2022 Omni Crypto Wallet Review • Benzinga Crypto

Omni product offering

The creators of Omni have developed an easy-to-use interface that enables users to interact with tokens, wallets and NFTs across multiple different blockchains. Convenience and accessibility are at the heart of Omni’s mission.

This goal is perfectly summed up by the Chief Investment Officer of MEXC Ventures, “the wallet is the first step in the user’s Web3 experience, and it is like a transportation hub. Therefore, its ability to work smoothly with each chain and layer is very important. Omni addresses the needs of the market and makes up for the shortcomings of current competing products. From a user experience standpoint, it allows users to manage assets and interoperate contracts on each chain more conveniently.”

Getting started with Omni

The first step to using Omni is to set up a passcode or enable Face ID technology. This step adds an extra layer of security to the application. If the password option is selected, expect to create a six-digit password that will be used to secure access to your mobile wallet.

After a password is entered, users are given three different options – to create a new wallet, import an existing wallet, or connect to Ledger (a specific type of hardware wallet). The Omni app supports over 20 different wallets, allowing users to do everything from a single application.

Wallet import

Wallets can be added by entering the wallet’s passphrase, giving access to all your balances, portfolios and NFTs. It only takes a few minutes to import external wallets. In addition to multiple wallets, Omni also allows users to add multiple accounts for each wallet.

Overall, Omni’s streamlined application makes it easy to pursue all the options. It provides concise instructions and provides additional information as needed.

Earn crypto

In three taps, users can start earning with floating stakes, yield vaults or traditional staking. Here is the overview of all three forms:

• Staking involves locking your tokens into a network staking contract to collect interest on your holdings. By issuing tokens, you support the operation of the proof-of-stake algorithm that generates new blocks for the blockchain.

• Liquid staking similar to regular betting with the added benefit of liquidity. Since regular staking locks exposed tokens, users cannot use their staked tokens on other DeFi platforms. However, floating stakes give you a tokenized representation of your stake. This process allows you to use floating tokens like a regular token.

• Crop farming is a passive investment strategy that allows you to earn returns on your assets by locking them in a vault. Funds in the vault will be automatically routed through strategies that seek the highest returns available in DeFi.

Omni offers a wide variety of cryptocurrencies that support staking. Currently, users can earn up to 5.3% APR for Ethereum (ETH) and 6.3% APR for Polygon (MATIC), for liquid bets, vaults and lending. Some cryptocurrencies do not support all three forms of earning. Cosmos (ATOM), for example, only offers traditional betting.

In terms of application security, users are given the option to create a six-digit password or use biometric authentication. This benefit adds an extra layer of security to the mobile application to prevent intruder access if you lose your mobile device.

It is important to note that Omni is a self-service wallet. Under this framework, the security of the account is directly in the hands of the user. Self-custodial wallets store private keys so you can securely access your blockchain funds. Each private key corresponds to a public key, known as a wallet address. You can think of the private key as a digital signature that is required for any transaction. As a result, the security of the account is based on how safe you keep your private key from the public. While this system may seem stressful to a novice cryptocurrency investor, it ultimately puts the user at the wheel when it comes to protecting their account. Also, Omni’s integration with Ledger allows users to interact while keeping their private keys offline.

Given that Omni recently changed from Steakwallet, it’s hard to justify a perfect rating for Omni’s mobile application. However, current reviews suggest that the app is promising. The app has a simple user interface that allows users to efficiently navigate through all the features. The account setup process is simple and can be done in a matter of minutes. The app itself is powerful. Staking, token swapping and bridges can be done from your phone with a few taps.

Omni offers a robust set of benefits to its users.

• Floating bet: Omni’s support for floating stakes allows users to earn interest on their tokens while keeping their assets liquid. This system minimizes commitment costs because floating stakes allow users to stake any amount, even small positions. Liquid staking opens the door to yield farming where users can choose to earn dividends through other DeFi lending strategies at the same time.

• Multichain support: Omni’s unique custom smart contract middleware enables users to stake and collect tokens on more than 25 protocols. Omni is available on all Ethereum Virtual Machines (EVMs) as well as Layer 2 scalability solutions such as Optimism, Arbitrum and Polygon.

• Bridges and interchanges: Omni supports all major DEXs and bridges natively so users can exchange and bridge in a single transaction right from their phone.

• Three-press stacking: Omni’s streamlined mobile application enables users to deposit tokens with three simple taps. Yield vault and Aave V3 are offered directly in the app.

• Wallet import: Users do not need to set up Omni as a new wallet. Instead, users import wallets from MetaMask, Keplr, Fantom and other wallets.

• Hardware wallet support: Popular hardware wallets such as Ledger are supported by Omni. Users can easily sync Ledger with Omni and seamlessly access and control all their tokens and NFTs. This ensures that users’ keys are stored offline and in cold storage.

Omni offers email support, tutorials and a long list of support articles. They also added a learning section, and are one of the first platforms to offer a multilingual app in languages ​​like Korean, Spanish, and Turkish, among others.

Overall, compared to other self-storage crypto wallets, Omni’s support is on par or even slightly better than the industry standard. There is only so much support you can have when trading on a blockchain.

Omni’s crypto wallet combines the features of ease of use and security. Omni’s decentralized crypto wallet model ensures self-sovereignty, and the mobile application allows fast and convenient interface navigation. This makes collecting, exchanging and managing tokens and NFTs a breeze.

Another fantastic application feature that adds to the consumer experience is Omni’s three-tap staking feature powered by Omni’s unique Smart Delegation Protocol. As the name suggests, this feature allows users to start betting with just three taps, which sets Omni apart from other crypto wallets that are governed by more bureaucratic and complex betting systems.

Omni’s multi-chain support for tokens and NFTs ensures a smooth and convenient user experience. Omni’s support for 25 different blockchains means that most beginners and intermediate users will be able to interact with most of the blockchains they want to interact with. Whether you want to go from USDC on Ethereum to MATIC on Polygon, Omni has you covered.

Omni vs. competitors

Omni competes with many other cryptocurrency wallets; However, Omni stands out through its interoperability features and ease of use. Another key difference is that Omni only supports a mobile application, while other crypto wallets are available via website extensions.

A few alternatives to Omni include MetaMask, ZenGo, and Trust Wallet. Other crypto wallets in the market have raised similar funding to compete with MetaMask. For example, Rainbow, an Ethereum wallet, raised $18 million earlier this year in a round led by Seven Seven Six, Reddit co-founder Alexis Ohanian’s venture capital fund.

Overall, Omni is a powerful tool with a simple interface that enables users to manage assets seamlessly across several different platforms and electronic wallets. It is free and self-sustaining, making it an attractive option for beginners and experienced investors.

Frequently Asked Questions