In the world of crypto, many projects have created many different crypto tokens. Each token has its own use case or in some cases no use cases at all. One type of token that we see popping up more and more is crypto wallet tokens. These types of tokens are associated with a crypto wallet, usually with the same name. In this blog, we explore some of the questions around crypto wallet tokens. And also list the best crypto wallet tokens for you.
Most of the tokens we talk about exist on top of another blockchain. Like an ERC-20 token runs on top of Ethereum. In the case of the tokens, we talk about in this blog they can exist on more than one blockchain. But may have a native blockchain they come from. As these tokens (usually) do not support their own blockchain it could switch between blockchains and reap the benefits of the chain of their choice.
So to start right of with the most important question…
What are crypto wallet tokens?
Crypto wallet tokens are blockchain-based tokens that represent or hold the same name as a crypto wallet. Often we see that coins like this have a use case within the crypto wallet or in a wider crypto ecosystem. But most importantly these tokens are the representation of the wallets making them and their brand. Later on, we take a better look at the use cases of these tokens and why they exist. And we have a list of 14 of them down below.
The concept of a wallet token has still not been fully explored as these types of tokens have only been around for a few years. Most of them popped up in 2017/2018. In the beginning, often had zero utility. Wallets started these tokens with either a plan to make them useful in the wallet or find more use-cases for them down the road. Because of this many received their use-cases later on. And we expect that new use-cases for them will most likely be discovered in the future.
Why do crypto wallets have their own token?
These reasons for crypto wallets to have their own token vary a lot. Some of them start with an ICO for their token just to finance the development of the wallet. Others launch it after their wallet already has been around for some time. Usually to create a stronger sense of community around the wallet. Because the wallet token holders receive benefits within that ecosystem will most likely use that ecosystem.
This can give these crypto wallets an edge over their competitors. Drawing in more users that stay longer. But they can also help with the income problem wallets walk into quite fast. Because most open-source and non-custodial wallets are free. This means they don’t have an income from downloads or fees. The wallet companies thus have to find another form of income. This comes often from small fees charged over Swaps and the use of other Dapps. But also sometimes in the form of extra features etc. Which sometimes also requires the user to buy these features with their token. Giving it again more utility.
Different use cases for crypto wallet tokens
Crypto wallet tokens can bring different bonuses to their holders/users. With each provider choosing their own features. However, we expect that most of the ones below will expand the utility of their token in the future as the ecosystem grows. For now, we see these 6 use-cases the most.
Tiers – Giving extra features within the wallet for holding their token.
Discounts – This can be on Trading/Swaps or anything else they charge a fee for.
Purchases – Purchasing specific (digital) items.
Airdrops – Often to promote a project in collaboration with the wallet.
Sence of community – Just to keep the users more interactive with their product.
Revenue share – Which often comes in a way of a token burn or an interest you can earn when staking the token. This lets everyone invest in the wallet and its future performance.
Best 14 Crypto wallet tokens
XDEFI wallet token
Tokens like the $XDEFI token were designed to have four main utilities: staking, governance, Funding, and play to (l)earn. Holders of Xdefi thus have a right to vote. Buying their way into the XDefi’s governance. Besides voting the holders can also stake $XDEFI to earn fees from the in wallet swaps. And pay lower fees to make a swap themselves.
The token will be mostly used to promote the wallet. And teach (new) users about the world of crypto. XDEFI sold around $14 million worth of tokens in a public sale to fund their development. Because of this, not all the features that we mentioned are online. With the interest-earning feature going live around mid-2022.
Math wallet token
When it comes to the Math token they have built a huge and still growing ecosystem around it. The Math wallet just functions as an access hub to it. With a variety of Dapps like Math Vault, Math Swap, and many more giving utility for the token. Next, to being a utility token for Math’s Dapps it also works as the main utility token for their Math sidechain based on substrate.
Trust Wallet token
The Binance owned, super popular crypto wallet, Trust wallet. Of course, has its own token too. The token exists as a native BEP-20 utility token that gives benefits to its holders within their ecosystem. TWT provides benefits for people that use their multi-crypto wallet that supports all major blockchains. The benefits that get unlocked by holding the token include discounts on in-app cryptocurrency purchases and discounts for using Dapps like DEXes. TWT holders also can participate in the governance. Thus having a voice of where they will take the project’s development in the future.
The TokenPocket Token (TPT) is the official token of the platform. Holding TPT gives its users access to premium features within the app. But also makes them able to participate in some airdrops based on the number of tokens they hold. The TokenPocket team could also add other features in the future. But for now, they make the tokenomics work with rounds of repurchases and burns. Giving the token more scarcity and this way more value to the holders of TPT.
Status as a crypto app has been around for some time and so has their SNT token. The app is not just a web3 wallet only but also a private messenger. The Status token (SNT) has already all sorts of features within the wallet and many are under development too. For example, SNT needs to be held to sell crypto through their Teller network. Or you can buy stickers in the private messenger using SNT. Also registering ENS User Names within the app using SNT, as an option. And of course, SNT works as a governance token for the app, making it the token for their community to influence the work that is done by their team.
Safepal wallet token
The Safepal hardware wallet also has its own token. This token is the functions as the center of their ecosystem. Giving users of their products extra benefits. But also making it easier for non-users to join in. As they receive discounts on their products when they hold SFP. This incentivizes people to hold their tokens from the start. And they keep this incentive with reward programs, NFT’s, fee discounts, and the option to vote in community governance.
The PeakDefi Token is not just a crypto wallet token. No, although Peakdefi does have its own crypto wallet. Their original service in the blockchain industry focuses on a decentralized asset management fund created to grow your wealth. The app that they have created works as a gateway to this. With their $PEAK token as the central token in their ecosystem giving holders/stakers a variety of benefits and interest-earning options.
Selfkey as a wallet focuses itself completely on decentralized identity. Not only do they offer wallet services but they actually have built a whole ecosystem with the KEY token in the middle. Key is critical to their ecosystem with all products and services being available through a nominal payment in $KEY.
For example, KEY can be used to pay for marketplace listings and generally, to
exchange value, incentivize use and adoption, and allow access as a token.
The monolith TKN ERC-20 token functions as their community asset. The Monolith wallet has a Visa Debit card feature, so users can spend their crypto everywhere. To top up this card you pay a standard fee of 1%. This fee then goes automatically into the TKN community chest smart contract. TKN holders can then claim their share of this community chest whenever they want using their cash and burn mechanism. Giving back a share to their community.
Nabox is also one of the leading crypto wallet ecosystems. With their token not just being the representation of its wallet. But also as the utility token for their web3 ecosystem. Holders of $NABOX can provide liquidity or stake their tokens in return for rewards. Besides, that $NABOX holders are granted various tiers within their ecosystem which gives them more use cases. Next to that, it will give you a discount on SwapBox fees. Which also contributes to burning a part of the token supply.
Later on, $NABOX will also work as a governance token, allowing holders to vote on proposals.
The SparkPoint token (SRK) is an ERC-20 token living on the Ethereum Blockchain. Created with a total supply of 14 Billion tokens. Which SparkPoint will eventually reduce to 10 Billion through multiple burning events. You can already trade SRK on many crypto exchanges.
SparkPoint like many of the other tokens in this blog has a wider ecosystem around their wallet and not only a wallet. Users can use or earn SRK in their Defi ecosystem. But also in gaming and learning, with SparkPlay and Spark Earn.
Atomic wallet token
With a total Supply of 100.000.000 $AWC of which a large part finds itself in lock up. And already 40.000+ holders. The AWC tokens are the Atomic decentralized wallet’s main crypto token.
AWC gives utility value for their holders by giving, discounts on exchange services, discounts on buying crypto with a bank card, extra features for the trading desk, dedicated support managers for AWC holders, stacking rewards for holders, and more. AWC is centered around its products and will most likely grow its utility in the future.
O3 wallet token
The O3 token, on websites like CoinmarketCap often called O3 Swap. But even though the token is often revered as $O3Swap. They have a larger ecosystem that includes their multi-chain wallet, also called O3. But next to that their ecosystem includes the DEX (Decentralized Exchange) O3 Swap, O3 Hub, and O3 Bridge. The whole ecosystem makes use of $O3 for governance, fee reduction, etc. And just like with the other once. Their token is still quite new and will probably receive more features as the whole crypto ecosystem grows.
Bread wallet token
The Bread wallet‘s BRD token is one of the tokens that has all of its focus on the Bread wallet and nothing else (for now). If you are a user of the wallet holding the BRD token gives you extra features. These features we can divide into tiers.
- If you hold 100,000+ $BRD you can receive a call back from their CEO
- With 2,500+ $BRD you can use their phone Support
- And 1,000+ $BRD gives you 25% off trading fees!
- And the lowest tier 250+ $BRD you receive 30% off Accointing’s crypto tax tool
- Where can I trade crypto wallet tokens?
Where can I trade crypto wallet tokens?
A majority of the crypto wallet tokens are very small in market cap. Especially as more wallets enter the scene and decide to do so with their own token. This comes from the fact that a crypto wallet is not a business like Tesla or Coinbase. So their token has not the same utility to reach billions of market cap. This is totally fine and you could still receive some good gains from investing in them. The only thing that we see right now is that most of the crypto wallet tokens do not have enough trading volume to get the attention of big crypto exchanges. Because of this most have not received listings on big Bitcoin exchanges.
However, this should not matter for the average holder/user of crypto wallets. As they still get listed on Decentralized Exchanges (DEX). Here you can trade them any time you want without having to create an account. So if you use your own blockchain wallet for the use of Defi and other Dapps. You can just go to UniSwap or PancakeSwap and swap one coin for another.
Crypto wallet tokens can bring and keep users using the wallet. With different utilities to incentivize them. Although a majority of the tokens still have a lot of work in progress and promise more features, the tokens can still look promising. Especially as the whole crypto wallet landscape grows each year. It is important to realize that if you hold these tokens or want to buy them. That many of them also represent a Defi ecosystem that that wallet’s team is building as well. So an investment in these tokens does not only mean an investment in that exact wallet.
Of course, as always this whole article does not serve in any way as financial advice and only you are responsible for your financial decisions. We hope this article taught you a bit more about crypto wallet tokens. If you want to learn more about our crypto-space then check out one of our other blogs or our wallet reviews! If you want to start using Bitcoin, Ethereum, etc. Then find the perfect place to store them with our wallet finder functions!
What is the best crypto wallet?
That highly depends on your needs. To see know which one works best for you, you need to know what you want. Our wallet finder function can help you easily find a wallet that has all the features you want/need. But if you rather see our opinion about some wallets then check out our reviews. Here we take a deeper dive into the Apps and look at their pros and cons.
What is a crypto token?
A crypto token is a crypto coin that runs on top of another blockchain. Meaning they do not have their own blockchain system. But rely on another like Ethereum. Here tokens use a standard called ERC-20 for common tokens. Another very popular blockchain “Binance Smart Chain” uses a similar Standard called BEP-20.
Where can I buy crypto wallet tokens?
There are 2 ways to buy crypto wallet tokens. One is to go to a centralized exchange like Kraken, Kucoin, or Coinbase. Here you can exchange your fiat Dollars/Euros for crypto and trade them for the crypto wallet tokens they have listed. If your favorite crypto wallet token is not listed on a centralized exchange. You can try to buy them on a Decentralized Exchange (DEX). To do this you will need some of the ETH if the DEX runs on top of Ethereum and some BNB if the DEX runs on top of the Binance Smart Chain.