Where Should I Store My Maker Token?

Where Should I Store My Maker Token?

By ChangeNOW | ChangeNOW Crypto Blog | 24 Jul 2021


Maker is the governance token for the MakerDAO project, a cryptocurrency lending service on the Ethereum blockchain. Although the token simply gives its holders the right to vote on the protocol changes, it quickly became the means of investment and speculation, following the Maker’s growth.

Since Maker token is based on Ethereum, any wallet that supports the ERC-20 standard works. However, their features vary widely, so we prepared a quick guide for you to choose a Maker wallet that would meet your needs best.

MetaMask — Ethereum wallet

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MetaMask software wallet is the number one choice of those involved in the Ethereum ecosystem and DeFi. It supports ETH, all ERC-20 tokens, ERC-721 and ERC-1155 assets (collectible NFTs), and other blockchains inherent to DeFi (e.g. Binance Smart Chain). MetaMask is available for iOS, Android, and Chrome. If you store your Maker in MetaMask, you will be able to easily connect it to Maker DAO or swap it for other assets in Ethereum-based DEXs. Use MetaMask if you plan to invest in or trade other ERC-20 tokens.

Ledger Nano S — Maker Coin Hardware Wallet

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MetaMask which we considered above is a hot wallet, meaning the private keys are stored on your device that is exposed to the internet. They are strongly encrypted but still remain at risk of being hacked. With Ledger Nano S, this is physically impossible for most of the time: the keys are stored on a device disconnected from the internet.

Ledger is one of the most popular and trusted hardware wallets. Many unsuccessful attempts to hack it were carried out. MetaMask is a secure wallet, but with Ledger, you will feel this security with every bone of your body. It’s not just a flash drive with a TXT file in it: the keys are under many layers of security. Ledger Nano S allows storing over 1000 crypto assets and costs $59. You can try it now in different colors:

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Guarda Wallet — multi-asset, for desktop & mobile

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Guarda is a wallet focused on convenience: it’s multi-asset, cross-platform, and has a built-in crypto exchange service. Here are its features:

  • Guarda Wallet supports 50 blockchains and hundreds of assets based on these networks. You can store Maker along with all your other crypto coins here, including Bitcoin.
  • The wallet is available for Android, iOS, and desktop.
  • Guarda Wallet is non-custodial: the private keys are stored on your device and the wallet team has no access to them, same as to your recovery seed phrase.
  • Make the most of your portfolio with Guarda Wallet: store your coins, swap between them, buy Maker tokens with a credit card, and stake your assets.

ChangeNOW is proud to contribute to Guarda’s usability: we power the crypto swap tool built in the wallet. To exchange Maker token for any other, you don’t have to register or go through the KYC check. The average swap takes 5 minutes, and there are no hidden fees: they are all already included in the estimated rate. ChangeNOW recommends using Guarda for easy access to your cryptocurrency and the variety of ways to interact with your portfolio.

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ChangeNOW
ChangeNOW

ChangeNOW is a non-custodial service created for simple and fast cryptocurrency exchanges. We strive for maximum safety, simplicity, and convenience. We do not store your funds or require any sort of account creation. https://changenow.io/


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