DeFi Risks Part 1 - "Wallet Failed To Connect"

DeFi Risks Part 1 - "Wallet Failed To Connect"

Don't leave your crypto on exchanges and become your own bank. Start using non-custodial wallets and interacting with Decentralized Finance Protocols.

You may have heard this advice repeatedly, particularly after the downfall of major exchanges such as FTX and lenders like Celsius last year. While it is undoubtedly wise counsel, putting it into practice is not as simple as it sounds.

Interacting with DeFi protocols and trying to become your own bank can be risky and result in significant losses of your hard-earned cryptocurrency. Any mistakes made in DeFi will be solely your responsibility, with no possibility of refunds.


My Wallet Repeatedly Fails To Connect

It's important to recognize that there is always a possibility of financial risk when dealing with cryptocurrency, regardless of whether you are using a centralized or decentralized platform. While most people are aware of this risk, I want to bring attention to a different type of risk - the technical kind. If you are using DeFi protocols, it's possible to encounter technical issues that you should be aware of.

Currently, I am facing the frustrating "WalletConnect Failed To Connect" error message. This is preventing me from accessing my funds on the DEX platform which is a major inconvenience. The DEX that I want to connect to is Biswap DEX on the Binance Chain. I am using this DEX for more than two years already and since then, I had always been connecting my Trust Wallet via WalletConnect to Biswap DEX.

Previously, connecting to the DEX functioned without issue. However, the connection has abruptly ceased working.

Failed to connect wallet to DEX

I have been waiting for a few days, hoping that the issue would resolve itself. However, the error persists. All the apps, including Trust Wallet on my phone, are up to date.

Now the big question is what should be the next course of action? While some DeFi protocols only support one wallet like Metamask, Biswap DEX uses multiple options to connect. So one option is to activate a Metamask wallet with my seed phrase from Trust Wallet and hope that connecting with Metamask works. 

Of course, also there is no guarantee that connecting with Metamask will work. If you want to have some kind of guarantee, you need to buy yourself a toaster but don't enter DeFi.

I haven't tried it yet because fortunately, I am not in a hurry to transfer my funds. Otherwise I would probably be rekt already. 


My Final Conclusion

The "Wallet Failed To Connect" error is one of the most common technical errors in DeFi. If you have not encountered it yet, consider yourself fortunate but it's wise to ready yourself.

For those of you who have encountered a similar error before, I am curious to hear about your initial reaction and how you managed to resolve the issue. I would appreciate it if you could share your thoughts in the comments section.

Thank you for reading and if this is the kind of stuff that you like to read, make sure to follow me here on Publish0x for more.

You may also like: How Bitrefill Helps Me To Live Bankless And Spend My Crypto With Privacy And Ease

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