This cycle is undoubtedly the year of DeFi's revival. Data at the end of 2024 showed that the daily trading volume of DEX has reached 20% of that of centralized exchanges. When people in the industry generally complained that it was difficult to make money in the secondary market, the chain was full of opportunities of ten times and a hundred times.
It is precisely thanks to the prosperity of the on-chain ecology that mainstream exchanges have made efforts in the Web3 wallet track. Because they are backed by their exchanges, their Web3 wallets are born with no shortage of users, and as the competition for customer acquisition among CEXs becomes increasingly fierce, their wallet business has also become a new incremental entry point.
For users, the Web3 wallet of the exchange has also become a preferred choice for participating in on-chain activities. Compared with the previous generation of wallets like Metamask. The Web3 wallets produced by exchanges have achieved a qualitative leap in terms of speed, convenience, and security. In particular, the nearly seamless asset transfer experience between exchanges and their wallets has made the Web3 wallets of exchanges the first choice for users.
Previously, OKX wallets had always dominated the top spot of exchange Web3 wallets. But this situation reversed in March 2025. When the market was bleak and people were screaming that they had entered a bear market. Binance Web3 wallet has ushered in a rapid increase in trading volume, and in a very short period of time, it has taken the lead in terms of total trading volume, active traders, etc., and once jumped to become the most popular wallet. It has achieved a Jedi counterattack in the wallet war. What did Binance Web3 wallet do right?
(Data source: DUNE, Binance Web3 Wallet has seen a rapid increase in trading volume since March 17)
Strategically differentiated development
In December 2024, Winson, head of Binance Web3 Wallet, said at an X Space that the wallet industry has huge development potential, and differentiation is the key to meeting market demand. Binance Wallet will adopt a unique strategy to open up a differentiated development path.
At present, we can see the achievements of Binance Wallet. From a strategic perspective, it is precisely because it has taken a development path that does not copy other wallets, but chooses a differentiated development path.
In March 2025, the crypto market fell into a bleak and chaotic situation. Bitcoin once fell below 80,000 US dollars. During the Ethereum ICO period, big investors fled, and its exchange rate against Bitcoin continued to hit new lows. It is precisely under this sluggish market that the BSC chain is thriving, and the Binance Web3 wallet has also performed very well.
Both the ecology on the chain and the development and prosperity of the Binance Web3 wallet itself benefit from Binance's combination of punches to consciously promote the development of the entire ecology.
First of all, in order to promote the prosperity of the BSC chain ecology, Binance obtained a $2 billion investment from Abu Dhabi investment institution MGX. The two founders of Binance, CZ and He Yi, personally played memes and promoted Meme tokens, which made the BSC chain ecology active. According to DeFiLlama data, in February and March 2025, the application revenue and DEX transaction volume on the BSC chain continued to rise, especially in March, when application revenue reached a historical high, and DEX transaction volume also reached a high point in this bull-bear cycle.
(Data source: DeFiLlama)
Binance Web3 Wallet also seized the opportunity of active transactions on the BSC chain and struck while the iron was hot. In order to cooperate with the craze of Meme tokens on the BSC chain, Binance Web3 Wallet launched various activities and innovations.
For example, on March 17, Binance Web3 Wallet announced the launch of a six-month fee-free event. The next day, Binance Alpha 2.0 was launched. This upgrade and iteration of Binance Alpha allows users to directly purchase tokens on the Binance exchange that were originally only available in the Alpha area of Binance Wallet. DUNE data shows that it was on March 18 that Binance Web3 Wallet saw a rapid increase in trading volume. On March 18, the trading volume exceeded US$126 million, accounting for more than 49% of the total trading volume of the overall encrypted wallet on that day, an increase of more than 24 times compared with the single-day trading volume of less than 4 million in early March. In terms of the number of active users, the highest value on March 27 exceeded 170,000, accounting for more than 50% of the total active users of encrypted wallets.
(Changes in the proportion of transaction volume of major wallets since mid-March, data source: DUNE)
(Changes in the proportion of active traders in major wallets since mid-March, data source: DUNE)
The Binance Alpha section was originally a project that allowed users to discover and participate in potential tokens. It can also be said that this is an "observation pool" for the listing of coins on the Binance exchange.
The top Meme tokens in the "white cloth market" also went through the process of listing on Binance Alpha and then on the Binance exchange. It is this combination of wallets and exchanges that has given the "white cloth market" continuity and a surge in trading volume on the BSC chain.
In March, another activity in the industry that attracted widespread participation from the whole people and greatly increased the popularity of the Binance Web3 wallet was the TGE activity of the Binance Web3 wallet.
As of April 3, Binance Web3 Wallet has conducted 8 exclusive TGEs. Users holding BNB can participate in IDO, namely Initial DEX Offering (initial decentralized exchange token issuance) through this section. For users, this is a basically risk-free way to hold BNB and obtain high returns. Jinse Finance summarizes the fundraising and returns of the last 7 TGEs:
In addition to the popular TGE activities in March, for Binance Wallet users, there are many rich activities to participate in, as well as the rich product experience of Binance Web3 Wallet that can be enjoyed.
As a Web3 wallet of an exchange, it is essentially building a bridge between centralization and decentralization. In order to build this bridge better, Binance Web3 Wallet has made a lot of efforts in product functions and various details.
The details and product optimizations have not only strengthened the stickiness of users to Binance Web3 Wallet, but also made it take a differentiated path.
Another feature of Binance Wallet that is different from other exchange wallets is the Binance Alpha section, which helps users discover potential projects in the early stages. The popular projects launched on Binance Alpha may be launched on Binance Exchange. In addition, the launch of Binance Alpha2.0 allows exchange users to purchase Alpha projects. This undoubtedly opens up the channel between Binance Exchange and Web3 wallet again, eliminating the boundary between centralization and decentralization.
On the other hand, BNB in Binance Web3 wallet can also participate in each Launchpool activity in Binance Exchange. This not only protects the interests of BNB holders, but also breaks the towering wall between decentralization and centralization.
Striving to make a good connection between decentralization and centralization is also the deep strategic logic behind the actions and innovations made by Binance Web3 wallet.
Continuously optimize the user experience and greatly reduce the threshold for users to participate in on-chain activities
Details can reflect the attitude and ability of a product.
On the homepage of Binance Exchange, open the funds page and you can directly switch to the Web3 wallet interface. The switching experience is very smooth. This move greatly increases the accessibility of the wallet itself in product design, converting more "coin speculation" users in the secondary market of the exchange to participate in the on-chain interaction.
Another important criterion for measuring the quality of a wallet product is whether the wallet meets the core needs of users surfing on the chain, and whether the wallet experience is comfortable and convenient.
Compared with the previous generation of wallets such as the Little Fox Wallet, Binance's Web3 wallet is undoubtedly smoother and easier to use. First of all, in the page design of the product, the main color of yellow and white is in line with the consistent style of Binance products. The wallet interface is simple, allowing users to quickly find the functions they want to use, and the novice education is well done. There will be a certain number of questions and answers below each product.
Whether it is the adjustment of the position of the Web3 wallet in the exchange interface or the concise and clear novice-friendly interface design in the Web3 wallet, it is undoubtedly user-friendly and can also enable more users to participate in decentralized chain operations.
Currently, Binance Web3 wallet supports 30+ chains and 100+Dapps. It is worth mentioning that in Binance's Web3 wallet, there is a financial management area, which can be directly entered on the wallet homepage. In this area, the pledge of multiple mainstream cryptocurrencies is supported, such as BNB, ETH, BTC, USDT, etc. It has access to many staking protocols, including Ondo, Aave V3, etc.
The classification of this financial zone is concise and clear. First, it is divided into two categories: Simple Yied and Yied+. In the Simple Yield section, products are only classified according to three categories: stablecoins, popular, and protocols. For users, the logic of use 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 PWA.
Another highlight is the discovery interface of the Web3 wallet, which has three major sections, namely airdrops, exclusive TGE, and DApp. The first is the DApp section, which has access to 100+ Dapps. Users can directly use the Dapps they want to use in this section. These Dapps cover all aspects of various on-chain tools and DeFi products. In the airdrop section, various popular airdrop projects are also connected, which saves users from the step of screening airdrops themselves and helps users improve efficiency.
It can be said that a Binance Web3 wallet can basically meet all the needs of on-chain surfing. In addition, there are occasionally hidden generous benefits, such as the exclusive TGE, which brings additional income to BNB holders.
Summary
In March 2025, Binance Web3 wallet once became the most popular wallet among users. Looking back at the history of Binance Web3 wallet development, it was originally Trust Wallet acquired by Binance, and then it continued to adapt to the development of the market and the needs of users, and finally presented the Binance Web3 wallet product that users see today.
From an acquired wallet to the most popular wallet now, there are two things worth learning from the industry: the strategic deployment of the Binance team for the overall development of the wallet and the details of the product.
At a time when people in the industry are bearish, Binance can simultaneously achieve the explosive growth of the Meme market on the BSC chain and the rapid rise in the wallet market share, which are inseparable from the exquisite strategic deployment. From Meme to a series of activities in the wallet, from the announcement of the investment to the founder's leading the meme, Binance has played a set of combined punches.
Under this set of combined punches, the cornerstone of Binance Web3 wallet's ability to quickly surpass competing products is its product itself: a simple and clear interface, a smooth operating experience, and rich access to various ecosystems on the chain. These are the core reasons why users are willing to stay after being attracted by various activities.
Good products must be accompanied by good marketing methods. This may be the methodology that can be used as a reference for major project parties in the current stage when the encryption industry is gradually moving towards the mainstream.
Joy
