Wallets: The First Stop in Exploring the Web3 World

Wallets are the first stop in exploring the Web3 world, serving as a unified entity for payments, transactions, and interactions, as well as a collection of identity, assets, and accounts. They are also key to driving the large-scale application of Web3 technology. The wallet sector is not short of pioneers leading the charge, as well as latecomers advancing together. Over the long years, they have steadfastly held their beliefs while diligently working on the battlefield, continuously innovating through underlying technology, gradually iterating and strengthening infrastructure, and continuously expanding the application boundaries of Web3 wallets.

As a well-established leading exchange with technical strength, productivity, and excellent product perception, OKX launched the OKX Web3 wallet in 2021. Through continuous self-iteration and innovation, it can be said that the wallet product development has reached a whole new realm, significantly lowering the user entry barrier while providing a comprehensive one-stop service. Its many pioneering features are far ahead in the industry and are becoming a reference standard in the wallet sector.

Ordinals Market ------ The Preferred Choice for BRC20 Asset Trading

The anticipation of Bitcoin spot ETF approval and the arrival of the halving cycle have sparked a resurgence in the Ordinals ecosystem, with BRC20 assets gaining widespread community support. However, the unexpected popularity has exposed the shortcomings of Bitcoin-related infrastructure, leading to a gap between user demand and the supply of quality products in the short term. To bridge this gap and support the development of the Bitcoin ecosystem, OKX Web3 is leveraging its advantages in technology and development to promote the development of Ordinals ecosystem infrastructure and lead the establishment of relevant standards in the Bitcoin industry.

At the end of May this year, the OKX Web3 wallet fully launched the Ordinals market. With its smooth product experience, the most comprehensive features, optimal liquidity, and zero transaction fees, it received rave reviews upon launch, becoming the preferred platform for entering the Bitcoin ecosystem. According to Dune data, Bitcoin Ordinals trading currently accounts for nearly 70%, ranking first in the industry.

The OKX Web3 wallet Ordinals market is completely decentralized, with interactions free of platform service fees, making it the industry's first multi-chain APP wallet supporting the Ordinals market. Users can seamlessly transfer, trade, and inscribe BRC-20 and BTC NFTs through the Ordinals market, easily participating in and navigating the Bitcoin ecosystem.

Priority Launch of UTXO Management Function ------ Soon to Upgrade to Smart Release

Starting in April, the gradually launched BRC20 has brought the Ordinals ecosystem to a climax. The OKX Web3 wallet was the first to list the Ordinals market, and after the BTC NFT and BRC-20 trading functions were opened, it added features such as minting and further extended innovative gameplay like BRC20s. However, as more Bitcoin inscriptions appear, some abandoned Ordinals inscriptions occupying UTXOs can cause parts of users' BTC balances to become unusable, preventing normal transfers or gas payments. Therefore, the OKX Web3 wallet promptly launched the UTXO management function.

However, during the manual release of UTXO occupation by users, there may be accidental operations leading to the release of valuable UTXOs. To prevent users from losing assets due to unfamiliarity with the UTXO release function, the OKX Web3 wallet will upgrade the UTXO management function to a UTXO smart release function. This feature aims to help users automatically identify worthless NFTs (including expired BRC-20 and BRC20s inscriptions). If a user's UTXO only contains worthless NFTs, it will be automatically released, and this operation will not affect the user's valuable NFT assets, allowing users to interact in the Bitcoin ecosystem with greater peace of mind.

Seamless Multi-Chain Switching ------ Making Transactions as Simple as CEX

In the vast Web3 world, there are numerous public chains, each using different technologies, with their own development directions and ecosystems. Users need to frequently switch between different public chains during interactions with various projects, and may even need to manually add custom networks. Simplifying this complex process, so that transactions across different chains can be completed through extremely simple steps, similar to centralized trading platforms, has become one of the problems wallets need to solve.

The value of seamless multi-chain switching in the OKX Web3 wallet is mainly reflected in two aspects: on one hand, when users transfer assets, they do not need to manually switch the chain where the assets are located; they can directly click on the held assets in the asset management page to send or transfer assets across different chains. On the other hand, for chains supported by the OKX Web3 wallet, users do not need to manually add the two chains they want to cross when conducting cross-chain transactions; they can directly select the asset pair they want to trade in the trading interface, making it very convenient.

In addition, the OKX Web3 wallet now supports 79+ public chain wallets, meeting the asset trading needs of the vast majority of users across various chains.

OKX AA Smart Contract Wallet ------ Lowering Barriers and Simplifying Complexity

The birth of the AA wallet aims to address some challenges and limitations faced by private key wallets. Through the AA smart contract wallet, users can interact with multiple contracts in a single transaction, increasing convenience for novice users while also meeting the multi-layered needs of advanced users, thereby creating a more user-friendly and intuitive wallet experience.

This year, OKX officially launched the AA smart contract wallet, which has been hailed as the "iPhone moment" for Web3 wallets by the industry. Its initial features support users in creating AA smart contract wallets on seven popular public chains, including Ethereum, Polygon, Arbitrum, Op, and Avalanche, allowing direct payment of gas fees with stablecoins USDT/USDC, and enabling multi-step interactions with on-chain DEX and DeFi in one click, greatly enhancing wallet usability.

Users can immediately experience the AA smart contract wallet after having a mnemonic wallet/private key wallet/hardware wallet on the OKX App. Compared to private key wallets, in the future, the OKX AA smart contract wallet will also plan to launch social recovery, wallet mini-program components, and features like friends and family paying gas fees, further lowering user entry barriers and making it possible to bring 1 billion users into the Web3 industry.

Batch Creation of Wallets ------ Achieving Distributed Storage of Assets

In Web3 interactions, different projects require authorization, but different interaction authorizations carry certain risks, especially for niche projects where using independent wallet addresses is safer. However, managing multiple wallet private keys brings management risks, which seems to be an irreconcilable contradiction. To address this, the OKX Web3 wallet has launched a feature that allows multiple accounts to be derived from a single mnemonic, supporting up to 100 accounts, reducing the risk of private key leakage while enabling easy and convenient asset management.

This feature has also been welcomed by another group of users who participate in project testing to obtain airdrops. They use multiple accounts to interact with different projects to receive project airdrop rewards, with more participating addresses receiving more rewards. Deriving wallets greatly increases the management costs for this group of users.

BONUS Interest Rewards ------ Adding Earning Scenarios On-Chain

With the RWA sector bringing incremental funds from traditional finance, as well as the emergence of innovative and native protocols in crypto, the huge potential of the DeFi sector is being reactivated. However, due to the cumbersome on-chain operation steps, high costs of step-by-step payments, obscure new concepts, and unforeseen risks and vulnerabilities, most users find it difficult to participate in quality DeFi projects. Even if they do participate, they can only perform simple staking, swapping, and other operations, failing to fully leverage the composability features, resulting in relatively low capital utilization.

To address the various pain points of users participating in DeFi, the OKX Web3 wallet has launched a one-stop on-chain investment platform in the DeFi section. Through continuous product optimization and iteration, it now aggregates over 10 public chains, 60+ projects, and 200+ protocols, supporting users in one-click cross-coin investments, automatic yield calculations, and other convenient operations, helping to improve capital utilization while saving gas, making DeFi investment extremely simple.

In addition, to enhance user earning scenarios, the OKX DeFi section has also exclusively launched BONUS interest rewards, collaborating with quality project parties to introduce various flexible gameplay, helping users earn multi-layer rewards, and achieving principal and interest separation through contract layers to ensure the safety of user funds.

Top Smart Algorithms X Routing for Trading Aggregators ------ Automatically Finding Optimal Trading Prices

Crypto asset swaps are the most frequent and commonly used on-chain functions for users, but current DEXs face many pain points such as low trading speed, high trading costs, and a limited variety of asset types. As public chains flourish, the demand for cross-chain trading and exchanges has surged, exposing issues with the number of public chains supported by many DEXs, liquidity, and security, which cannot better meet user needs. To help users better exchange on-chain assets and conduct cross-chain transactions, OKX has taken the lead in launching the industry's most powerful DEX and cross-chain aggregator.

The OKX DEX has recently completed a new algorithm upgrade, which searches and lists all available cross-chain bridges, and uses the self-developed X-Routing algorithm to comprehensively calculate DEX quotes, network fees, slippage, etc., ranking them based on the differences to provide users with the optimal trading path. At the same time, OKX DEX will also provide trading paths for all available cross-chain bridges based on three dimensions: comprehensive optimal, most numerous, and shortest time, offering personalized choices for users.

Currently, the OKX Web3 wallet has aggregated over 20 cross-chains, 20+ public chains, and 300+ DEXs, providing users with optimal prices, best liquidity, and zero trading service fees, while also featuring DEX market boards, limit orders, KYT security checks, and more. Additionally, many mainstream protocols have actively integrated the OKX DEX API to provide their users with better trading liquidity and optimal quotes.