Omni Crypto Wallet Review

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Contributor, Benzinga
October 7, 2022
Omni
Overall Rating:
securely through Omni's website

Omni, previously called Steakwallet, is a Web3 wallet that was founded by Serafin Lion Engel, James Stackhouse, and Alex Harley. Omni aims to provide an easy-to-use, highly functional, versatile Web3 wallet without sacrificing self-sovereignty.

The application has built-in staking and liquidity functions and supports users to transfer tokens across chains. Currently, Omni has developed smart contract middleware, which enables users to display non-fungible tokens (NFTs) based on different blockchains, and stake and collect tokens through more than 25 blockchains on its mobile application. It aims to integrate Layer 2 networks (Starknet and zKSync) and additional Web3 technologies in the future. 

On September 7, Omni announced an $11 million fundraising at a valuation north of $50 million. Omni plans to use the funding to further expand its services and integrations in the near future. Omni is backed by a suite of seasoned investors such as MEXC Ventures, Eden Block, Spartan Group, Shima Capital, Lattice Capital and GSR Ventures.

Best For
  • Cryptocurrency and NFT collectors
  • Users seeking a mobile crypto wallet
  • Dedicated-currency wallet for users seeking multi-chain interactions
  • Users seeking a self-custodial wallet solution
Pros
  • Multi-chain support for tokens and NFTs
  • Easy-to-use and convenient
  • Flexible wallet import for software and hardware wallets
  • Seamless integration with Aave V3 and yearn.finance vaults on multiple chains
  • Versatile decentralized exchange (DEX) and decentralized application (dApp) support
Cons
  • Only available as a mobile application
  • A limited number of Layer 2 solution integrations

Omni Ratings at a Glance

Security
Mobile App
User Benefits
Customer Service
User Experience
Overall Rating

Omni Product Offering

The creators of Omni have developed an easy-to-use interface that enables users to interact with tokens, wallets and NFTs across multiple different blockchains. Convenience and accessibility are at the core of Omni’s mission. 

This aim is summarized perfectly by the investment manager of MEXC Ventures, “the wallet is the first step in the user's Web3 experience, and it is like a transportation hub. Thus, its ability to interoperate with each chain and layer smoothly is very important. Omni caters to the needs of the market and makes up for the shortcomings of current competing products. From a user experience point of view, it allows users to manage assets and interoperate contracts on each chain more conveniently."

Getting Started With Omni

The first step to using Omni is setting up a password or enabling 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 safeguard access to your mobile wallet.

After a password has been set, users are presented with three different options — creating a new wallet, importing an existing wallet or connecting their Ledger (a specific type of hardware wallet). The Omni app supports over 20 different wallets, enabling users to do everything from one single application.

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Wallet Importation 

Wallets can be added by inputting the wallet’s secret phrase, granting access to all your balances, portfolios and NFTs. It only takes a few minutes to import external wallets. In addition to multiple wallets, Omni also enables users to add multiple accounts for each wallet. 

Overall, Omni’s streamlined application makes it easy to pursue any of the options. It provides concise instructions and offers additional information if required.

Earn Crypto

In three taps, users can start earning with liquid staking, yield vaults or traditional staking. Here is the rundown on all three forms:

  • Staking entails locking your tokens in a network's staking contract to collect interest on your assets. By staking your tokens, you support the operation of the proof-of-stake algorithm that generates new blocks for the blockchain.
  • Liquid staking is similar to regular staking with the additional benefit of liquidity. Since regular staking locks staked tokens, users can’t use their staked token across other DeFi platforms. However, liquid staking provides you with a tokenized representation of your staked asset. This process allows you to use liquid-staked tokens like a regular token.
  • Yield farming is a passive investment strategy that enables you to earn yield on your assets by locking them in a vault. Funds in the vault will automatically get routed through strategies that seek out the highest yield available in DeFi. 

Omni offers a wide range of cryptocurrencies that support staking. At present, users can earn up to 5.3% APR for Ethereum (ETH) and 6.3% APR for Polygon (MATIC), for liquid staking, vaults and lending. Some cryptocurrencies do not support all three forms of earning. Cosmos (ATOM), for example, only offers traditional staking.

Security

In terms of application security, users are given the option of creating a six-digit password or using biometric authentication. This benefit adds an additional layer of security to the mobile application to prevent intruder access if you lost your mobile device.

It is important to note that Omni is a self-custodial wallet. Under this framework, the security of the account is directly in the hands of the user. Self-custody wallets store private keys so you can securely access your blockchain assets. Each private key corresponds to a public key, known as a wallet address. You can think of the private key as a digital signature that is needed for any transaction. As a result, the security of the account is predicated on how safe you keep your private key from the public. While this system may seem stressful for a novice cryptocurrency investor, it ultimately puts the user at the steering wheel in terms of protecting their account. Moreover, Omni’s integration with Ledger provides the option for users to interact while keeping their private keys offline. 

Mobile App

Given that Omni only recently rebranded itself from Steakwallet, it is hard to justify a perfect rating for Omni’s mobile application. However, current reviews suggest that the app is promising. The app boasts a straightforward user interface that allows users to efficiently navigate through all its features. The account set-up process is simple and can be done in a matter of minutes. The app itself is powerful. Staking, token swaps and bridges can all be done from your phone in a few taps. 

User Benefits

Omni offers a robust set of benefits for its users.

  • Liquid staking: Omni’s support of liquid staking allows users to earn interest on their tokens while keeping their assets liquid. This system minimizes commitment costs because 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 through other DeFi lending strategies simultaneously.
  • Multi-chain support: Omni’s unique custom smart contract middleware enables users to stake and collect tokens on more than 25 protocols. Omni is available on all Ethereum virtual machines (EVM) 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 that users can swap and bridge in one single transaction directly from their phone.
  • Three-tap stakings: Omni’s streamlined mobile application enables users to stake tokens in three simple taps. Yield vaults 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 users’ keys are kept offline and in cold storage.

Customer Service

Omni offers email support, tutorials and a long list of support articles. They also added a Learn Section, and is one of the first platforms to offer a multilingual app in languages such as Korean, Spanish, and Turkish, among others.

Overall, when compared to other self-custodial crypto wallets, Omni’s support is on par or even a bit better than the industry standard. There’s only so much support you can have when you’re transacting on a blockchain. 

User Experience

Omni’s crypto wallet combines the characteristics of ease of use and security.  Omni’s decentralized crypto wallet model ensures self-sovereignty, and its mobile application allows for quick and convenient interface navigation. This makes collecting, swapping and managing tokens and NFTs a breeze. 

Another fantastic application feature that adds to the consumer experience is Omni’s three-tap staking’ feature powered by Omni’s unique Smart Delegation Protocol. As the name suggests, this feature enables users to start staking in only three taps, differentiating Omni from other crypto wallets that are governed by more bureaucratic and complex staking systems. 

Omni’s multi-chain support for tokens and NFTs ensures a smooth and convenient user experience. Omni’s support of 25 different blockchains means most novice and intermediate users will be able to interact with most of the blockchains they want to interact with. Whether you want to go from USDC on Ethereum to MATIC on Polygon, Omni has you covered.

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Omni vs. Competitors

Omni is rivaled by many other cryptocurrency wallets; however, Omni differentiates itself through its interoperability features and ease of use. Another important distinction is that Omni only supports a mobile application whereas other crypto wallets are accessible through website extensions. 

A few alternatives to Omni include MetaMask, ZenGo and Trust Wallet. Other crypto wallets in the market have been raising similar funding to compete with MetaMask. For example, Rainbow, an Ethereum wallet, raised $18 million earlier this year in a round led by Seven Seven Six, Reddit co-founder Alexis Ohanian’s venture capital fund. 

Overall Rating

Overall, Omni is a powerful tool with a simple interface that enables users to manage assets seamlessly across multiple different platforms and online wallets. It’s free and self-custodial, which makes it an attractive option for beginner and experienced investors. 

Frequently Asked Questions

Q

Is it good to invest in crypto?

A

The cryptocurrency sector offers a lot of growth potential; however, because of the high risk of cryptocurrencies and uncertainty regarding government regulation, investing in cryptocurrencies isn’t for the faint of heart.

Q

What does crypto actually do?

A

Cryptocurrency is a digital asset that derives its value from its perceived transaction advantages and convenience compared to 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 managed by programmed algorithms that no single entity controls.

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