Author: Yue Xiaoyu
After OKX DEX suspended its services, the entire market seemed to have dropped a bomb. The market development has become very subtle. Various forces have already appeared and started to compete for the vacant market share.
We should not only pay attention to the impact of current events, but also pay attention to changes in the future situation.
A new round of wallet wars has begun.
It's just that I didn't expect that the second half of the wallet war would kick off in this way.

1. Is the status of OKX wallet not unbreakable?
OKX wallet has always been far ahead, and it is not an exaggeration to call it the smoothest wallet on the market.
When OKX DEX stopped working, everyone realized how useful OKX DEX is.
Users have to find DEX or cross-chain bridges on different chains one by one, as if returning to primitive society.
More importantly, many trading platforms and wallets are also affected, and the trading experience of a number of products has been greatly affected.
You should know that many trading products and wallets are built on OKX OS (OKX operating system).
OKX has deservedly become the infrastructure of the Web3 industry.
But you have to know that OKX has invested hundreds of people and several years of polishing at all costs to achieve today's product experience.
But unexpectedly, OKX's rapid development was suddenly interrupted by a hacking incident that had nothing to do with itself, and was forced to press the pause button.
At this time, OKX has left a short window of opportunity for its competitors. It depends on whether other competitors can seize it.
But in general, the status of OKX wallet will be shaken to a certain extent, but it will not be so easy to be overtaken by the curve, after all, it has a very deep technical accumulation.
2. When a whale falls, everything comes to life!
When there are unmet needs in the market, competing products will appear.
When OKX DEX is not working, other competing products on the market have already seized the opportunity to promote it overwhelmingly.
Market competition is so cruel, "take advantage of your illness to kill you."
Everyone wants to seize the market quickly during this window period, but this window period is uncertain and may be very short.
Therefore, everyone can make an effort to seize as much market as possible.
Competitors have already taken action, who will benefit in the end?
3. Will Binance Wallet be the ultimate beneficiary?
Binance Wallet is backed by the largest exchange in the universe, with unlimited bullets, and more importantly, it has a very mature public chain ecosystem BNB, which controls the asset issuance end.
The wallet is the traffic entrance, and the public chain is the asset supply.
Therefore, Binance Wallet can be said to be the number one rival of OKX Wallet.
Before, Binance Wallet lagged far behind OKX Wallet, but now OKX Wallet has given it market space and a window of development.
Binance will naturally not miss this good opportunity and launched a fee-free on-chain transaction, and the founders, Ijie and CZ, are working hard to promote the Binance wallet on Twitter.
However, Binance Wallet still has a lot of homework to do in terms of on-chain infrastructure and user experience. It depends on whether it can really retain users in the future.
4. Will Bitget Wallet be the ultimate beneficiary?
Bitget Wallet is currently the second largest exchange wallet in terms of user volume and transaction volume after OKX Wallet.
The predecessor of Bitget Wallet is Bitkeep, which is also an old Web3 wallet and was later acquired by Bitget.
Bitget Wallet has always maintained an independent APP for operation. Previously, it was believed that it was not integrated enough with the exchange and could not fully attract users from the exchange;
Now, it is found that this isolation of the operating entity and the APP avoids some compliance risks and becomes an advantage.
Bitget's style has always been high-profile, and it is also very aggressive in community promotion and brand publicity. Therefore, it is also eyeing the market share vacated by OKX Wallet.
5. Will GMGN be the ultimate beneficiary?
GMGN is indeed awesome on the chain. GMGN can be said to be a star trading product in this cycle. It stood out from the meme coin craze and is now being questioned after the meme coin craze has subsided.
However, it cannot be denied that GMGN is indeed amazing in the user experience of on-chain transactions, and its data analysis capabilities are also very profound.
However, the problem with GMGN is that its usage scenarios are limited, and the chains it supports are also limited, mainly concentrated in Solana. In addition, the TG Bot product hosts user private keys, which has security risks and is also criticized by everyone.
6. Will UniversalX be the ultimate beneficiary?
Here we must mention a dark horse in the trading market: UniversalX.
UniversalX is built by the Particle Network team. Particle Network previously had a deep technical accumulation in the wallet service layer, and later expanded to the trading platform. The angle of entry is "chain abstraction", which can be regarded as competing from different dimensions.
This product is a "true" full-chain trading platform, which can be used to trade any asset on any chain, without considering cross-chain and gas.
OKX DEX is essentially a transaction aggregator, which helps users aggregate many wallets and DEXs on the market and complete transactions in one stop on this platform.
When OKX DEX was not available, everyone started looking for DEX and cross-chain bridges on various chains. At this time, UniversalX appeared directly, bringing everyone a full-chain trading platform that does not require cross-chain or Gas.
This is a differentiated competitive advantage in different dimensions!
Especially in the face of multi-chain hot spots, UniversalX can be said to be a killer. Users no longer need to store assets on each chain or cross-chain urgently.
7. To sum up
The wallet war has entered the second half. OKX has pressed the pause button, which has also given some opportunities to competitors. Everyone is showing their talents.
Although other competitors have begun to expand wildly, they may not be able to take on this overwhelming traffic. The key lies in whose product experience is good enough to truly retain users in the end.
OKX is now a tree that attracts the wind, and is forced to become the first "anti-hacker" DEX, which also has some impact on the direction of our entire industry: the industry's compliance path will continue to move forward.
For OKX, this is both a challenge and an opportunity.
If OKX wants to become an infrastructure like Google on the chain, it will have to solve compliance issues sooner or later. This is a necessary step, so take this opportunity to clear the mines in advance.
Return is still the king.