Omni Rankings at a Glance
Omni Product Offering
The creators of Omni have developed an easy-to-use interface that allows users to interact with tokens, wallets, and NFTs on several different blockchains. Convenience and accessibility are core to Omni’s mission.
This goal is perfectly summed up by the investment manager of MEXC Ventures, “the wallet is the first step in the user’s Web3 experience, and it’s like a transportation hub. So, its ability to interact with each channel and layer smoothly is very important. Omni responds to market needs and compensates for the shortcomings of current competing products. From a user experience perspective, this allows users to manage assets and interoperate contracts across each chain more easily.”
Get started with Omni
The first step to using Omni is to set up a password or enable Face ID technology. This step adds an extra layer of security to the application. If the password option is chosen, expect to create a six-digit password that will be used to protect access to your mobile wallet.
Once a password has been set, users are presented with three different options: create a new wallet, import an existing wallet, or connect their Ledger (a specific type of hardware wallet). The Omni app supports over 20 different wallets, allowing users to do it all from one app.
Wallets can be added by entering the wallet passphrase, giving access to all your balances, wallets and NFTs. Importing external wallets only takes a few minutes. Along with multiple wallets, Omni also allows users to add multiple accounts for each wallet.
Overall, Omni’s streamlined app makes it easy to pursue all the options. It provides concise instructions and offers additional information if needed.
With three clicks, users can start earning with Liquid Staking, Yield Chests, or Traditional Staking. Here is a summary of the three forms:
- Staking involves locking your tokens into a network’s staking contract to earn interest on your assets. By staking your tokens, you are supporting the operation of the proof-of-stake algorithm which generates new blocks for the blockchain.
- Liquid staking is similar to regular staking with the added benefit of liquidity. Since regular staking locks staked tokens, users cannot use their staked token on other DeFi platforms. However, liquid staking provides you with a symbolic representation of your staked asset. This process allows you to use liquid tokens like a regular token.
- Yield farming is a passive investment strategy that allows you to earn returns on your assets by locking them in a safe. Funds in the vault will automatically be routed through strategies that seek the highest yield available in DeFi.
Omni offers a wide range 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 staking, vaults and loans. Some cryptocurrencies do not support all three forms of earning. Cosmos (ATOM), for example, only offers traditional staking.
In terms of application security, users have the option of creating a six-digit password or using biometric authentication. This benefit adds an extra layer of security to the mobile app to prevent intruder access if you lose your mobile device.
It is important to note that Omni is a self-custodial wallet. In this context, 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 assets. Each private key corresponds to a public key, called a wallet address. You can think of the private key as a digital signature needed for any transaction. Therefore, account security depends on how securely you keep your private key from the public. While this system may seem stressful for a novice cryptocurrency investor, it ultimately puts the user behind the wheel in terms of protecting their account. Additionally, Omni’s integration with Ledger gives users the ability to interact while keeping their private keys offline.
Given that Omni only recently rebranded itself as Steakwallet, it’s hard to justify a perfect rating for Omni’s mobile app. However, current reviews suggest the app is promising. The app has a simple user interface that allows users to navigate all of its features efficiently. The account creation process is simple and can be done in minutes. The app itself is powerful. Staking, token swapping, and bridging can all be done from your phone with just a few clicks.
Omni offers a robust set of benefits to its users.
- Liquid staking: Omni’s support for liquid staking allows users to earn interest on their tokens while keeping their assets liquid. This system minimizes commitment costs as liquid staking allows users to stake any amount, even small positions. Liquid staking opens the door to yield farming where users can choose to earn yield from other DeFi lending strategies simultaneously.
- Multi-channel support: Omni’s unique custom smart contract middleware allows users to stake and collect tokens on over 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 swaps: Omni supports all major DEXs and bridges natively so users can trade and bridge in one transaction right from their phone.
- Staking in three steps: Omni’s streamlined mobile app allows users to stake chips with just three simple clicks. Yield Chests 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 their Ledger with Omni and seamlessly access and control all their tokens and NFTs. This ensures that user keys are kept offline and in cold storage.
Omni offers email support, tutorials, and a long list of support articles. They also added a Learn sectionand is one of the first platforms to offer a multilingual app in languages such as Korean, Spanish, and Turkish, among others.
Overall, compared to other self-custodial crypto wallets, Omni’s support is equal or even slightly better than the industry standard. There isn’t much support you can get when transacting 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 its mobile app allows for quick and convenient interface navigation. This facilitates the collection, exchange and management of tokens and NFTs.
Another fantastic app feature that adds to the consumer experience is Omni’s three-step staking feature, powered by Omni’s unique smart delegation protocol. As the name suggests, this feature allows users to start staking in just three clicks, which differentiates Omni from other crypto wallets which are governed by more bureaucratic and complex staking systems.
Omni’s multi-channel support for tokens and NFTs ensures a smooth and convenient user experience. Omni’s support for 25 different blockchains means that most novice and intermediate users will be able to interact with most blockchains they want to interact with. Whether you want to switch from USDC on Ethereum to MATIC on Polygon, Omni has you covered.
Omni vs competitors
Omni competes with many other cryptocurrency wallets; however, Omni differentiates itself with its interoperability features and ease of use. Another important distinction is that Omni only supports a mobile app while other crypto wallets can be accessed through website extensions.
A few alternatives to Omni include MetaMask, ZenGo, and Trust Wallet. Other crypto wallets in the market have raised similar funds to compete with MetaMask. For example, Rainbow, an Ethereum wallet, raised $18 million earlier this year in a round led by Seven Seven Six, the venture capital fund of Reddit co-founder Alexis Ohanian.
Overall, Omni is a powerful tool with a simple interface that allows users to manage assets seamlessly across multiple different online platforms and wallets. It’s free and self-depository, making it an attractive option for both new and experienced investors.
Frequently Asked Questions
questions and answers
Is it good to invest in crypto?
The cryptocurrency sector offers great potential for growth; However, due to the high risk of cryptocurrencies and uncertainty regarding government regulations, investing in cryptocurrencies is not for the faint of heart.
What does crypto actually do?
Cryptocurrency is a digital asset that derives its value from its perceived transaction advantages and convenience over other currencies. For example, a significant advantage of cryptocurrency is that its operating rules and issuance do not rely on a central bank; instead, it is run by programmed algorithms that no entity controls.