Hot wallets are often designed around specific blockchain ecosystems. While many wallets support multiple networks, others focus on a single blockchain or family of blockchains.
This page groups commonly used hot wallets by ecosystem to help explain where they are typically used and why different wallets exist.
Why hot wallets are ecosystem-specific
Different blockchains support different transaction types, smart contracts, and applications. As a result, many hot wallets are built to integrate closely with a specific ecosystem.
A wallet that works well for one network may not support another. This is why users often use more than one hot wallet depending on what they interact with.
Multi-chain hot wallets
Multi-chain wallets are designed to support assets across many blockchains from a single interface.
Commonly used examples include: • **Trust Wallet** — mobile wallet supporting many blockchains and tokens • **Exodus** — desktop and mobile wallet with broad asset support • **Atomic Wallet** — multi-asset wallet across desktop and mobile
These wallets are often used for general asset management rather than deep interaction with specific applications.
Ethereum and EVM-compatible networks
Ethereum and EVM-compatible blockchains (such as Polygon, Arbitrum, and others) rely heavily on browser and mobile wallets for interacting with decentralized applications.
Commonly used wallets include: • **MetaMask** — widely used for Ethereum and EVM networks • **Rabby Wallet** — EVM-focused wallet with transaction preview tools • **Rainbow Wallet** — mobile Ethereum wallet designed for simplicity
These wallets are frequently used for DeFi, NFTs, and smart contract interactions.
XRP Ledger (XRPL)
The XRP Ledger ecosystem uses wallets designed specifically for XRPL features such as trust lines and on-ledger transactions.
A commonly used wallet is: • **Xaman (formerly XUMM)** — self-custody wallet built for the XRP Ledger ecosystem
XRPL wallets often differ from Ethereum wallets because they are not designed around smart contract interactions in the same way.
Cosmos and inter-blockchain ecosystems
Cosmos-based networks rely on wallets that support inter-chain staking, governance, and transfers.
Commonly used wallets include: • **Keplr** — widely used across Cosmos-based blockchains • **Bifrost** — wallet designed for interacting with specific blockchain ecosystems and decentralized applications
These wallets are often used for staking and governance participation.
Bitcoin-focused hot wallets
Some hot wallets are designed specifically for Bitcoin and focus on simplicity or advanced control.
Examples include: • **Electrum** — desktop Bitcoin wallet with advanced features • **Sparrow Wallet** — desktop wallet focused on Bitcoin control and transparency
Bitcoin-focused wallets typically do not support smart contracts or token ecosystems.
Exchange-ecosystem hot wallets
Some companies offer self-custody wallets that integrate closely with their broader ecosystem.
Examples include: • **Coinbase Wallet** — self-custody wallet separate from the Coinbase exchange • **Binance Web3 Wallet** — wallet integrated into the Binance ecosystem
These wallets are self-custody, but they are often tied to a specific platform’s tools and services.
How to think about choosing a hot wallet
Hot wallets are tools, not long-term vaults.
When choosing a hot wallet, users often consider: • Which blockchain or apps they want to use • Whether they prefer mobile, browser, or desktop access • How often they plan to interact with the network
Many users end up using more than one hot wallet depending on their activity.
Popular hot wallets — common questions
Is one hot wallet enough for everything?
Often no. Different wallets specialize in different ecosystems, so users commonly use multiple hot wallets.
Are these wallets recommendations?
No. These wallets are listed as examples of commonly used tools within specific ecosystems.
Should hot wallets be used for large balances?
Hot wallets are typically used for active use, while cold wallets are commonly used for long-term storage.
Continue learning
To better understand how wallets fit together, you may want to explore:
