If you’re keeping everything in the same wallet and/or use the same wallet for every project then I have to point out to you that you might need to change your habits.
Let’s begin.
How’s your wallet situation right now?
Option A) I have one wallet for everything and I use the same wallet for every project.
Option B) I have multiple wallets but I do not use one wallet per project.
Option C) I use one wallet per project and keep most of my funds in a main wallet or in Binance.
If you fit in options A or B, this article is for you.
Table Of Contents
- What’s the best option?
- Why should I have multiple wallets?
- What’s spending allowance?
- Isn’t it hard to manage so many wallets?
- How do I do it?
- Where can I find my private keys?
- How to store my private keys safely?
- BONUS — How To Revoke Spending Access
- Conclusion
What’s the best option?
The best option you can go for is having multiple wallets, using one wallet per project, and keeping the funds that you’re not currently using in a main wallet that doesn’t interact with any contract, in a hardware wallet such as Ledger or in Binance.
Why should I have multiple wallets?
There are many advantages when it comes to having multiple wallets, here are a couple of them:
- More privacy.
- More security.
There are two main ways in which your funds can be stolen:
- Your wallet can be hacked from outside.
- Your funds can be stolen if you allow a sketchy project to spend your tokens.
What’s spending allowance?
Let’s make it simple:
In order to use any project, you’ll first need to allow it to spend your tokens. The only thing you can do without accepting that is swapping BNB for other tokens. (Not the other way around, btw)
What does that mean?
It means that in order to use the functions of a contract you first have to give it permission to access your tokens.
It applies to anything:
- Farming
- Staking
- Providing liquidity
- Swapping tokens
- And so on…
What could happen if you allow a contract to spend your tokens and the project is not safe?
Well… I invite you to read this: Ethereum User Scammed For $140,000 in Uniswap (UNI) Tokens.
TL;DR: The developer used the “setGovernance” call to take the victim’s tokens out of his wallet.
Well, by having multiple wallets (and using one wallet per project) you can keep the funds which you don’t want to invest in the said project safe because the other wallets didn’t allow the spending on the specific project. (Especially your main wallet which should never accept any contract whatsoever. Remember, that one is just for sending/receiving tokens and keeping them safe.)
Isn’t it hard to manage so many wallets?
No, not at all!
MetaMask makes it extremely easy.
Within MetaMask you can create your wallets in just a few clicks and have all of them saved one click away.
If you’re switching computers then it might take a few minutes to import all of your wallets back into MetaMask, but it’s the small price you have to pay in order to keep your funds safe.
How do I do it?
I’m so happy you’re taking this step in protecting your funds.
Let’s teach you how to do it now!
Step 1) Create a main wallet.
Creating a brand new wallet right now it’s safer than using your old one as the main one (obviously). Let’s do it!
- Install the MetaMask extension if you don’t have it already. (MetaMask.io)
- Create a new wallet with a new seed phrase.
- Save the seed phrase on a piece of paper. (Please don’t forget to do this step)
Step 2) Create new wallets, one for each project.
I assume you took my advice above and transferred all of your tokens to the “Main Wallet”, so now let’s create a new wallet for each project!
- Click on your wallet’s avatar.
- Click on “Create Account”.
- Choose a name for it. (I prefer to use the following: “Project Name” + “Wallet”)
That’s it, you just created a new wallet that’s going to be used only for the said project!
Now transfer your tokens from the Main Wallet to the Project X Wallet.
Example:
- Your CAKE in your PancakeSwap wallet.
- Your DRUGS in your TrapHouse wallet.
- Your NYA in your NyanSwop Wallet.
- Your NAR in your Narwhalswap Wallet.
- Your STAX in your StableXSwap Wallet.
- …
- I think you got the idea already.
Where can I find my private keys?
This one is easy, your private keys are just a few clicks away.
- Click on the three dots line.
- Click on “Account details”.
- Click on “Export Private Key”.
- Confirm your password.
- Taa-daa, here is your private key.
How to store my private keys safely?
You stored your seed phrase on a piece of paper (I really hope you did). That was easy, but private keys… yeah, those are a pain to write on paper.
Here you have two options:
Option A) Print them on a piece of paper.
Option B) Store them in a .txt file on an USB stick.
Remember to check your computer for viruses before doing anything, your private keys need to be safe at all times.
BONUS — How To Revoke Spending Access
The easiest way to revoke spending access is via allowance.beefy.finance.
The process is simple:
- Pick the contract you want to revoke the access of.
- Click “Revoke”.
- Accept the TX within MetaMask.
That’s it.
Conclusion
With just a few steps and a little bit of management you can keep your funds safe.
This method is what I personally use.
Let’s recap:
- Have a main wallet that never interacts with any project.
- Have one wallet per project.
- Keep the funds you don’t use on the “Main Wallet”.
- Keep high valuable funds in Binance or Ledger.
Stay safe!
—
The Ape 🦍
Follow: Twitter
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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A New Solana Memecoin With $19 Million: What is Milady Wif Hat?
Named after the renowned Solana meme coin Dogwifhat (WIF), Milady Wif Hat swiftly reached its maximum funding cap of 88,888 Solana (SOL) within hours of its launch.
Introduction: Milady Wif Hat
Milady Wif Hat, a new meme coin on the Solana network, has made waves by swiftly gathering $19 million in funding during its presale in just two hours. Named after the well-known Solana meme coin Dogwifhat (WIF), Milady Wif Hat garnered a maximum funding of 88,888 Solana (SOL).
🎩 Milady Wif Hat presale is now live! 🚀
— Milady (@miladymemecoin) March 18, 2024
Presale is live for the ever-fashionable SOL-loving Milady wif hat. Sending some love to the SOL community now 💗
Wallet address : 4K9tmyjpdu9ogw95JRTZkPkNppw8v1gnuGHBaYir96tt pic.twitter.com/1VdUjilB1E
With Milady Wif Hat, investors could participate with a minimum investment of 1 SOL, capped at 88,888 SOL. The presale, set for a 24-hour duration, saw an overwhelming response, becoming oversubscribed within hours of its launch.
📢 Closure of Milady wif hat presales! 🚀
— Milady (@miladymemecoin) March 18, 2024
Milady Wif Hat presale has soared to its limit of 88,888 SOL and is now closed. 🎉
Any additional Solana raised will have 100% of their funds returned.
Thank you all for the incredible support! 🙌 💖 pic.twitter.com/zEzDGEVlQy
Following the closure of the presale, additional contributions were reportedly returned.
Milady Origins
Milady memecoin's journey began as a decentralized meme token ($LADYS) on the Binance Smart Chain, debuting in 2022. Inspired by the internet meme culture surrounding "Milady" images, which exude grace and elegance, the project aims to infuse humor and lightheartedness into finance.
With a fixed total supply of 1 billion tokens, LADYS employs a deflationary mechanism, burning 10% of the initial supply to enhance scarcity. Furthermore, the tokenomics incorporate a 10% tax on transactions, with 5% redistributed to holders as rewards and the remaining 5% allocated to the liquidity pool, incentivizing long-term holding strategies.
Milady Wif Hat memecoin is the newest addition to the Milady ecosystem.
Challenges Along the Way
Despite its promising trajectory, Milady has faced challenges on its rise. Charlotte Fang, the founder of NFT projects Milady and Remilia, recently confirmed a security breach of treasury addresses, resulting in significant financial losses.
The transfer of ownership of the treasury to the drainer occurred before the suspicious transactions, according to PeckShield experts. Prior to this, in September 2023, Fang reported that the Milady NFT ecosystem developers had stolen about $1 million and hacked its social media accounts.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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