Cardano Spotlight 8: Nami Wallet
Overview:
Nami is a browser extension wallet that is designed for use within the Cardano DeFi ecosystem. It is renowned within the space for having a user-friendly interface that lacks the complexity of other wallets. It is very easy to use and connects easily with all of the top protocols in Cardano DeFi (e.g. Indigo; Liqwid; MinSwap; SundaeSwap; MuesliSwap; DexHunter; and, WingRiders). It has also recently been purchased by Input Output Global, and for want of a better term, has become the sister wallet of Lace. I would argue that Nami is more battle tested than Lace though and has a longer track record of use within Cardano DeFi. The wallet can be downloaded from the Google Chrome Store and can be set up within minutes. So for new users that are looking to jump straight into Cardano DeFi, this is a potentially very useful point of entry to get started.
Using Nami Wallet:
The wallet allows you to set collateral of 5 $ADA when interacting with DApps and this is a useful feature that prevents users from spamming the Cardano network. Otherwise, the features offered are very simple. Users of the wallet can view the tokens that they hold and NFTs that they have purchased from JPG or Flipr. It is incredibly easy to set up and provides users with a secure twenty four word seed phrase. Really, Nami Wallet feels like a response to older wallets like Eternl, Daedalus and Yoroi, in that it really streamlines the user experience and accessibility to the non-technically minded. In the image above you can see that the wallet seamlessly integrates with protocols like Indigo and displays a small Nami icon in the top corner of the screen once connected.
Sending and receiving funds is very straightforward and just requires you to click on the send or receive tab and supply the address you wish money to be sent to. You can provide your own address as either a QR code or as a long-form string of characters.
Assets show up under the coin icon. NFTs can be found under the control pad icon and the clock icon is where you will find your transaction history. This is all very intuitive to use and quickly becomes second nature after a few transactions.
Nami fully integrates with hardware wallets such as Ledger and Trezor and contains a useful whitelist feature that allows you to pre-authorize protocols that you connect with regularly if you are happy to trust them. One recommendation when whitelisting sites though is to always bookmark them and ensure that their URL is correct (e.g. “app.indigoprotocol.io”) so that you are not connecting to a fake site such as a wallet drainer scam. If you are interested in a particular Cardano DeFi project and just want to get set up in a no nonsense manner, then Nami is a good way to do this.
Final thoughts:
Overall, Nami is a great place to start for new Cardano users. It is compatible with Chrome, Brave and Edge and has support for staking pools. The biggest criticism levied against it is that it lacks mobile support and I am unsure as to whether or not this is coming in the near future. It is a very streamline wallet and sits in a very interesting place among Cardano Web3 wallet contenders. Its interface lacks the advanced features of the more OG wallets in the space (e.g. Daedalus, Yoroi and Eternl), it is more no frills than options with built in media players and extra security features (e.g. Gero) and feels like it is more established in the market than similarly placed competitors (e.g. Typhon and Vespr). In 2024, we have an abundance of wallets to choose from that all offer their own UX benefits and explicit focuses. Nami is good for those that are not interested in the technical features of blockchain but that want to interact with decentralized financial products on Cardano in a simple and straightforward manner.
Nami is a good jack of all trades within Cardano DeFi. It does everything that I need it to do and seamlessly connects with all of the DApps and marketplaces that I wish to use it with. Personally, I don’t use crypto on my phone, so the lack of a mobile wallet does not deter me personally. However, this is something to take into account if you consider this to be a desirable feature. One thing to note is that Nami’s original team are no longer in control of the project and without the purchase from IOG, the wallet may have gone out of business. Personally, I use Nami to interact with DExes and liquidity mine. I use another wallet to store my NFTs and another wallet to interact with stake pools. Utilizing this strategy, I don’t place all of my assets into one basket so to speak. Finally, I believe Nami to be a secure and reliable product and it is one that I intend to continue using in the near future.
Find out more:
- Nami Website with FAQ;
- Nami on X;
- Nami on Github;
- Nami on the Chrome Webstore;
- Nami Wallet Tutorial from MoneyZG;
- Nami Wallet Tutorial from DApp Central;
- Coinbureau Feature Article on Nami.
Disclaimer: this is NOT financial advice. I’m a cow and I like to eat cereal. Any knowledge gained from this post is merely incidental and you are responsible for your own financial decisions. Make investments wisely and make sure to do your own research.
Other Cardano Spotlight articles can be found here on: Indigo; Gero; MinSwap; Hosky; AGIX; Liqwid; and, JPG.
