Interpretation of Web3 wallet: not a piece of puzzle for exchanges, but a way out

2024/03/30 05:53

The world has been suffering from MetaMask for a long time, so latecomers have more or less the mentality of "this can replace it".

Recently saw the news about Bitget Wallet issuing coins , yesterday I saw that their transaction volume exceeded MetaMask. As a senior DeFi player, I wrote some words to talk about my observations and thoughts on the wallet track.

AI, Meme, Depin , RWA, as the bull market approaches, different narratives follow. Compared with the popular narrative, the narrative of Web3 wallet has not been really taken seriously.

The world is suffering MetaMask for a long time , so latecomers more or less have the mentality of "this can replace it."

At the level of application innovation, The Chinese claim to be number one, and no one dares to claim number two, and this is also true in the Web3 wallet field. Although many European and American wallets, such as MetaMask, Coinbase Wallet, Phantom, Rainbow, etc., have commendable features, they are not satisfactory in use. For example, it only supports limited chains such as the EVM chain, and the built-in Swap function is extremely simple and difficult to use. Some wallets can only be called a signature or transaction trigger.

In comparison, the Chinese If it is tied to a wallet, it will perform well. Let’s put aside the Binance Web3 wallet for now. After all, it has just started. Although Binance is strong, it still needs more resources and time to make a breakthrough in the Web3 wallet track.

Focus on Bitget Wallet and OKX Web3 wallet.

1. The future belongs to Bitget Wallet and OKX Web3

Give a bold conclusion. In the author’s opinion, the future of Web3 wallets The world belongs to Bitget Wallet and OKX Web3 wallet. Or, if expressed more accurately, it should be said: the future of Web3 wallets belongs to wallets like Bitget Wallet and OKX Web3.

The reason for taking these two Let’s talk about it with a wallet, because there are too many similarities between the two. First of all, they all have a relatively strong binding relationship with a centralized exchange. From the outside world, they are all the Web3 layout of the exchange. Second, they are very similar in terms of product positioning and functional structure: one-stop, multi-chain ecology, and transaction as the core.

Let’s talk about Bitget Wallet first , formerly known as BitKeep, was probably established around 2018, but it only became famous in the DeFi Summer of 2020. After all, it is also an "old man" in the industry that has experienced bulls and bears.

After the emergence of Uniswap, BitKeep has made a very smart feature - DEX currency quotes. Nowadays, there are a lot of market tools on various chains, such as DexTool, DexScreener, etc., but at the time, this function could be said to solve a major pain point for users who wanted to pan for gold on the chain. Almost all of my friends who play DeFi have downloaded BitKeep, open the market every day, check the rising currencies, and then trade.

This little story is To some extent, it reflects the characteristics of the Bitget Wallet team: good at understanding users' needs and pain points, and then innovating product features.

In addition, there is another It is estimated that most people are unaware of the fact that the product structure of Web3 wallets that everyone currently sees: Wallet + Swap + NFT Market + DApp is actually defined by Bitget Wallet, or this is the optimal layout of wallet products. structure, but Bitget Wallet was the first to do so.

Bitget Wallet’s product innovation To be honest, there are too many to list them all. To give a more detailed example, for example, regarding the issue of Gas fees, users often find that when they want to make a transaction, they only have U in their wallet but Ethereum does not have enough GAS. Bitget Wallet has launched a Gas-free transaction function. This allows you to successfully trade without Ethereum as a gas fee. For another example, in response to the slippage problem when purchasing some altcoins, Bitget Wallet has an automatic slippage function that gives you priority to set a reasonable slippage value to help you make a successful purchase quickly.

If it is not on the chain Players, it is difficult for you to feel the care of these details. Of course, this kind of innovation aimed at solving user pain points can be said to be present in all aspects of the product. If you are interested, you can use it and experience it.

Although OKX Web3 wallet relies on The OKX brand is not well-known in the early days. As a user of these two wallets, I can clearly observe that the OKX Web3 wallet, a latecomer, is trying its best to catch up and imitate Bitget in terms of product positioning and functional layout. Wallet, and it's fast.

Until because of the bet inscription The track was successful, and the OKX Web3 wallet attracted a large number of users and attention. Of course, there was courage, luck, and the team's resources and investment. It is understood that the production and research team of OKX Web3 wallet has three to five hundred people, which can be said to be a powerful krypton gold player.

Currently, OKX Web3 wallet In terms of product function completion and optimization, it is actually relatively close to Bitget Wallet, and the relevant highlights will not be detailed here.

Why I say the future Does the world of Web3 wallets belong to Bitget Wallet and OKX Web3 wallet?

If only as a private key Management tools, signature transaction triggers, then the value of the wallet is limited. But we can see that the form of wallet has changed a lot. It is the entrance and aggregator of Web3, and it is not an exaggeration to say it is a decentralized ecological platform.

Just get Bitget Wallet Said that the functions include wallets, market tools, DEX, Launchpad, NFT aggregation market... It has all the functions that users want, and the experience is not inferior to consumer-grade Web2 products. This is the future. Web3 wallet that has the potential to be used on a large scale.

2.Web3 wallet is not for the exchange A piece of the puzzle, but a way out

A few days ago, I saw a friend post something like this in Moments, saying that the Web3 wallet is not a piece of the puzzle for the exchange, but a way out or a retreat. I deeply agree with his view.

The industry moves towards compliance supervision It is the general trend, whether it is good news such as the launch of BTC spot ETF, or bad news such as the recent prosecution of Binance and KuCoin executives, this is proof.

Compliance means to Cut off your arms and give up some business and profits. At present, many problems can be solved by paying fines, but what about the future? Facing the expected increasingly stringent regulatory environment, what is the way out or retreat for centralized exchanges?

In addition, even if it is not Due to compliance reasons, the business of centralized exchanges will also face challenges in the future.

In terms of spot, BTC is like this The transaction growth of mainstream currencies will most 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, in terms of spot prices, it is difficult for any exchange to be as good as a few years ago. Like Matcha, it relies on the strategy of launching counterfeit small currencies to occupy the market.

Get the nearest Meme coin Generally speaking, 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 can either go online quickly, but face uncertain risks such as project owner Rug, or go online later depending on the situation, but the entire market may take a turn for the worse after going online, and they can only make some buzz and fish-tail profits.

If DeFi Summer is In terms of an enlightenment movement of decentralization, Inscription and Meme are equivalent to a vigorous mass movement of decentralization. The pursuit of fairness and decentralization by users and players, and the rebellion against the capital narrative have actually reached a boiling point.

For decentralized ecology The layout of the BSC chain built by Binance in the past and the subsequent Huobi chain and OKX chain are actually the same. However, it requires a lot of resources to build a chain, especially now that one-click chain is issued and thousands of chains are competing for issuance. It is easy to launch a chain, but difficult to build an ecosystem. Otherwise, why would the founder of Avalanche frequently express his interest in Meme coins?

So, centralized exchange What is the way out or retreat?

Wallet! The wallet has tool attributes and is relatively lightweight. It can be plugged into various popular ecosystems like a 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 itself The exchanges belong to the same APP. I don’t know what the real original intention of such a product design is. Personally, I think it is to make it easier for users of centralized exchanges to use the services on the chain, and at the same time, it is also more convenient for players on the chain to switch quickly. to the exchange. Although it’s a little bit not halal enough, the experience is okay. It can be regarded as a better combination of CeFi and DeFi. At the same time, the two sides can divert traffic from each other.

OKX Exchange Nearly One Since the beginning of this year, it has been extremely conservative and lagging on the spot, and it can even be said that it has no sense of existence at all. However, the development of their wallet is very fast. Perhaps this is their strategic move to deal with uncertainties such as regulation in the future. Maybe the OKX Web3 wallet will be separated from the OKX exchange in the future. This is what I call a retreat.

Bitget Wallet’s predecessor, BitKeep After experiencing the hacking incident, it actively paid compensation and handled it properly, which means it is a bit like rebirth. With the blessing of Bitget, the development momentum is very rapid, and the data growth and brand influence have also been greatly improved.

Recent Bitget Wallet currency issuance , carried out vampire attacks on wallets such as MetaMask, and at the same time united with dozens of well-known project parties 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 a proactive attack. With the platform currency and its releases to achieve further growth.

In addition, I recently watched Bitget Wallet has put forward a direction that I personally think is very good, called "new assets" and "new opportunities", and they have been focusing on promoting their trading capabilities.

This shows that their team sees It is very clear that the current core of the entire industry and user demands are actually two, issuance of assets and transaction of 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 I am looking forward to seeing some new ways of playing it.

However, just like you Just like you can't predict the bulls and bears, you can't predict what will happen to the wallet track in the future. Whether it's Bitget Wallet, OKX Web3 Wallet, or the latecomer Binance Web3 Wallet, there is still a long way to go in the decentralized ecosystem. Gotta go.