DeFi 101: What is Recovery Phrase?

Recovery phrase or Seed Phrase is a sequence of keywords generated when a user sets up a DeFi wallet, in order to provide wallet access and protection to the user.

Recovery phrase is extremely important to anyone using a DeFi wallet. Just like when opening a “safe” that requires a key or password, you must have the recovery phrase to be able to access the personal wallet that stores your Crypto assets.

Notes about Recovery Phrase:

  • You need to store the recovery phrase in a safe place immediately after creating the wallet. Your wallet could be stripped of all assets if anyone knows it. You may also lose access to your wallet if you don’t save your recovery phrase.
  • Each wallet has only one recovery phrase, consisting of keywords arranged in default order. If a word is entered in the wrong place or one of the keywords is missing, the wallet cannot be accessed.
  • The recovery phrase can include 12 or 24 keywords, depending on the requirements of the DeFi wallet you use.

Backup your recovery phrase on RICE Wallet

As a decentralized wallet, RICE Wallet does not collect information and control users’ assets. Therefore, after creating a new wallet on RICE Wallet, you have to store your recovery phrase carefully.

The steps to back up recovery phrase on RICE Wallet:

  • At the first login step, select Create a New Wallet
  • Set a wallet name and create a pin code
  • At the main screen, select Backup your password
  • Copy the 12 keywords and store them carefully like in iCloud, password storage apps, or write them down and keep them in a safe place.

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