In this article:
Learn what EVM-only wallets are, what the Ethereum Virtual Machine (EVM) is, and how this impacts you in Best Wallet.
Also, learn about important considerations, such as which transactions can and cannot be performed with an EVM-only wallet, making sure you can manage your crypto correctly.
What is EVM?
The Ethereum Virtual Machine (EVM) is the software layer that enables smart contracts and decentralized applications (dApps) to run on the Ethereum blockchain. It’s a standard adopted by many other blockchains to maintain compatibility with Ethereum’s ecosystem.
This means tokens and smart contracts built on these EVM-compatible blockchains (e.g., BNB Smart Chain and Polygon) work similarly to those on Ethereum.
What does it mean if a wallet is EVM-only?
An EVM-only wallet in Best Wallet is a cryptocurrency wallet designed to interact specifically with three EVM-compatible blockchains: Ethereum, BNB Smart Chain, and Polygon.
You can tell what type of wallet it is by the tag next to the wallet name:
These wallets support tokens, smart contracts, and transactions on these networks, but do not support non-EVM blockchains like Bitcoin or Solana.
For example, an EVM-only wallet in Best Wallet can handle ETH or BNB transactions, but it cannot process Base or Bitcoin transactions because the wallet is not compatible with those chains.
What does Best Wallet's EVM-only wallet mean?
Best Wallet currently supports EVM-compatible blockchains, including:
Ethereum: The original blockchain for smart contracts and a wide range of decentralized applications.
BNB Smart Chain: A network known for faster and cheaper transactions compared to Ethereum.
Polygon: A layer-2 scaling solution for Ethereum that offers lower gas fees and faster transaction speeds.
As an EVM-only wallet, Best Wallet is optimized for managing tokens and transactions on these networks.
Important Considerations:
What You Should Not Do:
Don’t Send Bitcoin (BTC): Since Bitcoin is not EVM-compatible, sending BTC to an EVM-only wallet address will result in failed transactions or permanent loss of funds. This is also true of Solana, Base chain assets, and other networks other than the 3 compatible ones.
Verify Blockchain Compatibility: Always check the blockchain compatibility of any token before attempting to send or receive it in your Best Wallet. For example, sending a Solana-based token to your Best Wallet will not work.
Check The EVM Network: Even though your wallet is "EVM-only" it doesn't mean it supports all EVM networks. Best Wallet's EVM-only wallets support Ethereum, BNB Smart Chain, and Polygon — not other EVM networks, like Base.
What You Should Do:
Double-Check Token Details: When interacting with tokens on EVM-compatible blockchains, ensure you’re using the correct contract address and blockchain.
Understand Network Fees: Gas fees for EVM transactions must be paid in the native token of the blockchain, such as ETH for Ethereum, BNB for BNB Smart Chain, or POL for Polygon.
What's the difference between EVM-only and multi-chain wallets?
You may have two types of wallets in your Best Wallet app — EVM-Only and Multi-Chain.
Best Wallet's multi-chain wallet offers all the capabilities of your EVM-only wallet (Ethereum, BNB Smart Chain, and Polygon compatibility) but also supports Bitcoin, Base chain, and Solana, with more blockchains coming soon.
Need further support?
If you’re still unsure about multi-chain wallets or need assistance using your wallet(s) in Best Wallet, please contact the Best Wallet support team either by using the Get Help screen in your Best Wallet app's Settings or by opening a ticket on our Support site.
Important Reminder:
No one from Best Wallet will ever request your wallet’s private key. Keep this information strictly private and do not share it with anyone.