Original author: Fairy, ChainCatcher
Original editor: TB, ChainCatcher
The crypto world is in turmoil, and the Web3 wallet war has suddenly escalated.
OKX, Binance, Bitget and other exchange wallets are operating independently, relying on product iteration, user competition, task mechanism and incentive design, and are staging rounds of offensive and defensive battles. Some people take the lead in occupying the high ground with the first mover momentum, while others break through with capital and traffic.
Bybit recently announced a significant reduction in its Web3 wallet business, while Binance Wallet’s market share of trading volume exceeded 90% in just two months. OKX and Bitget also continued to increase their incentive mechanisms and functional experience.
The outcome is still unclear, but the smoke of war has already risen.
Contestants: Each of the five camps has its own specialization
(1) OKX Wallet
Nickname: Technical Madman
Style: Advance step by step, long-term development, and emphasis on product polishing and full-chain ecological layout.
Representative tactics: Function integration + Inscription priority + Free method
Introduction: The exchanges that invested heavily in the Web3 wallet front early on are like veterans in full armor, with hundreds of engineers behind them.
(2) Binance Wallet
Nickname: Traffic Warlord
Style: late-comer surprise attack, resource tilt, flexible and changeable gameplay
Representative tactics: strong entry binding + creative mechanism + ecological linkage
Introduction: It started a little late, but introduced innovative tactics, and its ecological assets were diverted to multiple directions, playing the role of a rhythm disruptor in the battle.
(3) Bitget Wallet
Nickname: Armored Night Walker
Style: Quick response, keep up with hot spots
Representative tactics: hot spot breakthrough + rapid activity iteration + coin holding and interest earning gameplay
Introduction: Born out of the old multi-chain wallet BitKeep, it has a flexible and quick approach. Although its hardware and popularity are not as good as the top ones, it continues to make breakthroughs with its lightness and sensitivity, maintaining a presence that cannot be ignored.
(4) Coinbase Wallet
Nickname: Compliance Ranger
Style: Steady moves, safety first, mainly in North America
Representative tactics: Compliance + acquisitions to fill gaps
Introduction: Coinbase Wallet started early. In 2018, Coinbase renamed its self-developed wallet Toshi to Coinbase Wallet, and continued to expand its wallet capabilities by acquiring projects such as BRD and Astro Wallet.
(5) Bybit Wallet
Nickname: Wind Chaser
Style: Sharply test the waters, imitate the playing style, and be flexible in advance and retreat
Representative tactics: gameplay follower + hosting
Introduction: Bybit Wallet is not a major player. In the early stage of its layout, Bybit invested limited money in wallet infrastructure and failed to form a moat.
Wallet Battle Record: OKX Expands Its Territory for Thousand Days, Binance Reaches the Top
As early as 2021, OKX launched the Web3 wallet project, recruited talents, invested heavily, and insisted on free functions all the way. Until the sudden inscription fever at the end of 2023, OKX Wallet successfully took advantage of the favorable conditions by launching the inscription market in time.
In contrast, although Coinbase Wallet started earlier, its overall strategy tended to be more stable, its function update rhythm was slow, and its market presence was relatively limited. Bitget and BitKeep were in the integration period at that time, and their product rhythm and market promotion had not yet been put on the right track, and they had not formed an effective competitive position.
The final result is quite intuitive: OKX Wallet has opened up a gap in the front-end confrontation, and has also squeezed the living space of small and medium-sized independent wallets to a certain extent. According to public data, the number of users of OKX Web3 Wallet increased nearly 10 times in 2024, and the market share exceeded 50% by the beginning of 2025, reaching a historical high.
However, after three years of building up his empire, it was snatched away in March.
In March 2025, the battle situation ushered in a critical turning point. Bybit suffered a $1.5 billion security incident, resulting in heavy losses, which indirectly dragged OKX into the vortex. On March 17, OKX suspended its DEX aggregator service, and its wallet market share plummeted. Due to its long-term poor performance and weak revenue, Bybit Wallet announced the closure of most of its functions.
When the market was turbulent, Binance Wallet seized the window of opportunity and quickly broke through. Although it started late, Binance created a detour path: directly starting from operation strategy + wealth incentives and building a new paradigm through the Binance Alpha plan. Starting from traffic and asset distribution, it quickly gathered users and ecosystem developers within a few months. Since May 17, the market share of Binance Wallet has remained stable at more than 90%, achieving a latecomer-style overtaking.
The “Weekly USD Transaction Market Share” chart on Dune clearly shows the dynamic trajectory of the evolution of the above confrontation pattern.
Crypto KOL Crypto Fearless commented on this war with a vivid metaphor: OKX Wallet is like a piece of art that has been carefully carved and polished for many years. It costs a lot of money and has killed a number of small and medium-sized projects, but it has not made any profit so far. Binance used industrial machine tools to mass-produce it in two months. Not only did it replicate the functions, but it also achieved a transaction volume that is 100 times that of OKX, and its profitability is even more overwhelming.
Will the strong always remain strong, or will the weak break through?
In fact, facing Binances strong attack, OKXs counterattack is also advancing. In response to Binance Wallets TGE event, OKX Wallet launched the Cryptopedia TGE through train and launched the Liquidity Pool Zone, which is suitable for hedging players who want to brush Alpha points. On the surface, it looks like a dimensional attack, but most users do not buy it. Although the APY is advertised as thousands of percent, in fact, this income can only be reached within a very narrow range, and the APY itself fluctuates violently with the trading volume.
As for the ultimate winner of this war, the communitys opinions are gradually divided. Some people believe that the pattern of the strong will always be strong is a foregone conclusion. User @0x NathanWalk pointed out: OKXs product power is too strong, Binance has financial strength and global influence, and other wallets may find it difficult to break through. There are also views that differentiation and a solid foundation are still the way for non-head wallets to survive.
Another group of voices re-examined the wallet war from a strategic perspective. Community user @Zhouqi_2013 said that in his opinion, under the current market structure, Binance relies on subsidies to quickly attract users, OKX relies on product strength to win user reputation, Bitget focuses on auxiliary functions and compresses the survival space of small and medium-sized wallets by squeezing down, and the profitability of these platforms in the wallet business has generally not improved.
Binance used speed and strategy to overtake the competition, while OKX still maintained its basic product base. Every step taken by the giants is an offensive and defensive battle. The first mover may not necessarily win, and the latecomer can also launch a lightning attack.
If we refer to every melee among Internet technology giants, we believe that in the end, whoever wins the hearts of users will win the world.
