, and add custom tokens. Users can also track token costs, view their portfolio performance, and check tokens on which they earn interest. 

Supported Digital Currencies

Krystal runs across several blockchains and hence supports a wide range of tokens, such as Binance Smart Chain BEP-20, Ethereum ERC-20 tokens, and Polygon MATIC tokens.

• Firstly, you must open the Krystal Wallet web or mobile app. 

• On the home screen, two options will become visible: Create Wallet and Import Existing Wallet. 

• If you already have an account and need to import or restore it, pick the Import Wallet option and submit your mnemonic phrase. 

• If you're new, hit the Create Wallet icon to proceed with the wallet setup process. 

• Then, you should specify your referral code and press the Confirm button. 

• After this, you will acquire the Passphrase (similar to a PIN) for Backup Key. Since this passphrase is crucial to complete the wallet registration process, you should jot it down carefully.  

• On the next screen, you will obtain a 12-word mnemonic phrase split into three turns. Every turn has four words; after every turn, press Next. 

• After securing your phrase, you should confirm that you have taken it by choosing the missing words. 

• For the final step, you must develop a safety PIN with a six-number to finish the process. 

• All done; your Krystal Wallet is ready to enjoy the crypto trading services. 

You can go through these instructions to restore your existing wallet.

• First, you should open the Krystal Wallet web or mobile app on your device. 

• On the homepage, navigate and press the Import Wallet button. 

• Then, you will see three recovery methods on your screen: Private Keys, JSON file, and Seed Phrase (12 words). In this example, we are using the recovery phrase. 

• You must tap on the Seeds section and specify the 12-word phrase in the Enter the Seeds field. 

• Next, input your wallet name in the given box. 

• After this, provide the referral code.  

• Finally, hit the Connect tab to finish the restore procedure.

The Earn tab on the homepage lets users profit from assets in their wallets. Below is the particular procedure to offer Tokens via the wallet. 

• To start, you must launch the Krystal Wallet app on your desired device. 

• Then, Transfer Blockchain and switch between wallets (choose the wallet with the assets you need to supply). 

• Next, tap on the Supply Tokens to Earn Interest tab. Consider APY before selecting the tokens and amount of supply. 

• After this, pick the desired token (e.g., SUSD)and provide the amount of SUSD. 

• Now, tap the Gear tab (at the top) to adjust the Gas fee to the allowable limit.   

• Lastly, hit the Supply tab in platforms with various APY levels (for example, AAVE with 9.93 percent) and tap Next to complete the procedure.

As Krystal is a dApp (decentralized application), users must pay gas fees to execute transactions on the network. You should pay the fees in BNB for Binance Smart Chain, ETH for Ethereum, and MATIC for the Polygon Network.

The transaction fees vary based on the traffic on your chosen network. For instance, presently, the gas fees on the Ethereum network are higher, particularly when the network is congested or busy. However, users can find networks with cheaper fees during such situations, like Polygon and Binance Smart Chain.

Krystal Wallet is an all-in-one app aiming at decentralized crypto wallets. Common features in DeFi (Decentralized finance) like lending, swap, and integrating the capability to support multi-chain. The key purpose of the wallet is to improve the user experience. You can do everything with a single app without moving funds elsewhere. The above tutorial provides all the essential information about the wallet.