Exchange wallet 三国杀, who will be the final winner?

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 operating independently, relying on product iterations, user competition, task mechanisms, and incentive designs to stage one round of offense and defense after another. Some have seized the high ground with their first-mover advantage, while others have broken through with strong capital and traffic.

Recently, Bybit announced a significant contraction of 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 already risen.

Competitors: Five Major Camps with Distinct 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 first-mover advantage + free offerings
• Introduction: An exchange that invested heavily in the Web3 wallet front early on, akin to 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 entry binding + creative mechanisms + ecological linkage
• Introduction: Started slightly later but launched innovative tactics, directing ecological assets to bloom in multiple lines, 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: Hotspot breakthrough + rapid iteration of activities + yield-bearing gameplay
• Introduction: Evolved from the established multi-chain wallet BitKeep, with flexible strategies and quick actions. Although its hardware and popularity are not on par with the leaders, it maintains a significant presence by continuously creating openings with its "lightweight" and "agile" approach.

(4) Coinbase Wallet

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

(5) Bybit Wallet

• Nickname: Wind Chaser
• Style: Keen experimentation, imitation tactics, flexible in approach
• Representative Tactics: Gameplay following + custodial model
• Introduction: Bybit Wallet is not a major player. In its early layout, Bybit invested limited resources in wallet infrastructure, failing to establish a competitive moat.

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

As early as 2021, OKX initiated its Web3 wallet project, recruiting 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 a 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 evident: OKX Wallet widened the gap in early confrontations and squeezed the survival space of small and medium independent wallets to some extent. According to public data, the user growth of OKX Web3 Wallet approached tenfold in 2024, and by early 2025, its market share exceeded 50%, reaching a historical high.

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

In March 2025, the battlefield saw a crucial 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 for a rapid breakout. Although it started later, Binance created a path for "detour overtaking": directly entering through "operational strategy + wealth incentives" and building a new paradigm through the Binance Alpha program. By tapping into 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 maintained above 90%, achieving a remarkable turnaround.

The "weekly USD 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 and burying a number of small projects, yet it has yet to turn a profit; while Binance used industrial machines to replicate it in two months, not only recreating the functionality 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 looking to earn Alpha points. On the surface, it seems like an "upgraded strike," but most users have reported that they are not convinced. Although it boasts 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 become a foregone conclusion. User @0xNathanWalk pointed out: "OKX's product strength is too strong, while Binance has financial strength and global influence; other wallets may find it hard to break through." There are also views 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 wallet operations has yet to show any significant improvement.

Binance executed an extreme turnaround 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 strike swiftly.

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