Author: Maxwell/acc, encryption researcher

Web3 wallet has long been regarded as the core traffic entrance of the encryption industry, and this consensus runs throughout.

As encryption infrastructure matures and encryption users grow, more and more encryption activities are moving to the chain. According to research data from a16z, the actual number of monthly active users on the encryption industry chain in 2024 will be between 30 million and 60 million.

One end of the Web3 wallet is connected to the encrypted funds deposited by tens of millions of users, and the other end is connected to decentralized applications such as DeFi and NFT. As long as users' Swap, Bridge, Staking, Memecoin and other needs can be met within the Web3 wallet, the wallet is a very attractive business.

As a result, the Web3 wallet landscape has changed significantly in the past two years. There are old Web3 wallets such as Metamask and imtoken, as well as Web3 wallets developed by mainstream CEX, and Web3 wallets focusing on a popular public chain ecosystem such as Solana and TON.

Which crypto users are these Web3 wallets suitable for? How do crypto users choose a wallet? This article will comprehensively evaluate seven mainstream Web3 wallets.

Three of them are the Web3 wallets of mainstream Chinese CEX, namely OKX, Binance and Bitget’s Web3 wallets, two are the old Metamask and imtoken; one is the Phantom wallet of the Solana ecosystem; one is the Phantom wallet of the Solana ecosystem; TON Wallet for the TON ecosystem.

We will comprehensively display the core features and advantages of each wallet from multiple dimensions such as the latest progress, user experience, functionality, and security in 2024 for users’ reference.

Multi-dimensional comparison of 7 Web3 wallets

Let’s start with the Web3 wallets of three CEXs. They will start to work on the Web3 wallet track in 2023, and the focus of their efforts in 2024 will be different. After OKX Web3 Wallet took the lead in 2023 with Bitcoin Inscription, it still has a quick and accurate grasp of industry hot spots (such as Meme, AI, and Base ecology); Binance relaunched Binance Wallet after initial progress was not smooth. The focus is on launching Binance Alpha; Bitget focuses on BWB and TON ecology.

1. OKX Web3 Wallet: One-stop Web3 portal for hot spots, fast, accurate, and multi-chain

Overview of the main interfaces of OKX Web3 Wallet

2024 Overview:

OKX Web3 wallet is the only exchange-native wallet among the three exchange wallets. The other two are iterations of acquired wallets.In 2024, the representative actions of OKX Web3 Wallet are as follows, such as the launch of OKX Connect. OKX Connect can help other ecosystems such as EVM to connect with the Telegram ecosystem, allowing developers to seamlessly develop DApps on Telegram. When Blinks became popular, it became the first multi-chain wallet to extend Blinks functionality from Solana to EVM.

Security:

OKX Web3 wallet supports both MPC wallet without private key and traditional mnemonic HD wallet. The OKX Web3 wallet is also connected to the KYT Sky Eye system, which contains more than 200 million cryptocurrency addresses. Before users inadvertently transfer assets to malicious or fraudulent addresses, the system will pop up a warning to provide risk reminders. According to data from its official website, its wallet has passed the SlowMist private key security audit. As for the frequent zero-transfer scams, OKX Web3 Wallet has also launched a similar address phishing detection security function to help users avoid such risks.

On-chain richness:

OKX Web3 wallet aggregates 500+ DEX, supports over 100 blockchain networks, and can access at least 9000+ Dapps.

In the Earn function, there are not only a variety of stable currency earning and interest-earning models, but also support for the pledge of a variety of mainstream cryptocurrencies, such as ETH, BTC, OKB, etc., and are connected to many protocols. , including Lido, Aave V3, Babylon, etc.

OKX Web3 Wallet also launches an airdrop center. Many on-chain projects will use the airdrop platform of OKX Web3 Wallet to promote their projects. Users can participate in these airdrops through OKX Cryptopedia and Web 3 Giveaway. and other reward activities.

In the market, it supports a variety of rich ecology, such as NFT, inscriptions, runes, etc., on which users can trade a variety of assets.

Financial management:

There are many pledge and airdrop products, and they are divided into categories according to various categories. If there is a special area for earning coins, various pledge protocols are connected. The Banner interface in this area displays the most popular DeFi protocols nowadays. In terms of specific classification, it is divided into modules such as stable coins, popular currencies, bonuses, new investment products, V3 pools, points, protocols, and BTC. For users, there are many options.

The user experience is also smooth and comfortable. In this module, users can complete one-stop subscription on different protocols, one-click subscription and redemption of assets. Post-investment management services are also provided.

In terms of airdrops, the wallet has also set up its own system with rich products. It regularly launches different blockchain networks as themed activities, and provides multiple Dapps and interactive tasks in each issue. In addition to interactive rewards, participating in airdrop activities may also receive the current theme NFT rewards. Users who hold this NFT will have the opportunity to receive additional rewards in future airdrop activities.

OKX Web3 Wallet Airdrop Interface

Device Compatibility:

Except Trading In addition to the built-in Web3 wallet, it also supports IOS and Android programs, and also provides desktop versions for Windows and Mac, as well as browser plug-ins for Chrome and Firefox, which are compatible with some hardware wallets.

Usage experience:

In terms of user use, OKX’s wallet is a more user-friendly wallet for crypto novices, with a rich variety of embedded on-chain protocols and Dapps.

OKXWeb3 wallet exists in the novice tutorial on the homepage

There is an introduction to its wallet on the homepage, and there are Detailed beginner's guide. Moreover, you can automatically switch with the wallet on the homepage of the exchange App. This not only shows that OKX itself attaches great importance to the wallet business, but also greatly increases the accessibility of the wallet itself, which can convert more users who are simply "coin speculators" to participate. Interacting on the chain.

It is worth mentioning that the market interface of OKX Web3 wallet integrates almost all mainstream Web3 chain ecology, such as the most popular Meme coin in 2024 (Meme Factory aggregates Pump.fun, Sunpump, Meme coin launch platforms such as MovePump and Moonshot), AI Agent tokens (Virtuals ecology), Base ecology tokens, etc. OKX Web3 Wallet grasps industry hot spots quickly and accurately, and intuitively provides users with transaction functions.

The market interface of OKX Web3 wallet also provides many functions, such as the popular NFT market, inscription market, Runes market, as well as the latest and hottest airdrop market collection. And it will also remind users of opportunities to earn airdrops, which saves a lot of time for users to filter information on their own. It also provides relevant news and DApp information, and has a built-in blockchain browser function to facilitate users to query on-chain data.

For users, it is truly possible to participate in almost all on-chain activities in one wallet, and can also buy and sell various on-chain assets in the wallet.

In terms of wallet UI design, OKX’s Web3 wallet is undoubtedly the most eye-catching among the several Web3 wallets evaluated, the richest and most comfortable in terms of look and feel.

2. Binance Wallet: Focus on Alpha and start again

Overview of the main interfaces of Binance Wallet

2024 Overview :

Binance Web3 wallet was acquired by Binance TDeveloped after rust Wallet.

In 2024, Binance Wallet will mainly do the following things: first, include the BNB assets in the wallet into Launchpool; second, relaunch Binance Wallet at the end of 2024 and launch Binance Alpha to help Users discover alpha investment opportunities.

Security:

Binance Wallet currently only provides MPC wallet, which uses MPC technology and integrates functions such as wrong address protection and malicious contract detection. When conducting transactions, it can Identification and early warning of potential security risks in tokens or blockchains

On-chain richness:

Currently supports 35+ public chains and 100+ Dapps.

In the financial management area, Binance Wallet not only has a rich variety of stablecoin earning and interest-earning models, but also provides pledge models for mainstream tokens such as ETH, BTC, and BNB, and the access protocols are also Various, such as Ondo, AAVE V3, Solve, etc.

Binance Wallet has also launched an airdrop center, with several airdrop projects participating in each issue.

Financial management:

Binance Wallet financial products can also be divided into two categories: pledge and airdrop. However, the total number of these two types of products is not rich enough, although it also covers some of the most popular protocols and mainstream currencies.

For example, the classification of financial management is also more concise, with few classification categories. First, it is divided into two categories: Simple Yied and Yied+. In the Simple Yield section, products are only classified according to three categories: stable currency, popular, and protocol. For users, the usage logic is clearer. Yield brings together a handful of projects selected by Binance that offer potential airdrops or additional income through staking, re-staking, lending, and RWA.

The presentation of airdrop products is also relatively simple, that is, the products currently in progress are arranged one by one.

Binance Wallet’s relatively simple airdrop page design

Device compatibility :

Binance Wallet is currently only a Web3 wallet built into the exchange. It currently does not provide plug-ins, iOS, Android, or desktop wallets, nor does it support hardware wallets.

Using experience:

Binance’s Web3 wallet product has been re-launched. Perhaps it is not mature enough, so it is not placed on the homepage of the exchange, but on the fund interface. You can Switch to the exchange's fund overview.

On the main interface of Binance Wallet, there are “Financial Management” and “Airdrop” quick access buttons. It can be seen from this feature that it attaches great importance to the value-added of user assets. Not only that, but the launch of BNB’s participation in the exchange Launcpool and the Alpha project on the chain also shows this feature.

Binance’s interface design is relatively simpler, allowing users to quickly find the functions they want to use, and the novice education is well done. There will be a certain amount of Q&A under each product.

In the exploration function, there is a simple description and community link for each DApp, but like others, there is no built-in browser.

3. Bitget Web3 wallet: There is an independent token BWB but its presence is weak

Bitget Web3 wallet main interface overview

2024 Overview:

Bitget Web3 Wallet was formerly Bitkeep. It was acquired by Bitget in 2023 and renamed Bitget Web3 Wallet. Unlike other CEX wallets, Bitget Web3 wallet has its own wallet token BWB.

In 2024, Bitget Web3 Wallet mainly did the following things: launched the Bitget Onchain Layer focusing on Web3, and established a $10 million BWB ecosystem fund to support various Web3 transactions service; highlighted the Meme ecology and launched a complete set of Meme trading toolkits; also launched a Telegram Mini-App support plan with a total amount of 20 million US dollars to promote the innovative development of the Telegram ecology; and also launched Refer to Earn plan.

Security:

Bitget Web3 wallet also provides MPC wallet, and has established the GetShield security system, which has functions such as token contract detection, authorization detection and anti-phishing mechanism, and is integrated with transactions The firms jointly launched a $300 million risk protection fund.

On-chain richness:

Bitget Web3 wallet officially states that it aggregates more than 100 DEX, supports more than 100+ blockchain networks, and can access 2000+ Dapp protocols.

During the actual evaluation, we found that the number of Dapps it connects to should be far lower than the number advertised. For example, in the Earn function, there are fewer pledge protocols found on the wallet homepage, and only access It has four protocols: AAVE, Lido, Rocket, and Frax. There are also few tools on the access chain, such as DeBank, ENS, Snapshot, and Arkham.

Financial management:

The whole is aggregated in the Dapp section. There are fewer opportunities. It is only connected to a single-digit on-chain protocol, and there are fewer staking opportunities. Moreover, it is a usage mode that jumps from the wallet to the protocol, which is not smooth enough to use. There is no dedicated airdrop section.

Device compatibility:

In addition to the exchange’s built-in Web3 wallet, it also supports IOS and Android programs, as wellIt provides desktop versions for Windows and Mac, as well as browser plug-ins for Chrome and other browsers, and is compatible with some hardware wallets.

Using experience:

Bitget's Web3 wallet can be said to have the least functions among the three. It does not have a separate market interface. For users, it is impossible to inscribe in the wallet. trading of assets.

Moreover, its interface is relatively simple, and there is no content related to novice teaching, which is not very friendly to newcomers. Compared with the wallets of the other two exchanges, its presence on the interface of the exchange is weak and cannot be found on the homepage. Instead, it exists in the common functions of the toolbar.

Bitget Web3 wallet needs to be entered in the toolbar, not the exchange homepage

The market that Bitget enters The classification is also rougher, less refined, and even a bit confusing. For example, OKX has a category of Meme Factory, which aggregates the hottest Meme launch platforms such as Pump.fun, Sunpump, MovePump, and Moonshot according to the launch platform. You can trade the hottest Meme coins under the category, and Bitget’s wallet There is only an All Meme section in the market section, and a separate Pump.fun section is set up. Moreover, the popular protocols and DApps on the chain that it is actually connected to are far smaller than the number advertised.

The most intuitive feeling given to users after using it is that the Bitget Web3 wallet may not be the focus of the Bitget ecosystem at the moment, so the overall product experience is not refined enough. For a complete newcomer on the chain, the threshold for use is higher than the Web3 wallets of the other two exchanges. However, the Bitget wallet also has its own unique features. For users, switching to the Web3 interface will automatically enter the wallet. There is no need to manually create a wallet, and they will directly enter the default wallet set by them, which is also a newcomer-friendly setting.

4. MetaMask: EVM ecological one-stop wallet

Metamask plug-in wallet view

2024 Overview:< /p>

As the most popular wallet in the EVM ecosystem, MetaMask has been continuously updated and iterated, launching new features and improving user experience.

The main new features MetaMask will launch for crypto users in 2024 include: 1. Stake supports Pool staking of any amount of ETH and Validators staking of 32 ETH; 2. MetaMask Portfolio supports CEX accounts. You can transfer funds directly from Binance and Coinbase to Metamask; 3. Metamask Buy&Sell cooperates with more payment providers, making it more convenient for crypto users to buy and sell cryptocurrencies with legal currency; 4. MetaMask launches Gas Station, which can complete Swap as usual when the gas fee is insufficient; 5. MetaMask will launch MetaMask in December 2024 Card pilot, qualified users can apply for MetaMask Card.

Security: Supports Blockaid security alerts, ChainPatrol phishing warnings.

On-chain richness: Metamask supports the EVM ecosystem, so as long as it is an EVM-compatible Dapp, Metamask supports it. MetaMask Portfolio lists 81 Dapps and 38 games.

Device compatibility: Metamask was originally primarily a Google browser plug-in wallet, and later expanded to iOS and Android Apps.

Usage experience:

After carefully experiencing Metamask again at the end of 2024, I found that Metamask has greatly improved and its ambition remains unchanged, which is to create an EVM ecological one-stop wallet.

The main interface of the Metamask plug-in wallet shows the main on-chain activities it supports, such as Swap, Bridge, Send, Recieve and Stake functions. For users, "what you see is what you get." Of course, Metamask has also gained a lot. According to data on Dune, Metamask’s Swap function has generated more than $100 million in revenue on the Ethereum mainnet alone.

It is worth mentioning that Metamask is currently focusing on developing Portfolio. Not only did it start to link to CEX, for example, you can transfer funds directly from Binance and Coinbase to Metamask, but it also launched the Metamask Card business, so users can directly spend cryptocurrencies in their Metamask accounts. In addition, Metamask has been expanding its payment providers to allow users to buy & sell cryptocurrencies directly with fiat currency.

From Swap to staking, to linking to CEX, to connecting fiat currencies and cryptocurrencies, Metamask has a clear goal. As Ethereum enters mainstream society, Metamask becomes the one-stop wallet.

Metamask’s regret is that it only supports the EVM ecosystem. It does not support Bitcoin, nor does Metamask support emerging public chains and assets such as Solana and its Meme currency and TON ecosystem. Metamask can only be a one-stop EVM ecological wallet, but cannot be a one-stop Web3 wallet.

5. imtoken: a long-established wallet with slow user response

imtoken Ethereum account view

Imtoken is a veteran multi-chain wallet that was founded in 2016 and has experienced multiple encryption cycles. With its first-mover advantage, its user base cannot be ignored, but its response to user needs has been slow. Solana and TON public chains, which will be hot in the encryption market in 2024, are not supported by imtoken.

2024 Overview:

In 2024, imtoken will support users to directly purchase cryptocurrency with legal currency through multiple payment providers such as OpenC and Moonpay.

In addition, imtoken also jointly issued imtoken Card with Fiat24, a Swiss financial technology startup. It is a multi-currency Mastercard that supports USD, EUR, CHF and RMB (CNH). Each account is equipped with a Swiss IBAN (International Bank Account Number) multi-currency cash account that supports token recharge and bank wire transfer.

Security: Due to the large user base, phishing gangs often place advertisements on Google and provide fake imtoken APK downloads.

On-chain richness: According to official data, imToken supports 35+ mainstream blockchains such as Bitcoin, Ethereum, TRON, Arbitrum, and BNBChain.

Tokenlon, a decentralized exchange owned by imToken, can realize Swap exchange.

The imToken browsing page lists the mainstream DeFi, staking, social, NFT market, games, cross-chain bridge and other Dapps in the market.

It is worth noting that imtoken does not support Solana and TON public chains, which will be hot in the encryption market in 2024.

Device compatibility: only supports mobile devices.

Usage experience:

As a multi-chain wallet, imToken’s basic functions as a wallet, such as BTC/ETH wallet and Swap, are still the same as before.

As for the wallet as the entrance to on-chain activities, imToken is a purely mobile Web3 wallet that can be connected to many Dapps through WalletConnect. Although imToken is also trying its best to meet the needs of users, such as directly using legal currency to purchase cryptocurrency and using cryptocurrency to pay for daily consumption, on the other hand, imToken has not kept up with many emerging public chains in the encryption industry such as Solana, TON, Sui, etc., and has taken the initiative to A lot of users were abandoned.

Another problem is that imToken restricts domestic users from accessing and using some functions.

6. Phantom: A must for Solana ecology, with little support for other public chains

Phantom wallet main interface view

Phantom is the most popular wallet in the Solana ecosystem and has received top crypto VC paradigm and a16z support.

2024 Overview:

Although Phantom is generally considered a Solana wallet, it is not. Phantom wallet will start supporting in 2024. BTC and Base. Currently, Phantom supports 5 public chains: Solana, Ethereum, Polygon, Bitcoin and Base.

Phantom will also introduce SOL and pledged SOL to liquidity staking JitoSOL. As Solana and Memecoin continue to gain popularity, Phantom wallet will have more than 7 million monthly active users in 2024. .

On-chain richness: Although Phantom also supports Ethereum and Polygon. , Bitcoin and Base, but the vast majority of its users are Solana users, so Phantom is mainly linked to the ecosystem on the Soalna chain.

SOL can be pledged or liquidated in the Phantom wallet; the Phantom wallet has built-in Swap support. All Solana Token Exchanges

Discover the 100 most popular Mems in Tab. e-coins, 48 ​​Sites, and 50 NFT collections are recommended.

Usage experience: Phantom wallet is an essential tool for the Solana ecosystem. SOL staking/liquidity staking and legal currency purchases can be completed directly in the Phantom wallet. The transactions such as entering SOL and buying and selling Meme coins are extremely simple and convenient. However, Phantom Wallet currently has little support for other public chain ecosystems. 7. TON. Wallet: Telegram integration reaches 900 million users

Telegram integrated TON Wallet main interface view

TON Wallet is Telegram’s native embedded wallet, which is divided into Wallet and TON Space. Wallet is a managed wallet and TON Space is a non-custodial wallet.

2024 Overview:

TON via integration in Telegram With the seamless on-chain experience brought by Wallet, coupled with Telegram’s 900 million monthly active users around the world, the TON ecosystem will explode in the first half of 2024.arn) Small games such as Notcoin, Dogs, and Hmster have captured tens of millions of users on Telegram, and the tokens they issued have been listed on many first-tier exchanges in a short period of time.

In 2024, the market value of TON will exceed US$25 billion, the number of active wallets will exceed 36 million, and the number of daily active addresses even surpassed Ethereum for a time.

On-chain richness: TON Walle only supports simple Swap and liquidity staking, but it can connect to Dapps on TON. According to data from the ton.app website, the TON ecosystem is developing rapidly, with 26 DEXs, 18 staking projects, 539 games, and 37 social projects.

Usage experience: 1. The function of TON Wallet is relatively simple, and the ecology is single. It only supports the TON ecology, and the supported BTC comes from the managed wallet; 2. The managed wallet supports the purchase of cryptocurrency with legal currency; 3. Due to the integration of TON Wallet In Telegram, its payment experience is very convenient, so the market value of USDT on TON quickly reached 1 billion US dollars.

Conclusion: What kind of Web3 wallet do we need?

As crypto users move to the chain and crypto infrastructure evolves and matures, the industry’s demand for Web3 wallets has changed significantly, and the Web3 wallet landscape has also changed. Significant changes have occurred.

In the past, the mainstream Web3 wallets in the market were fragmented. There were wallets that focused on a single public chain ecology, such as Metamask, which focused on activities on the EVM chain, and there were also wallets that met users’ simple currency deposit needs, such as imtoken; now Web3 In the wallet market, there is still demand for the old Web3 wallet, but what is more needed is a comprehensive wallet, a true multi-chain one-stop Web3 entrance.

It not only allows users to participate in transactions, pledges and other on-chain activities on multiple public chains in one wallet, but also integrates popular ecology and tokens in the market (such as Meme coins, AI Agent tokens) , Base tokens) are aggregated together and can be smoothly combined with CEX.

It is becoming increasingly clear what kind of wallet crypto users need.

Based on user needs and our evaluation, because OKX accurately predicts industry trends and first-mover advantages in advance, OKX Web3 wallet is currently the Web3 wallet that best meets user needs.

If the OKX Web3 wallet supports fiat currency services in the future, such as supporting the purchase of cryptocurrency with fiat currency and issuing OKX Card so that users can directly consume cryptocurrencies, then the OKX Web3 wallet will be A true multi-chain one-stop Web3 portal.

Such a Web3 wallet can fully meet the needs of encryption users, and the needs of users can bring considerable income to the wallet. This is why we see that mainstream exchanges will stop making Web3 wallets from 2023 and begin to occupy the Web3 wallet market that is comparable to the old Web3 wallets.share reasons.