Recently I saw the news about Bitget Wallet issuing coins, and yesterday I saw that their transaction volume exceeded MetaMask. As a senior DeFi player, I would like to write 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 has been suffering from MetaMask for a long time, so latecomers have more or less the mentality of this can replace it.
In terms of application innovation, the Chinese are number one, and no one dares to be number two. The same is true in the field of Web3 wallets. 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, Chinese wallets perform outstandingly. 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.
1. The future belongs to Bitget Wallet
To give a bold conclusion, in the authors opinion, the world of Web3 wallets in the future belongs to the Bitget Wallet type of wallet.
Bitget Wallet, formerly known as BitKeep, was probably established around 2018, but it only became famous during the DeFi Summer of 2020. After all, it is an old man in the industry that has experienced both bulls and bears.
After the emergence of Uniswap, BitKeep made a very smart function-DEX currency market. Nowadays, there are so many market tools on the chain, 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 small story reflects the characteristics of the Bitget Wallet team to some extent: they are good at understanding users needs and pain points, and then innovating product features.
In addition, there is another fact that most people probably don’t know. The product structure of Web3 wallets that everyone sees so far: Wallet + Swap + NFT Market + DApp is actually defined by Bitget Wallet, or it is a wallet. The optimal layout structure of the product, but Bitget Wallet was the first to do so.
To be honest, there are too many product innovations in Bitget Wallet to list them all. To give a more detailed example, for example, in response to 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 you are not a player on the chain, it will be 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.
Why do I say that the world of Web3 wallets in the future belongs to Bitget Wallet?
If it is only used as a private key management tool and signature transaction trigger, the value of the wallet is limited. But we can see that the form of the 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.
Take Bitget Wallet as an example. Its functions include wallet, market tool, DEX, Launchpad, NFT aggregation market... It has all the functions that users want, and its experience is not inferior to consumer-grade Web2 products. This is why it has It is a future Web3 wallet that may be used on a large scale.
MetaMask still has a large number of users by virtue of its first-mover advantage and brand accumulation, but from the data point of view, its market share is gradually being divided, just like Apple defeated Nokia and Blur defeated OpenSea. Without major innovation, MetaMask will definitely It will become a tombstone in the Web3 wallet circuit that is only used to be admired.
In addition, compared with centralized exchanges, the threshold for decentralized products such as wallets is actually higher, and it requires deeper accumulation of technology and experience to create a useful product, whether it is Binance Web3 wallet or other Wallet, it is actually very difficult to catch up.
2. Web3 wallets are not a piece of the exchange 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.
It is a general trend for the industry to move towards compliance supervision, 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 cutting off ones own arms and giving 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 for compliance reasons, the business of centralized exchanges will face challenges in the future.
On the spot side, the transaction increment of mainstream currencies like BTC 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 to have exchanges at present. It can occupy the market by relying on the strategy of launching counterfeit small currencies like Matcha did a few years ago.
Take the recent Meme coin as an example. The transaction volume on a single currency chain is billions or even tens of billions of dollars, focusing on fast, high frequency, and uncertainty. Centralized exchanges can either go online quickly, but face uncertain risks such as project owner Rug, or they can 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 some fish-tail profits.
If DeFi Summer is an enlightenment movement for decentralization, this wave of inscriptions and Meme is equivalent to a vigorous mass movement of decentralization. Users and players’ pursuit of fairness and decentralization, and their rebellion against the narrative of capital, have actually To the boiling point.
Regarding the layout of the decentralized ecosystem, in the past, Binance built the BSC chain and later the Huobi chain and OKX chain were actually the same. However, building a chain requires investing a lot of resources, especially one-click chaining and Wanchain. In the current era of competition, 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, what is the way out or retreat for centralized exchanges?
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.
BitKeep, the predecessor of Bitget Wallet, actively paid compensation and properly handled the incident after the hacker incident, which means it is a bit reborn. With the support of Bitget, the development momentum is very rapid, and the data growth and brand influence have also been greatly improved.
Recently, Bitget Wallet issued coins and carried out vampire attacks on wallets such as MetaMask. At the same time, it united with dozens of well-known projects such as Avalanche and Aptos to develop a BWB ecological plan. On the one hand, this is a brand communication strategy, but more of it is an initiative. Offensive, leveraging the platform currency and its launch to achieve further growth.
In addition, I recently looked at Bitget Wallet. They have proposed 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 clearly that there are actually two core needs and user demands of the entire industry at present, namely 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 as you cant predict bulls and bears, you cant predict what will happen to the wallet track in the future. Whether its Bitget Wallet, OKX Web3 wallet, or the late Binance Web3 wallet, in the decentralized ecosystem, There is still a long way to go.
