Market Share Gains
Guess what? Binance Wallet, a popular choice for Web3 users, absolutely exploded in popularity on Wednesday. What caused this sudden surge? Well, it seems they became the go-to place after OKX decided to pause their DEX aggregator service.
And get this – Binance Wallet didn’t just get a little more popular; it became the most popular Web3 tool! We’re talking daily trading volumes going beyond a massive $90 million. It’s clear they really grabbed the spotlight in Web3 and DEX trading when OKX’s wallet put their DEX aggregator on hold.
The growth didn’t stop there! Over just two days, Binance Wallet’s user base kept growing. Immediately after OKX’s announcement, they snagged over half the market – a whopping 54%. And then, just a day later, they climbed even further, hitting an impressive 66% market share!
Interestingly, this surge in Binance Wallet usage happened at the same time as we saw more activity on the BNB Smart Chain and PancakeSwap – talk about good timing! Now, this might just be a temporary shift, especially since OKX is only pausing their DEX aggregator to beef up compliance. Another quick boost likely came from the launch of the Bubblemaps (BMT) token on Binance, which was super popular that day, driving even more people to use the wallet.
There’s more good news for Binance Wallet users! They also kicked off a special period with zero extra trading fees. Who can resist trading the latest meme coins without those extra costs? This definitely helped push them to the top. Plus, Binance Wallet has a unique edge – it’s got its own native chain, unlike many other Web3 wallets that rely on juggling multiple chains.
🚀 Enjoy zero trading fees on all swaps in #Binance Wallet for the next 6 months!
Start trading now! 🔥
— Binance Wallet (@BinanceWallet) March 17, 2025
It seems Binance is really pushing to grow its ecosystem, especially as we’re seeing some users move away from Ethereum and Solana. And Binance Wallet is stepping up its game too, adding cool new stuff like exclusive early access to Token Generation Events (TGEs) and tools to help you filter and pick tokens more easily.
Why is OKX losing steam? Turns out, they became a tool for Lazarus hackers!
Before all this, OKX Web3 wallet was a big deal, handling as much as half of all the Web3 traffic, thanks to its multi-chain support and popular DEX. But after getting rid of the aggregator, things changed drastically. Their share of activity plummeted to just 3.6%.
Because OKX Web3 wallet offered a degree of anonymity, it unfortunately became a route for some shady activity, even handling traffic connected to the recent Bybit hack. This is why OKX is now focusing on strengthening their compliance measures. It seems their wallet was using THORChain, which made it harder to trace some transactions. OKX is clearly trying to maintain its place in the DeFi world, especially since it became clear that current systems aren’t equipped to effectively track and freeze funds from hacks.
OKX has always said their Web3 platform is open to everyone, but this recent situation highlights a tricky issue: protocols could choose to track down stolen funds, but maybe some weren’t willing to, possibly even being involved in the losses. Right now, there’s no clear rulebook for freezing funds in these situations, so OKX is planning to change how they handle access, filtering, and aggregating transactions to address this.
Binance is changing the game in Web3 wallets!
Hold on, there’s another reason for this sudden surge. Binance rolled out a new feature that really strengthens their whole ecosystem. Now, if you have assets on the regular Binance exchange, you can use them to directly trade decentralized tokens!
They also launched Binance Alpha 2.0 in Chinese-speaking regions, which explains why we saw such a jump in Web3 activity during Asian trading hours. Binance’s way of adding more token choices without actually listing them is similar to Coinbase’s Verified Pools, offering users a curated and hopefully safer way to access liquidity.
And check this out: the BNB Smart Chain generated a whopping $1.63 million in fees in just 24 hours! That’s even more than TRON, making it the sixth-biggest fee generator for the day. In fact, BNB Smart Chain even brought in more fees than Ethereum and Solana combined! This whole shift towards new meme tokens shows that people are still looking for those exciting, active crypto assets. Even if the altcoin market is a bit slow right now, having good liquidity and easy-to-use platforms is still crucial to keeping things moving on-chain.
Right now, Binance and Coinbase are kind of in a league of their own, being the only major centralized exchanges with really active native blockchains. This has created a bridge between the traditional centralized exchange world and Web3. For a while, liquidity was spread out between CEXs and DEXs, but Binance has managed to tap into its massive user base and get assets flowing back into DEX trading.
After all this wallet hype, the BNB token did take a slight breather, settling around $618.84. But overall, BNB has been holding strong above $600 for the past few days, largely thanks to the ongoing craze for meme tokens.
On top of everything, Binance also has the advantage of including Four.meme tokens, along with their daily curated ‘Alpha’ token picks. Other exchanges just don’t have the same kind of integrated system to offer such a wide range of tokens and safe DEX trading options.
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