jakiro
The world is suffering MetaMask has been around for a long time, so latecomers have some mentality of “that can replace it”.
I recently saw the news of Bitget Wallet sending coins, and yesterday I saw that their trading volume exceeded MetaMask. As a veteran DeFi player, I would write some text to talk about my observations and thoughts on the wallet track.
AI, Meme, Depin, RWA, with the advent of the bull market, different narratives also follow.Compared to the popular narrative, the narrative of Web3 Wallet is not really valued.
The world is suffering MetaMask has been around for a long time, so latecomers have some mentality of “that can replace it”.
In terms of application innovation, Chinese people call first, no one dares to call second, and the same is true for the Web3 wallet field.Although there are many European and American wallets, MetaMask, Coinbase Wallet, Phantom, Rainbow, etc., they are not satisfactory to use.For example, it only supports limited chains such as EVM chains, and for example, the built-in Swap function is extremely simple and difficult to use. Some wallets can only be called a trigger for signatures or transactions.
In comparison, Chinese wallets have outstanding performance.Binance Web3 Wallet is aside, after all, it has just started. Although Binance is strong, it still needs more resource investment and time to settle down in the Web3 Wallet track.
Let’s focus on Bitget Wallet and OKX Web3 wallet.
1. The future belongs to Bitget Wallet and OKX Web3
To give a bold conclusion, in my opinion, the future world of Web3 wallet belongs to Bitget Wallet and OKX Web3 wallet.Or, if it is expressed more accurately, it should be said that the world of Web3 wallets in the future belongs to wallets such as Bitget Wallet and OKX Web3.
The reason why we talk about these two wallets is because there are too many similarities between them.First of all, they have strong binding relationships with a centralized exchange. In the eyes of the outside world, they are all Web3 layouts of the exchange.Second, it is extremely similar in product positioning and functional structure: one-stop, multi-chain ecology, and transaction as the core.
Let’s talk about Bitget Wallet first, which was formerly BitKeep. It should have been established in about 2018, but it was not until DeFi Summer that it became famous in 2020. It is also an “old man” in the industry who has experienced bull and bear markets.
After Uniswap appeared, BitKeep made a very smart feature – the DEX currency market.There are many market tools on the chain, such as DexTool, DexScreener, etc., but at that time, this function could be said to solve a major pain point for users who want to make gold on the chain.Almost everyone around me who plays DeFi has downloaded BitKeep, open the market every day, check the currency of the increase list, and then trade.
This small story reflects the characteristics of the Bitget Wallet team to some extent: it is good at understanding users’ needs and pain points, and then innovating product functions.
In addition, there is another fact that most people probably don’t know. The product structure of the Web3 wallet you are seeing at present: wallet + Swap + NFT market + DApp, which is actually defined by Bitget Wallet, or this is a walletThe optimal layout structure of the product, but Bitget Wallet took the lead in doing so.
To be honest, there are a lot of product innovations in Bitget Wallet, which is hard to list them one by one.To give a more detailed example, for example, when facing the problem of Gas fees, users often find that when they want to trade, they only have U in their wallet, but Ethereum is not enough for GAS. Bitget Wallet has launched a function without Gas transactions.Let you trade successfully without Ethereum as a Gas fee.For example, in response to the slippage problem of buying some altcoins, Bitget Wallet has an automatic slippage function, which gives you priority to setting a reasonable slippage value to help you buy it quickly.
If you are not a player on the chain, it will be difficult for you to feel the attentiveness of these details. Of course, this kind of innovation that solves user pain points can be spread throughout all aspects of the product. If you are interested, you can use it to experience it.
Although OKX Web3 wallet relies on the OKX brand, it was not well-known in the early days. As a user of these two wallets, I can clearly observe that the OKX Web3 wallet, as a latecomer, is in both product positioning and functional layout.Try to catch up and imitate Bitget Wallet, and it’s very fast.
Until the success of betting on the Inscription Track, OKX Web3 wallet attracted a large number of users and attention, of course there was courage, luck, and team resources and investment.It is understood that the production and research team of OKX Web3 wallet has three to five hundred people, and it can be said that it is a powerful krypton gold player.
At present, the complete and optimized functions of OKX Web3 wallet in terms of product are actually quite close to Bitget Wallet, and the relevant highlights will not be repeated.
Why would I say that the world of Web3 wallets in the future belongs to Bitget Wallet and OKX Web3 wallets?
If it is only used as a private key management tool and a signature transaction trigger, the value of the wallet is limited.But we can see that the form of the wallet has undergone great changes. It is an entrance, aggregator for Web3, and it is not an exaggeration to say that it is a decentralized ecological platform.
Take Bitget Wallet for example. It has wallets, market tools, DEX, Launchpad, NFT aggregation market… Users have all the functions they want, and their experience is not inferior to consumer-grade Web2 products. This is howIt is a Web3 wallet that is in the future and may be used on a large scale.
MetaMask still has a large number of users with its first-mover advantage and brand accumulation, but from the data, its market share is gradually being divided, just like Apple defeated Nokia and Blur defeated OpenSea. If MetaMask does not have a major innovation, it will definitely beIt will become a tombstone for only being admired in the Web3 wallet track.
At present, if you carefully sort out the Web3 wallet field, you will find that the players you can play are Bitget Wallet and OKX Web3 wallet. The entire track is currently the two companies competing.Not only is he currently outstripping other wallets in his body, but he also has a lot of scattered European and American wallets in terms of speed and combat effectiveness.
In addition, compared with centralized exchanges, the threshold for decentralized products such as wallets is actually higher. It requires deep technology and experience to create useful products, whether it is Binance Web3 wallets or otherIt is actually very difficult to catch up with the wallet.
2.Web3 wallet is not a puzzle for the exchange, but a way out
A few days ago, I saw a friend posting this on his Moments, saying that Web3 wallet is not a puzzle of the exchange, but a way out or a way out.I deeply agree with his point of view.
The industry is moving towards compliance supervision. Whether it is the positive news such as the launch of BTC spot ETFs or the negative news such as the recent prosecution of Binance and KuCoin executives are proven.
Compliance means breaking one’s own arms and giving up some business and profits. At present, many problems can be mediated by paying fines, but what about the future?Faced with an increasingly strict regulatory environment, what is the way out or retreat of a centralized exchange?
In addition, if not for compliance reasons, the business of centralized exchanges will face challenges in the future.
In terms of spot, the transaction increment of mainstream currencies such as BTC will likely be divided up by ETFs in the future, and the transactions of altcoins and Meme coins will be dominated by various DEXs on the chain. In fact, it is difficult to have an exchange in terms of spot.It can occupy the market with the strategy of making efforts to counterfeit small currencies like Matcha a few years ago.
Take the recent Meme currency as an example. The transaction volume of billions or even tens of billions of dollars on a single currency chain is mainly fast, high-frequency, and uncertain.Centralized exchanges will either go online quickly, but face uncertain risks such as project parties, or go online later depending on the situation, but the entire market may take a sharp turn after it goes online, and you can only make some shouting and eat some fish tail profits.
If DeFi Summer is a decentralized enlightenment movement, Inscriptions and Meme are equivalent to a vigorous mass movement of decentralization. Users and players’ pursuit of fairness and decentralization, and their rebellion for capital narratives have actually beenIt reached the boiling point.
Regarding the layout of the decentralized ecosystem, Binance used to build BSC chains and later Huobi chains and OKX chains, which were actually the same. However, if you want to build a chain, you need to invest a lot of resources, especially in one-click chains and ten thousand chains.At the moment of competitive development, it is easy to issue chains and difficult to build an ecosystem. Otherwise, why did the founders of Avalanche frequently show goodwill to Meme coins?
So, what is the way out or retreat of a centralized exchange?
wallet!The wallet has tool attributes and is relatively lightweight. It can be plugged into various popular ecosystems like USB for linking, and it can also include many decentralized functions and applications like a smartphone.The most important thing is that if you want to participate in the decentralized ecosystem, you have to use it.
OKX Web3 wallet and its own exchange belong to the same APP. I don’t know what the real intention of such product design is. I personally think that it is to enable users in centralized exchanges to use on-chain services more conveniently, and also to facilitate on-chain services.Players can quickly switch to the exchange.Although it is a bit not halal enough, the experience is OK. It is a good combination of CeFi and DeFi, and both sides can divert traffic to each other.
OKX Exchange has been extremely conservative and lagging in spot stocks for nearly a year, and it can even be said to have no sense of existence at all.But their wallets are developing very quickly. Perhaps this is their strategic move to deal with uncertain factors such as regulation in the future. Maybe the OKX Web3 wallet will be separated from the OKX exchange in the future, which is what I call the retreat.
BitKeep, the predecessor of Bitget Wallet, actively paid compensation and handled properly after experiencing a hacker incident, which was a bit like rebirth from the ashes. With the support of Bitget, the development momentum is very rapid, and the data growth and brand influence have also been greatly improved.
Recently, Bitget Wallet issued coins to launch vampire attacks on wallets such as MetaMask. At the same time, it joined forces with dozens of well-known projects such as Avalanche and Aptos to develop a BWB ecological plan. On the one hand, this is a brand communication strategy, but it is more of an initiative.Offensive, further growth is achieved with platform coins and their release.
In addition, I recently watched Bitget Wallet and they raised a direction that I personally think is very good, called “new assets” and “new opportunities”, and have been focusing on promoting trading capabilities.
This shows that their team sees it very clearly that the core and user demands of the entire industry are actually two different: issuance and trading assets.Before the rise of DEX trading, centralized exchanges were the main battlefield. In the future, asset discovery and trading in decentralized markets will definitely be the core.In this regard, Bitget Wallet has taken the lead and is looking forward to seeing some new ways to play them.
However, just like you cannot predict bull and bear, you cannot predict what changes will happen to the wallet track in the future. Whether it is for Bitget Wallet, OKX Web3 Wallet, or later Binance Web3 Wallet, in the decentralized ecosystem, it still hasThere is a long way to go.
