Wallets are our keys to DeFi. They let us interact with dApps, manage our assets, and unlock the wonders of the decentralized world.
Most of the popular browser wallets out there right now are hierarchical deterministic wallets, HD wallets are non-custodial, and you have full ownership of these wallets with your recovery phrase. Non-custodial wallets are more private and secure than custodial wallets that you don't have full ownership over with a recovery phrase. (Read more about the differences between non-custodial and custodial wallets here.)
HD wallets can be used to generate multiple public addresses associated with one recovery phrase. Keep in mind that with HD wallets, your security comes with the responsibility of storing your recovery phrase.
For those of us who use more than one recovery phrase to organize our assets and activities in the vast and varied world of DeFi, we equipped Tally Ho with a feature that lets you import multiple recovery phrases. That way you can manage all the HD wallets you want – all at once.
Create, Import, and Manage as Many HD Wallets As You Like
The ability to import multiple recovery phrases is unique to Tally Ho.
Sky’s the limit when it comes to the number of wallets you can import to Tally Ho. Create new wallets or import existing ones using their recovery phrases. You can make a wallet just for NFTs, a second for your staking assets, and a third to receive and hold assets... Tally Ho is your oyster.
After you import your recovery phrases, you can rename each import and each address from that import, to make it easy to recognize.
And Tally Ho’s “Portfolio” makes it much easier to view all your wallet’s assets at once. If you’ve never used a recovery phrase to import a wallet to Tally Ho before, here’s a step-by-step guide:
Importing Your First Recovery Phrase to Tally Ho
- Make sure you’ve downloaded the latest version of Tally Ho. Once you’ve got the latest version, open it up and select “Import Recovery Phrase” under “Add Accounts.”
2. You’ll then be prompted to set a password to unlock signing transactions (click here for more on how to create a strong password).
3. Locate the 12-24 word recovery phrase belonging to the wallet you’d like to import. Paste in the phrase and click “Import Account.”
4. To import additional recovery phrases, click on your account’s name in the top right corner. Select “Add Wallet,” and then on “Import Recovery Phrase.”
6. Paste the wallet’s 12-24 recovery phrase. Repeat steps five and six anytime you want to add a new wallet to Tally Ho.
Play a Part in Tally Ho’s Future
Every feature we add to Tally Ho is based on feedback from our community. So if there’s anything you’d like to see, let us know in Discord or comment on our roadmap. And if you want to play a bigger role in Tally Ho’s future, keep an eye out for news on the launch of our on-chain DAO.
In the meantime, download the wallet today!