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.
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 Bitcoin (BTC) transactions because Bitcoin is not built on an EVM-compatible blockchain.
What does Best Wallet's EVM-only wallet mean?
Best Wallet currently supports EVM-compatible blockchains, including:
Ethereum (ETH): The original blockchain for smart contracts and a wide range of decentralized applications.
BNB Smart Chain (BNB): A network known for faster and cheaper transactions compared to Ethereum.
Polygon (POL): 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. It’s perfect for interacting with fair launch tokens, upcoming tokens, and dApps within these ecosystems.
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.
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" 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.
If you don't but want a multi-chain wallet that supports Bitcoin, you will need to update your app to version 2.5.1, and then migrate your wallet. Make sure to read through the full support guides on Best Wallet's upgrade to multi-chain wallets.
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 (BTC) and more blockchains (like Solana, Base, Ton, and more) in the coming months.
There is no need to transfer funds from your old Main Wallet to a new multi-chain wallet unless you want to combine your funds in one multi-chain, multi-use wallet.
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 by emailing [email protected] or opening a ticket on our Support site.
Important Reminder: No one from Best Wallet will ever request your private key. Keep this information strictly private and never share it with anyone.