Binance Web3 wallet initial review.

0x26and others2Authors
23-11-06 16:43
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Recently, some community members have reported that Binance's DeFi Wallet function has been migrated. After verification by BlockBeats, the in-app wallet previously named DeFi Wallet in Binance has gradually withdrawn and instead launched a product named Web3 Wallet. Binance co-founder He Yi also stated on social media that Binance's Web3 wallet is in the testing phase.

The usage guide for Binance DeFi wallet was released in March 2023, and the entrance to the DeFi wallet has already expired. Meanwhile, the user guide for Binance Web3 wallet was revised in September 2023.

The current Binance Web3 wallet is an optional product. After users enter the token name in the Binance interface, they can enter the "DeFi" section under the navigation bar and click "Explore more options in the DeFi wallet" at the bottom to enter the wallet creation interface, followed by the Binance Web3 wallet trading interface.

Go back to the Binance homepage and click on the "Funds" section in the bottom navigation bar. Swipe right on the top sub-section and the last interface labeled "Web3" is Binance's built-in Web3 wallet.

During the actual usage process, the author found that the current Web3 wallet has higher permissions within the platform. Transferring funds from a Binance account to a Web3 wallet does not require any verification, while using the wallet for transactions requires 2FA and email verification for the original account.

Binance's Web3 wallet currently has basic Web3 wallet functionality, allowing users to easily transfer Binance platform assets to the Web3 wallet. By finding the previous DeFi entry point, the Web3 wallet can interact with more DeFi protocols and become a complete Web3 wallet.

Similarly, you need to find this feature in the "DeFi" section below the navigation bar.

According to the official website interface introduction, the wallet built into the Binance APP is an MPC wallet and is associated with the user's trading account.

It is worth noting that, like previous DeFi wallets, the Binance Web3 wallet uses MPC technology, which means that users do not need to store mnemonic phrases. According to Binance's official introduction, if you need to export the private key, you can use the "emergency export" function, but the exported Web3 wallet will no longer be available for use, so it is necessary to properly keep the private key. Once lost, the funds will be permanently lost.

Overall, Binance's current Web3 wallet seems somewhat immature, with a cumbersome user interface and many overlapping features with previous DeFi wallets. Perhaps the Web3 wallet is still being updated and has not yet reached its final version.

However, it seems that we can still explore the ultimate form of Binance Web3 wallet. During the data collection process, BlockBeats found the Web3 Wallet website of Binance, and the Web3 wallet shown in the picture may be the final version. In this version, the Web3 wallet is placed separately from the Cex platform.

It is worth noting that on the social platform X, a user named Shusen, who identified themselves as the Business Director of OKX Wallet, publicly called out the two founders of Binance on October 30th, suggesting that they consider using OKX's technology for the backend of their Binance Wallet.

Wallets become the battleground for CeFi?

When it comes to trading platform wallets, we cannot ignore OKX's Web3 wallet. According to DefiLlama data, all of the top 100 protocols in the DeFi field have been integrated into OKX's Web3 wallet.

Related reading: "Web3 wallet products are frequently updated, is OKX becoming a "decentralized player" in the trading platform?"

OKX's Web 3 wallet also recently took the lead in BRC 20 token trading. According to Dune data, as of now, OKX wallet's Bitcoin Ordinals trading accounts for 72.5%, while the second place Unisat accounts for 21.5%.

Image source: Dune.

除了从数据上看,社区里交流讨论 BRC 20 生态的各种交易截图也都是 OKX Web3 钱包的界面,显然,这已经成为了 OKX 钱包的明星产品。因此,有社区用户评论称此次 Binance App 测试集成 Web3 钱包是为了追赶 OKX 的脚步。


Aside from looking at the data, various transaction screenshots related to the BRC 20 ecosystem discussed in the community are all displayed on the interface of the OKX Web3 wallet. Clearly, this has become the star product of the OKX wallet. Therefore, some community users commented that the integration of the Web3 wallet in the Binance App test is an attempt to catch up with OKX's footsteps.

Despite Binance's acquisition of Trust Wallet in 2018, it has yet to release an impressive breakthrough product, positioning itself as a necessary accessory for top-tier trading platforms. Now, Binance has updated its wallet product within the app. We await to see if it can take the lead in the wallet race and create another growth point.

Regardless of the future development and positioning of Binance Web3 wallet, embedding decentralized wallets within Cex's App has become an industry trend. It is worth noting that OKX and Bybit have already embedded decentralized wallets in their products. We believe that Bitget and Coinbase, which have a wide user base for their wallets, will find it more convenient and faster to integrate their own wallets into their Apps.

As a "big player" in the cryptocurrency industry, Cex's competition for decentralized wallets continues.

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