| Type of Wallet | Software, desktop |
|---|---|
| Price | Free |
| Fees | Transaction fee to send assets. No fee to receive assets. A refundable deposit of 2 ADA is required to register a stake address. |
| Number of Cryptocurrencies Supported | 1 |
| Bitcoin and Ethereum Support | No, Daedalus supports ADA only |
| Earn (Staking/Rewards) | Yes, customers can stake assets |
| Customer Service | 24/7 customer support via the website |
| In-App Features | No |
| Hardware Compatible | Yes |
| SPV or Full Node | Full node |
| Mobile App | No |
Pros & Cons Explained
Pros Explained
- Ability to earn via staking: Users of the Daedalus wallet have the ability to generate additional income on their Cardano by staking the asset itself.
- Supportive of multiple desktop platforms: Daedalus is a cross platform wallet. As such, it can be run across all manner of desktop platforms, including Linux, Windows, and macOS.
- High degree of security: As a full node, decentralized, non-custodial wallet, Daedalus provides a high level of security. As users maintain complete custody of their assets at all time, Daedalus falls outside the scope of the centralized entities (i.e. Celsius, FTX, etc.), which jeopardized user funds in 2022
Cons Explained
- Supports Cardano only: Daedalus is a single-asset wallet. Holders of Bitcoin, Ether, or any other asset will need to find another wallet option in conjunction with Daedalus.
- No mobile version: Daedalus does not have a mobile option. As such, users are limited to using desktop versions only. The limited functionality makes Daedalus a challenge for users who wish to engage in both desktop and mobile transactions.
- No fiat onramp to purchase assets: Users are unable to purchase Cardano directly via traditional funding methods. Users are limited to peer-to-peer transactions to fund the Daedalus wallet.
Features
Daedalus is a non-custodial, open-source wallet designed specifically for holders of Cardano (ADA). As a full node wallet, it downloads a full copy of the blockchain for each transaction, providing it an extra layer of security.
Users of the Daedalus wallet have the ability to generate additional capital by staking their assets, making it a vehicle for both custody and income.
Daedalus also delivers pertinent information directly to users via its newsfeed app, and is available across multiple desktop platforms. Personalization is available also via six distinct themes. The feature allows users to customize a look and feel that fits most with their comfort level.
Security
In light of the recent issues surrounding centralized crypto entities losing user funds, Daedalus wallet holders can find comfort in its non-custodial wallet. At no time do users lose control or custody of their Cardano. As a full node wallet, Daedalus downloads a full copy of the blockchain with each transaction. This additional step adds a layer of security for wallet holders.
We have found no record of any past security breaches of the Daedalus wallet. As a non-custodial wallet, however, users must ensure that they protect their account, password, and recovery phrase.
Privacy and Anonymity
The Daedalus wallet provides users with complete anonymity specific to transactions. Customers are not required to complete Know Your Customer (KYC) requirements, and thus are not required to reveal themselves to any centralized third party.
As a non-custodial wallet, Daedalus users maintain custody of their assets at all times. This marks a key distinction between Daedalus and centralized entities such as Celsius, BlockFi, and FTX who took custody of, and subsequently lost, customer funds.
Setup
Daedalus is a desktop-only wallet, so setup will come via your operating system of choice. Users will navigate to the Daedalus.io site, and upon clicking on the download button, are given the option to select macOS, Linux, or a WIndows version.
Suggested hardware requirements are that users' desktops hold at least 16GB of RAM, 100 to 200 GB of free drive space, and 64-bit dual core processors.
Upon downloading the wallet, users are provided with a randomly generated 24-word seed phrase. It is imperative that users store this seed phrase in a safe place, as it serves as backup for the wallet. Users are then prompted to create a password.
Following the completion of all steps, users will then be able to begin funding their Daedalus wallet with Cardano.
Usability
Desktop
Investors who wish to invest via desktop only will be comfortable with Daedalus, as desktop is the only means by which the wallet operates.
Users will have access to a recurring newsfeed that can be delivered in a sidebar or across the entirety of the screen. Personalization of the workspace is available as well, via six distinct user interface themes.
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Mobile App
There is no mobile option available for the Daedalus wallet currently
Customer Service
Daedalus offers 24/7 support to its users via its website. A ticket system is available, but Daedalus does not offer email or phone support.
Cost & Fees
There is no cost associated with downloading the Daedalus wallet. The software itself is completely free. No fees are associated with funding the Daedalus wallet or receiving assets, either.
There are, however, fees associated with sending assets. Transaction fees occur because individual transactions by nature generate a fee. For Daedalus users, a fee of approximately 0.18 ADA occurs during all transactions.
For users who wish to stake Cardano, a refundable deposit of 2 ADA is required to register a staking address. The deposit is returned to the user if and when they undelegate their wallet.
Final Verdict
Daedalus checks a lot of boxes for users who place a high premium on security. As a non-custodial wallet, Daedalus does not take possession of user assets. Given the recent failures of centralized crypto entities, this is not a feature to be overlooked.
The issue that may be problematic for many users is that it supports Cardano only. Moreover, no indication has been given that the wallet will support additional currencies in the future.
While well established, Cardano currently ranks approximately 9th amongst all cryptocurrencies in market capitalization. Users who hold a portfolio of multiple assets will need to ask themselves if owning a separate wallet specifically for Cardano makes sense for them. Another potential hurdle for Daedalus users is its limitation to desktop usage only.
Methodology
One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets.
Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.
Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.
