Math Wallet explained: what is it and how does it work?

The cryptocurrency adoption rate is progressing rapidly, with more people turning to crypto assets every day. Digital assets offer countless benefits and improvements upon traditional financial systems, so this is nothing surprising or new. However, in order to switch to cryptocurrencies, one has to first properly prepare. In other words, crypto users need to educate themselves on all the details about crypto, primarily on securing their funds.

To safely store crypto assets, you first need a reliable wallet. Of course, wallets have evolved, and they now offer a lot more than just safe storage. Take Math Wallet as an example — it's brimming with features of all kinds. It even has its own parachain, a decentralized app (DApp) store, a staking platform, and more.

If you're interested in using the Math Wallet, here's everything you need to know about it.

What is Math Wallet?

Math Wallet is a Web3 cryptocurrency wallet that supports well over 100 blockchains. It's available on mobile — Android and iOS — as well as an extension for desktop browsers. It also has its own cryptocurrency, the MATH token, based on Ethereum’s network.

The wallet has a senior team, registered in Singapore. It was co-founded by Ke Qiao, who currently acts as its CEO. Another co-founder is the wallet’s CTO, Eric Yu. There's also Math Wallet Foundation, currently led by Frank Fu.

Math Wallet made sure to add support for as many blockchains as possible, targeting the biggest, most popular networks. That includes all networks compatible with EVM, as well as Substrate parachains. Bitcoin, Solana, and other major, notable networks are also supported, and more.

What features does Math Wallet offer?

The first thing to note is that Math Wallet comes in two forms — an extension wallet and a cloud wallet. While Math still lacks the accompanying technical documentation, its cloud wallet is custodial. In other words, crypto users don't get to hold the keys. On the positive side, the extension version is non-custodial, and it's preferred by those seeking to store cryptocurrencies safely.

The wallet supports a wide range of coins, and it also allows for staking in its Math Vault. This is a staking platform featuring compounding options. Apart from the wallet’s own token, MATH, users can stake other crypto, like Bitcoin, Ethereum, Tether, and EOS.

Next, there's MathChain — a parachain built within the Polkadot network. It was built using Substrate protocols. It doesn’t act as a Layer 2 solution, specifically, but it offers the same benefits. It still allows developers to build DApps, and benefit from Polkadot’s features. Polkadot’s blockchain is much more scalable, with lower fees and high throughput.

Math also has a DApp store. It's a marketplace where users can go to download DApps across all major blockchains. Apart from that, there's also MathGas — an app for tracking gas fees on different chains. The platform also got a DEX in 2021, deployed as a result of the partnership with Coinversation Protocol. However, it's been deleted since.

Math Wallet: pros and cons

So far, we've seen plenty of benefits and advantages of using Math Wallet. It's a multi-platform wallet, with support for various chains. It has its own DApp store, support for NFTs, staking, and more.

It also has a private wallet and a cloud wallet available. Each coin has a great selection of DApps, with more always in development. Other than that, the wallet is easy to use, whether you prefer a mobile version or an extension.

Of course, there are a few downsides to it. Nothing too big or deal-breaking, but things that are worth keeping in mind. For example, if you need customer support in order to solve an issue, you might have to wait a bit. Support doesn't react quickly enough, according to many of the wallet’s users.

Many have also criticized it for the lack of direct access between the main wallet and the cloud wallet. Essentially, users have to pay a fee in order to transfer funds between the two. The cloud wallet has another downside, and that is that it doesn’t offer staking. Finally, the wallet used to have an exchange, but it's been deleted.

How to use Math Wallet

Math Wallet is very simple to use. You can start by downloading it from Google Play Store or Apple App Store, depending on your system. Install it like any other app, and launch it.

You'll first see a list of blockchains that the wallet supports, and it'll ask you to select one. Then, the wallet will offer three options: create a new wallet, import an existing one, or access other options. Assuming that you are a new user, you'll likely choose the creation of a new wallet.

However, if you have another, you can Import Wallet, which lets you import different types of wallets. You can do so by scanning a QR code or by entering a 12-word backup phrase. Alternatively, you can also restore an existing wallet using this option.

Math Wallet also lets you create a business wallet, which is a better fit for funds, institutional investors, and enterprises.

At the bottom of the screen, you'll see the DApp store. Meanwhile, at the top, you have the option to switch networks at any time.

How to stake with Math Wallet

After you create a wallet and fund it, you can proceed to staking. Start by opening the DApp section of the wallet. Next, select the staking tool of the preferred network, such as Polkadot.

Enter the DApp, and tap the “New Stake” button. Enter the number of coins or tokens that you wish to stake, and tap Confirm. After that, you'll also have to select a validator. You can pick up to 16 of them simultaneously. However, remember to leave a small amount in your wallet, which will serve as the handling fee.

That's all there's to it. Tap confirm, and you're done.

MATH Token explained

MATH is a native cryptocurrency of the Math Wallet. It was founded in 2019. The token has a market cap of $11.9 million. Meanwhile, its price at the time of writing sits at $0.1044.

MATH token is an ERC-20 token, meaning that it runs on Ethereum’s network. It also plays a number of roles within the MATH ecosystem. It allows users to invest, stake, take out instant loans, and make payments at zero fees.

It also provides a validator infrastructure to networks and offers rewards to users. The token saw its all-time high on March 31, 2021, when its price hit $3.08. Since then, however, it's been spiraling down, taking only a slight break from it in September 2021. At the time, it reached out again, but it didn't go beyond $1.71.

Is Math Wallet reliable?

While it has its pros and cons, many describe Math Wallet as a reliable and easy-to-use cryptocurrency wallet. It offers a number of Decentralized Finance (DeFi) functionalities, such as staking, as well as investments and trade. As we've seen, most of the negatives surrounding the wallet are limited to its cloud version. If you use the main wallet app or a browser extension, these downsides get eliminated. What remains is a multi-network wallet that offers access to numerous functionalities and features. It's highly secure, can combine with any hardware wallet, and it has a rich DApp store.

In the end, each user has to decide on their own whether it is a good fit for them. It has its advantages, and if it offers what you need, then it's worth your consideration.

FAQs

What is Math Wallet used for?

Math Wallet is used for storing cryptocurrency, staking, or accessing its DApp store. It already offers all of this, and more, with additional features likely coming in the future. As such, it's become quite popular among crypto users.

Does Math Wallet support NFTs?

Yes, the wallet has a DApp browser that allows users to view NFT markets. You can even buy and sell non-fungible tokens from within. The wallet also has several DeFi functionalities.

What is an NFT Wallet?

An NFT wallet is a crypto wallet that supports the blockchain protocol that NFTs were built on. In addition, it also has to support the cryptocurrency used to buy NFTs. Ethereum, which has the largest NFT selection in the industry, is a good example of this.

What Is MATH Crypto?

MATH crypto is a native token of the Math Wallet. It's a utility token created on Ethereum’s network. Users can use it for staking, making payments, investments, and more.

Who made Math Wallet?

Math Wallet was created by Eric Yu and Ke Qiao. Since then, Yu has become the project’s CTO, while Qiao has become the CEO. Before the wallet, Yu was also a CTO at Zhongtopia, China’s largest mutual aid platform.

Where can I buy MATH Crypto?

MATH token is available for purchase on several cryptocurrency exchanges, including Uniswap, Bitmart, Xtheta Global, and HBTC.

What is the Math Cloud Wallet?

Math Wallet’s cloud version was presented as a convenient, safe, and easy custodial wallet. It allows users to build their portfolios, get loans, send, and receive payments, and earn in other ways. However, as a custodial wallet, it holds your keys, which isn't preferred in the crypto industry.

What can you stake on Math Wallet?

Math Wallet allows you to stake multiple crypto tokens and coins. You can stake MATH itself, as well as Bitcoin, Ether, Tether, and EOS. All staking rewards are paid in MATH tokens.