Author: Maxwell/acc, encryption researcher
Web3 wallet has long been regarded as the core traffic entrance of the encryption industry, and this consensus runs throughout.
As encryption infrastructure matures and encryption users grow, more and more encryption activities are moving to the chain. According to research data from a16z, the actual number of monthly active users on the encryption industry chain in 2024 will be between 30 million and 60 million.
One end of the Web3 wallet is connected to the encrypted funds deposited by tens of millions of users, and the other end is connected to decentralized applications such as DeFi and NFT. As long as users' Swap, Bridge, Staking, Memecoin and other needs can be met within the Web3 wallet, the wallet is a very attractive business.
As a result, the Web3 wallet landscape has changed significantly in the past two years. There are old Web3 wallets such as Metamask and imtoken, as well as Web3 wallets developed by mainstream CEX, and Web3 wallets focusing on a popular public chain ecosystem such as Solana and TON.
Which crypto users are these Web3 wallets suitable for? How do crypto users choose a wallet? This article will comprehensively evaluate seven mainstream Web3 wallets.
Three of them are the Web3 wallets of mainstream Chinese CEX, namely OKX, Binance and Bitget’s Web3 wallets, two are the old Metamask and imtoken; one is the Phantom wallet of the Solana ecosystem; one is the Phantom wallet of the Solana ecosystem; TON Wallet for the TON ecosystem.
We will comprehensively display the core features and advantages of each wallet from multiple dimensions such as the latest progress, user experience, functionality, and security in 2024 for users’ reference.
Multi-dimensional comparison of 7 Web3 wallets
Start with the Web3 wallets of three CEXs. They will start to work on the Web3 wallet track in 2023, and the focus of their efforts in 2024 will be different. After OKX Web3 Wallet took the lead with Bitcoin Inscription in 2023, it still has a quick and accurate grasp of industry hot spots (such as Meme, AI, and Base ecology); Binance relaunched Binance Wallet after the initial progress was not smooth. The focus is on launching Binance Alpha; Bitget focuses on BWB and TON ecology.
Overview of the main interfaces of OKX Web3 wallet
Overview in 2024:
OKX Web3 wallet is the only one of the three exchange wallets that is native to the exchange Wallet, the other two are iterations based on the acquisition of wallets. In 2024, the representative actions of OKX Web3 Wallet are as follows, such as the launch of OKX Connect. OKX Connect can help other ecosystems such as EVM to connect with the Telegram ecosystem, allowing developers to seamlessly develop DApps on Telegram. When Blinks became popular, it became the first multi-chain wallet to extend Blinks functionality from Solana to EVM.
Security:
OKX Web3 wallet supports both MPC wallet without private key and traditional mnemonic HD wallet. The OKX Web3 wallet is also connected to the KYT Sky Eye system, which contains more than 200 million cryptocurrency addresses. Before users inadvertently transfer assets to malicious or fraudulent addresses, the system will pop up a warning to provide risk reminders. According to data from its official website, its wallet has passed the SlowMist private key security audit. Regarding the frequent zero-transfer scams, OKX Web3 Wallet has also launched a similar address phishing detection security function to help users avoid such risks.
On-chain richness:
OKX Web3 wallet aggregates 500+ DEX, supports over 100 blockchain networks, and can access at least 9,000+ Dapp.
In the Earn function, there are not only a variety of stable currency earning and interest-earning models, but also support for the pledge of a variety of mainstream cryptocurrencies, such as ETH, BTC, OKB, etc., and are connected to many protocols. , including Lido, Aave V3, Babylon, etc.
OKX Web3 Wallet also launches an airdrop center. Many on-chain projects will use the airdrop platform of OKX Web3 Wallet to promote their projects. Users can participate in these airdrops through OKX Cryptopedia and Web 3 Giveaway. and other reward activities.
In the market, it supports a variety of rich ecology, such as NFT, inscriptions, runes, etc., on which users can trade a variety of assets.
Financial management:
There are many staking and airdrop products, and they are divided into categories according to various categories. If there is a special area for earning money, just go to it Various staking protocols have been included, and the most popular DeFi protocols are displayed on the Banner interface of this area. In terms of specific classification, it is divided into modules such as stable coins, popular currencies, bonuses, new investment products, V3 pools, points, protocols, and BTC. For users, there are many options.
The user experience is also smooth and comfortable. In this module, users can complete one-stop subscription on different protocols, one-click subscription and redemption of assets. Post-investment management services are also provided.
In terms of airdrops, the wallet has also set up its own system with rich products. It regularly launches different blockchain networks as themed activities, and provides multiple Dapps and interactive tasks in each issue. In addition to interactive rewards, participating in airdrop activities may also receive NFT rewards for the current theme. Users who hold this NFT will have the opportunity to receive additional rewards in future airdrop activities.
OKX Web3 wallet airdrop interface
Device compatibility:
In addition to the built-in Web3 wallet of the exchange, it also supports IOS and Android programs. It also provides desktop versions for Windows and Mac, as well as browser plug-ins such as Chrome and Firefox, which are compatible with some hardware wallets.
Usage experience:
In terms of user use, OKX’s wallet is a more user-friendly wallet for crypto novices, with various embedded on-chain protocols and Dapps are very rich.
OKXWeb3 wallet exists in the novice tutorial on the homepage
There is an introduction to its wallet on the homepage, and there are details A Beginner's Guideto . Moreover, you can automatically switch with the wallet on the homepage of the exchange App. This not only shows that OKX itself attaches great importance to the wallet business, but also greatly increases the accessibility of the wallet itself, which can convert more simple "coin speculation" “Users participate in on-chain interactions.
It is worth mentioning that the market interface of OKX Web3 wallet integrates almost all mainstream Web3 chain ecology, such as the most popular Meme coin in 2024 (Meme Factory aggregates Pump.fun, Sunpump, Meme coin launch platforms such as MovePump and Moonshot), AI Agent tokens (Virtuals ecology), Base ecology tokens, etc. OKX Web3 Wallet grasps industry hot spots quickly and accurately, and intuitively provides users with transaction functions.
The market interface of OKX Web3 wallet also provides many functions, such as the popular NFT market, inscription market, Runes market, as well as the latest and hottest airdrop market collection. And it will also remind users of opportunities to earn airdrops, which saves a lot of time for users to filter information on their own. It also provides relevant news and DApp information, and has a built-in blockchain browser function to facilitate users to query on-chain data.
For users, it is truly possible to participate in almost all on-chain activities in one wallet, and can also buy and sell various on-chain assets in the wallet.
In terms of wallet UI design, OKX’s Web3 wallet is undoubtedly the most eye-catching among the several Web3 wallets evaluated, the richest and most comfortable in terms of look and feel.
Binance Wallet main interface overview< /span>
2024 Overview:
The Binance Web3 wallet was developed after Binance acquired Trust Wallet.
In 2024, Binance Wallet will mainly do the following things: first, include the BNB assets in the wallet into Launchpool; second, relaunch Binance Wallet at the end of 2024 and launch Binance Alpha to help Users discover alpha investment opportunities.
Security:
Binance Wallet currently only provides MPC wallet, which uses MPC technology and integrates functions such as wrong address protection and malicious contract detection. When conducting transactions, be able to identify and warn of potential security risks in tokens or blockchains
On-chain richness:
Currently supported 35+ public chains, and 100+ Dapps.
In the financial management area, Binance Wallet not only has a rich variety of stablecoin earning and interest-earning models, but also provides pledge models for mainstream tokens such as ETH, BTC, and BNB, and the access protocols are also Various, such as Ondo, AAVE V3, Solve, etc.
Binance Wallet has also launched an airdrop center, with several airdrop projects participating in each issue.
Financial Management:
Binance Wallet financial products can also be divided into two categories: pledge and airdrop. However, the total number of these two types of products is not rich enough, although it also covers some of the most popular protocols and mainstream currencies.
For example, the classification of financial management is also more concise, with few classification categories. First, it is divided into two categories: Simple Yied and Yied+. In the Simple Yield section, products are only classified according to three categories: stable currency, popular, and protocol. For users, the usage logic is clearer. Yield brings together a few projects selected by Binance that users can provide potential airdrops or additional income through staking, re-staking, lending and RWA.
The presentation of airdrop products is also relatively simple, that is, the products currently in progress are arranged one by one.
Binance Wallet’s relatively simple airdrop page design
Devices Compatibility:
Binance Wallet is currently only the Web3 wallet built into the exchange. It does not currently provide plug-ins, iOS, Android, or desktop wallets, nor does it support hardware wallets.
UX It is on the funds interface and can be switched with the exchange's fund overview.
On the main interface of Binance Wallet, there are “Financial Management” and “Airdrop” quick access buttons. It can be seen from this feature that it attaches great importance to the value-added of user assets. Not only that, but the launch of BNB’s participation in the exchange Launcpool and the Alpha project on the chain also shows this feature.
Binance’s interface design is also relatively simple, allowing users to quickly find the functions they want to use, and the novice education is well done. There will be a certain amount of Q&A under each product.
In the exploration function, there is a simple description and community link for each DApp, but like others, there is no built-in browser.
Bitget Overview of the main interfaces of Web3 wallet
Overview in 2024:
Bitget Web3 wallet was formerly Bitkeep. It was acquired by Bitget in 2023 and renamed Bitget Web3 wallet. Unlike other CEX wallets, Bitget Web3 wallet has its own wallet token BWB.
In 2024, Bitget Web3 Wallet mainly did the following things: launched the Bitget Onchain Layer focusing on Web3, and established a $10 million BWB ecosystem fund to support various Web3 transactions Services; highlighted the Meme ecology and launched a complete set of Meme transaction toolkits; also launched a Telegram Mini-App support plan with a total amount of 20 million US dollars to promote the innovative development of the Telegram ecology; and also launched the Refer to Earn plan.
Security:
Bitget Web3 wallet also provides MPC wallet, and has established the GetShield security system, with token contract detection, authorization detection and anti-phishing mechanism and other functions, and jointly launched a US$300 million risk protection fund with the exchange.
On-chain richness:
Bitget Web3 wallet officially states that it aggregates more than 100 DEXs, supports over 100+ blockchain networks, and can access 2,000 +Dapp protocol.
During the actual evaluation, we found that the number of Dapps it connects to should be far lower than the number advertised. For example, in the Earn function, there are fewer pledge protocols found on the wallet homepage, and only access It has four protocols: AAVE, Lido, Rocket, and Frax. There are also few tools on the access chain, such as DeBank, ENS, Snapshot, and Arkham.
Financial management:
The whole is aggregated in the Dapp section. There are fewer opportunities. It only has access to single-digit on-chain protocols, and there are fewer staking opportunities. Moreover, it is a usage mode that jumps from the wallet to the protocol, which is not smooth enough to use. There is no dedicated airdrop section.
Device compatibility:
In addition to the exchange’s built-in Web3 wallet, it also supports IOS and Android programs, and also provides desktop versions for Windows and Mac. As well as Chrome and other browser plug-ins, it is compatible with some hardware wallets.
Using experience:
Bitget’s Web3 wallet can be said to have the least functions among the three. It does not have a separate market interface. For users, that is Assets such as inscriptions cannot be traded within the wallet.
Moreover, its interface is relatively simple, and there is no content related to novice teaching, which is not very friendly to newcomers. Compared with the wallets of the other two exchanges, its presence on the interface of the exchange is weak and cannot be found on the homepage. Instead, it exists in the common functions of the toolbar.
Bitget Web3 wallet needs to be entered in the toolbar, not the exchange homepage
The market classification that Bitget enters It is also rougher, less refined, and even a little chaotic. For example, OKX has a category of Meme Factory, which aggregates the hottest Meme launch platforms such as Pump.fun, Sunpump, MovePump, and Moonshot according to the launch platform. You can trade the hottest Meme coins under the category, and Bitget’s wallet There is only an All Meme section in the market section, and a separate Pump.fun section is set up. Moreover, the popular protocols and DApps on the chain that it is actually connected to are far smaller than the number advertised.
The most intuitive feeling given to users after using it is that the Bitget Web3 wallet may not be the focus of the Bitget ecosystem at the moment, so the overall product experience is not refined enough. For a complete newbie on the chain, the threshold for use is higher than the Web3 wallets of the other two exchanges. However, the Bitget wallet also has its own unique features. For users, switching to the Web3 interface will automatically enter the wallet. There is no need to manually create a wallet, and they will directly enter the default wallet set by them, which is also a newcomer-friendly setting.
Metamask plug-in wallet view
2024 Overview:
As the most popular wallet in the EVM ecosystem, MetaMask has been continuously updated and iterated, launching new features and improving user experience.
The main new features MetaMask will launch for crypto users in 2024 include: 1. Stake supports Pool staking of any amount of ETH and Validators staking of 32 ETH; 2. MetaMask Portfolio supports CEX accounts , you can transfer funds directly from Binance and Coinbase to Metamask; 3. Metamask Buy&Sell cooperates with more payment providers, making it more convenient for crypto users to buy and sell cryptocurrencies with fiat currency; 4. MetaMask launches Gas Station, which can complete Swap as usual when the gas fee is insufficient. ; 5. MetaMask will launch the MetaMask Card pilot in December 2024, and qualified users can apply for the MetaMask Card.
Security: SupportBlockaid security alert, ChainPatrol phishing warning.
On-chain richness:Metamask supports the EVM ecosystem, so as long as it is an EVM-compatible Dapp, Metamask supports it. MetaMask Portfolio lists 81 Dapps and 38 games.
Device Compatibility: Metamask started out primarily as a Google browser plug-in wallet and later expanded to iOS and Android Apps.
Usage experience:
After carefully experiencing Metamask again at the end of 2024, I found that Metamask has greatly improved and its ambition remains unchanged, which is to create an EVM ecosystem. A one-stop wallet.
The main interface of the Metamask plug-in wallet shows the main on-chain activities it supports, such as Swap, Bridge, Send, Recieve and Stake functions. For users, "what you see is what you get." Of course, Metamask has also gained a lot. According to data on Dune, Metamask’s Swap function has generated more than $100 million in revenue on the Ethereum mainnet alone.
It is worth mentioning that Metamask is currently focusing on developing Portfolio. Not only did it start to link to CEX, for example, you can transfer funds directly from Binance and Coinbase to Metamask, but it also launched the Metamask Card business, so users can directly spend cryptocurrencies in their Metamask accounts. In addition, Metamask has been expanding its payment providers to allow users to buy & sell cryptocurrencies directly with fiat currencies.
From Swap to staking, to linking to CEX, and then to connecting fiat currencies and cryptocurrencies, Metamask has a clear goal. As Ethereum enters mainstream society, Metamask becomes the one-stop wallet.
Metamask’s regret is that it only supports the EVM ecosystem. It does not support Bitcoin, nor does Metamask support emerging public chains and assets such as Solana and its Meme currency and TON ecosystem. Metamask can only be a one-stop EVM ecological wallet, but cannot be a one-stop Web3 wallet.
imtoken Ethereum account view
span>imtoken is a veteran multi-chain wallet that was founded in 2016 and has experienced multiple encryption cycles. With its first-mover advantage, its user base cannot be ignored, but its response to user needs has been slow. Solana and TON public chains, which will be hot in the encryption market in 2024, are not supported by imtoken.
2024 Overview:
Imtoken will support users to directly purchase cryptocurrency with legal currency through multiple payment providers such as OpenC and Moonpay in 2024.
In addition, imtoken also jointly issued imtoken Card with Fiat24, a Swiss financial technology startup. It is a multi-currency Mastercard that supports USD, EUR, CHF and RMB (CNH). Each account is equipped with a Swiss IBAN (International Bank Account Number) multi-currency cash account that supports token recharge and bank wire transfer.
Security:Due to the large user base, phishing gangs often place advertisements on Google and provide fake imtoken APK downloads.
On-chain richness: According to official data, imToken supports 35+ mainstream blockchains such as Bitcoin, Ethereum, TRON, Arbitrum, and BNBChain.
Tokenlon, a decentralized exchange owned by imToken, can realize Swap exchange.
The imToken browsing page lists the mainstream DeFi, staking, social, NFT market, games, cross-chain bridge and other Dapps in the market.
It is worth noting that imtoken does not support the Solana and TON public chains that will be hot in the encryption market in 2024.
Device Compatibility: Mobile only.
Usage experience:
As a multi-chain wallet, imToken’s basic functions as a wallet, such as BTC/ETH wallet and Swap, are still the same as before.
As for the wallet as the entrance to on-chain activities, imToken is a purely mobile Web3 wallet that can be connected to many Dapps through WalletConnect. Although imToken is also trying its best to meet the needs of users, such as directly using legal currency to purchase cryptocurrencies and using cryptocurrencies to pay for daily consumption, on the other hand, imToken has not kept up with many emerging public chains in the crypto industry such as Solana, TON, Sui, etc., and has taken the initiative to A lot of users were abandoned.
Another problem is that imToken restricts users in China from accessing and using some functions.
Phantom wallet Main interface view
Phantom is the most popular wallet in the Solana ecosystem and is supported by top encryption VC paradigm and a16z.
2024 Overview:
Although Phantom is generally considered a Solana wallet, it is not. Phantom is a multi-chain wallet. In 2024, Phantom wallet will begin to support BTC and Base. Currently, Phantom supports 5 public chains: Solana, Ethereum, Polygon, Bitcoin and Base.
Phantom will also introduce SOL and pledged SOL into liquid pledged JitoSOL in 2024. And, with the continued popularity of Solana and Memecoin, Phantom Wallet will have more than 7 million monthly active users in 2024.
On-chain richness:Although Phantom also supports Ethereum, Polygon, Bitcoin and Base, the vast majority of its users are Solana users, so Phantom is mainly linked to the Soalna chain. ecology.
SOL can be pledged or liquidated in the Phantom wallet; the built-in Swap of the Phantom wallet supports all Solana token exchanges.
Found that Tab has the most Recommended collections of popular 100 Meme coins, 48 Sites, and 50 NFTs.
Usage experience:Phantom wallet is an essential tool for the Solana ecosystem. You can directly complete SOL pledge/liquidity pledge, buy SOL with legal currency, buy and sell Meme coins, etc. directly in the Phantom wallet. Actions and transactions are extremely simple and convenient. However, Phantom Wallet currently has little support for other public chain ecosystems.
Telegram integrated TON Wallet main interface view
TON Wallet is Telegram’s native embedded wallet, which is divided into Wallet and TON Space. Wallet is a managed wallet and TON Space is a non-hosted wallet. Hosted wallet.
2024 Overview:
The seamless on-chain experience brought by the TON Wallet integrated into Telegram, coupled with Telegram’s global 900 million monthly active users Users, the TON ecosystem will explode in the first half of 2024. Several click-to-earn games such as Notcoin, Dogs, and Hmster have captured tens of millions of users on Telegram, and the tokens they issued have been listed on many first-tier exchanges in a short period of time.
In 2024, the market value of TON will exceed US$25 billion, the number of active wallets will exceed 36 million, and the number of daily active addresses even surpassed Ethereum for a time.
On-chain richness:TON Walle only supports simple Swap and liquidity staking, but it can connect to Dapps on TON. According to data from the ton.app website, the TON ecosystem is developing rapidly, with 26 DEXs, 18 staking projects, 539 games, and 37 social projects.
Usage experience: 1. TON Wallet has relatively simple functions and a single ecology. It only supports the TON ecology, and the supported BTC comes from the managed wallet; 2. The managed wallet supports the purchase of cryptocurrency with legal currency. ; 3. Because TON Wallet is integrated in Telegram and its payment experience is very convenient, the market value of USDT on TON quickly reached US$1 billion.
As crypto users move to the chain and crypto infrastructure evolves and matures, the industry The demand for Web3 wallets has changed significantly, and the Web3 wallet landscape has also undergone major changes.
In the past, the mainstream Web3 wallets in the market were fragmented. There were wallets that focused on a single public chain ecology, such as Metamask, which focused on activities on the EVM chain, and there were also wallets that met users’ simple currency deposit needs, such as imtoken; now Web3 In the wallet market, there is still demand for the old Web3 wallet, but what is more needed is a comprehensive wallet, a true multi-chain one-stop Web3 entrance.
It not only allows users to participate in transactions, pledges and other on-chain activities on multiple public chains in one wallet, but also integrates popular ecology and tokens in the market (such as Meme coins and AI Agent tokens). , Base tokens) are aggregated together and can be smoothly combined with CEX.
It is becoming increasingly clear what kind of wallet crypto users need.
Based on user needs and our evaluation, because OKX accurately predicts industry trends and first-mover advantages in advance, OKX Web3 wallet is currently the Web3 wallet that best meets user needs.
If OKX Web3 Wallet In the future, if legal currency services are supported, such as supporting the purchase of cryptocurrency with legal currency and issuing OKX Card so that users can directly consume cryptocurrency, the OKX Web3 wallet will be a true multi-chain one-stop Web3 entrance.
Such a Web3 wallet can fully meet the needs of encryption users, and the needs of users can bring considerable income to the wallet. This is also the reason why we have seen mainstream exchanges stop making Web3 wallets from 2023 and begin to occupy a market share that is comparable to that of the old Web3 wallets.
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