Who will be the final winner in the exchange wallet game?

Author: Fairy, ChainCatcher

Editor: TB, ChainCatcher

The crypto landscape is turbulent, and the Web3 wallet battle has suddenly escalated.

Exchanges like OKX, Binance, and Bitget are each operating independently, relying on product iteration, user competition, task mechanisms, and incentive designs, engaging in rounds of offense and defense. Some have taken the high ground with their first-mover advantage, while others have broken through with strong capital and traffic.

Recently, Bybit announced a significant reduction in its Web3 wallet business, while Binance Wallet's trading volume market share surpassed 90% in just two months. OKX and Bitget have also not slowed down, continuously enhancing their incentive mechanisms and functional experiences.

The outcome is still unclear, but the smoke of battle has risen.

Competitors: Five Major Camps Each with Their Own Strategies

(1) OKX Wallet

• Nickname: Tech Maniac
• Style: Steady progress, long-term cultivation, emphasizing product refinement and full-chain ecological layout.
• Representative Tactics: Function integration + inscription advantage + free offerings
• Introduction: An exchange that invested heavily in the Web3 wallet line early on, like a seasoned veteran, backed by hundreds of engineers.

(2) Binance Wallet

• Nickname: Traffic Warlord
• Style: Late-stage surprise attacks, resource allocation, flexible and varied gameplay
• Representative Tactics: Strong binding at entry points + creative mechanisms + ecological linkage
• Introduction: Started slightly later but launched innovative tactics, diversifying ecological asset flow and playing the role of a rhythm disruptor in the battlefield.

(3) Bitget Wallet

• Nickname: Night Walker in Armor
• Style: Quick response, closely following trends
• Representative Tactics: Breaking through hot topics + rapid iteration of activities + yield-generating gameplay
• Introduction: Evolved from the established multi-chain wallet BitKeep, with a flexible approach and quick actions. Although it lacks the hardware and popularity of the leaders, it continuously opens gaps with its "lightweight" and "agile" strategies, maintaining a significant presence.

(4) Coinbase Wallet

• Nickname: Compliance Ranger
• Style: Steady moves, safety first, focusing on the North American market
• Representative Tactics: Compliance + acquisition for strong positioning
• Introduction: Coinbase Wallet started early. In 2018, Coinbase renamed its self-developed wallet Toshi to Coinbase Wallet and continuously expanded wallet capabilities through acquisitions of projects like BRD and Astro Wallet.

(5) Bybit Wallet

• Nickname: Wind Chaser
• Style: Keen experimentation, imitative strategies, flexible in approach
• Representative Tactics: Following gameplay + custodial model
• Introduction: Bybit Wallet is not a major player; in its early layout, Bybit invested limited resources in wallet infrastructure and failed to establish a competitive moat.

Wallet Battlefield Record: OKX Expands for a Thousand Days, Binance Climbs to the Top via a Curve

As early as 2021, OKX initiated its Web3 wallet project, recruiting talent and investing heavily, consistently adhering to a "free functionality" model. Until the sudden "inscription craze" at the end of 2023, OKX Wallet successfully rode the wave by launching the inscription market in a timely manner.

In contrast, although Coinbase Wallet started earlier, its overall strategy has been relatively conservative, with a slower pace of functional updates and limited market presence. Bitget and BitKeep were in a consolidation phase at that time, and their product rhythm and market promotion had not yet entered the right track, failing to form an effective competitive position.

The final result was quite clear: OKX Wallet widened the gap in early confrontations and somewhat squeezed the survival space of small and medium independent wallets. According to public data, OKX Web3 Wallet's user growth approached tenfold in 2024, and by early 2025, its market share exceeded 50%, reaching a historical high.

However, after three years of building a stronghold, it was intercepted in March.

In March 2025, the battlefield saw a critical turning point. Bybit experienced a $1.5 billion security incident, suffering heavy losses, which also indirectly pulled OKX into the vortex. On March 17, OKX suspended its DEX aggregator service, leading to a sharp decline in wallet market share. Meanwhile, Bybit Wallet, due to long-term poor performance and weak revenue, announced the closure of most of its functions.

Amidst the turbulent market winds, Binance Wallet seized the window of opportunity to break through rapidly. Although it started later, Binance created a "detour overtaking" path: directly entering through "operational strategies + wealth incentives," building a new paradigm through the Binance Alpha program. By focusing on traffic and asset distribution, it quickly gathered users and ecological developers within a few months. Since May 17, Binance Wallet's market share has consistently remained above 90%, achieving a late-stage counterattack.

The "weekly dollar trading volume market share" chart on Dune clearly shows the dynamic trajectory of the aforementioned confrontations.

Crypto KOL Crypto Fearless commented on this war with a vivid metaphor: "OKX Wallet is like a finely crafted, years-in-the-making artwork, costing a fortune, squeezing out a batch of small and medium projects, yet still not profitable; while Binance used industrial machines to replicate in bulk in two months, not only recreating functions but achieving trading volumes a hundred times that of OKX, with profitability that is crushing."

Will the Strong Remain Strong, or Will the Weak Break Through?

In reality, in the face of Binance's strong offensive, OKX's counterattacks are also continuously advancing. In response to Binance Wallet's TGE activities, OKX Wallet launched the Cryptopedia TGE express and introduced a "liquidity pool area," suitable for hedging players brushing Alpha points. On the surface, it seems like a "higher-dimensional strike," but most user feedback indicates they are not convinced. Despite claiming thousands of percent APY, in reality, this yield can only be reached within a very narrow range, and the APY itself fluctuates dramatically with trading volume.

Community opinions on the ultimate winner of this war are gradually diverging. Some believe that the "strong will remain strong" pattern has been established. User @0xNathanWalk pointed out: "OKX's product strength is too strong, while Binance has financial strength and global influence; other wallets are likely to find it difficult to break through." Others argue that differentiation and a solid foundation remain the survival path for non-leading wallets.

Another perspective re-examines the wallet battlefield from a strategic dimension. Community user @Zhouqi_2013 stated that, in his view, under the current market structure, Binance quickly attracts users through subsidies, OKX wins user reputation through product strength, and Bitget focuses on auxiliary functions, compressing the survival space of small and medium wallets through "downward pressure," while the profitability of these platforms in the wallet business has yet to show significant improvement.

Binance executed an extreme counterattack with speed and strategy, while OKX still firmly holds its product foundation. Every step taken by the giants is a battle of offense and defense; first movers are not necessarily guaranteed victory, and latecomers can also launch lightning strikes.

If we refer to every chaotic battle among internet tech giants, we believe that ultimately, the one who wins the hearts of users will conquer the world.