Author: Maxwell/acc, Cryptography Researcher
Web3 wallets have long been regarded as the core traffic entrance of the crypto industry, and this consensus runs through it all.
As crypto infrastructure matures and crypto users grow, more and more crypto activities are moving on-chain. According to a16z research data, the actual monthly active users of the crypto industry on-chain in 2024 will be between 30 million and 60 million.
Web3 wallets are linked to the crypto funds deposited by tens of millions of users on one end, and to decentralized applications such as DeFi and NFT on the other end. As long as the user's needs for Swap, Bridge, Staking, Memecoin, etc. can be met in the Web3 wallet, the wallet is a very attractive business.
As a result, the Web3 wallet landscape has changed significantly in the last 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 suitable for these Web3 wallets? How do crypto users choose a wallet? This article will comprehensively review seven mainstream Web3 wallets.
Among them, three are Web3 wallets of mainstream Chinese CEX, namely OKX, Binance and Bitget's Web3 wallets; two are the old-fashioned Metamask and imtoken; one is the Phantom wallet of the Solana ecosystem; and one is the TON Wallet of the TON ecosystem.
We will comprehensively display the core features and advantages of each wallet from multiple dimensions such as the latest progress in 2024, user experience, functionality, security, etc. for users' reference.
Multi-dimensional comparison of 7 Web3 wallets
Let’s start with the Web3 wallets of three CEXs. They have been focusing on the Web3 wallet track since 2023, and their focus in 2024 is different. After the OKX Web3 wallet took the lead in 2023 with the Bitcoin inscription, it still grasped the industry hot spots (such as Meme, AI, and Base ecology) quickly and accurately; Binance re-launched the Binance wallet after the initial unsuccessful progress, focusing on the launch of Binance Alpha; Bitget focused on BWB and TON ecology.
1. OKX Web3 Wallet: Fast, accurate and ruthless hotspot, multi-chain one-stop Web3 entrance
OKX Web3 wallet main interface overview
Overview of 2024:
OKX Web3 wallet is the only exchange-native wallet among the three exchange wallets, and the other two are iterations on acquired wallets. In 2024, the representative actions of OKX Web3 wallet are as follows, such as the launch of OKX Connect, which can help EVM and other ecosystems 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 expand Blinks functions from Solana to EVM.
Security:
OKX Web3 wallet supports both MPC wallets without private keys and traditional mnemonic HD wallets. OKX Web3 wallet is also connected to the KYT system, which contains more than 200 million cryptocurrency addresses. Before users accidentally transfer assets to malicious or fraudulent addresses, the system will pop up a warning to warn of risks. According to 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 phishing detection security function for similar addresses at the beginning and end to help users avoid such risks.
On-chain richness:
OKX Web3 wallet aggregates 500+ DEXs, supports over 100 blockchain networks, and can access at least 9,000+ Dapps.
The Earn function not only provides a variety of stablecoin earning and interest earning models, but also supports the staking of multiple mainstream cryptocurrencies, such as ETH, BTC, OKB, etc., and is connected to many protocols, including Lido, Aave V3, Babylon, etc.
OKX Web3 wallet also launched an airdrop center. Many on-chain projects will use the OKX Web3 wallet's airdrop platform to promote their own projects. Users can participate in these airdrops and other reward activities through OKX Cryptopedia and Web 3 Giveaway.
In the market, it supports a diverse and rich ecosystem, such as NFT, inscriptions, runes, etc., and users can trade a variety of assets on it.
Financial management:
There are a wide variety of staking and airdrop products, and they are also divided into categories according to various categories. For example, there is a special area for earning coins, which is connected to various staking agreements. The banner interface of this special area displays the most popular DeFi agreements. In terms of specific classification, it is divided into modules such as stablecoins, popular currencies, bonuses, new investment products, V3 pools, points, agreements, and BTC. For users, there are many choices.
The user experience is also smooth and comfortable. Users can complete one-stop subscription, one-click subscription and redemption of assets on different protocols in this module. In addition, post-investment management services are also provided.
In terms of airdrops, the wallet also has its own system with rich products. It regularly launches different blockchain networks as theme activities, and provides multiple Dapps and interactive tasks in each period. In addition to interactive rewards, participants in airdrop activities may also receive the current theme NFT reward. Users holding this NFT will have the opportunity to receive additional rewards in future airdrop activities.
OKX Web3 wallet airdrop interface
Device Compatibility:
In addition to the exchange's 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 such as Chrome and Firefox, and is compatible with some hardware wallets.
User experience:
In terms of user usage, OKX's wallet is more user-friendly for crypto novices, and it has a rich variety of built-in on-chain protocols and Dapps.
OKXWeb3 wallet is available on the home page for beginners
The homepage has an introduction to its wallet and a detailed beginner's guide. Moreover, the wallet can be automatically switched on the exchange App homepage, which not only shows OKX's emphasis on the wallet business, but also greatly increases the accessibility of the wallet itself, which can convert more pure "coin speculation" users to participate in on-chain interactions.
It is worth mentioning that the OKX Web3 wallet’s market interface brings together almost all the mainstream Web3 chain ecosystems, such as the hottest Meme coins in 2024 (Meme Factory aggregates Meme coin launch platforms such as Pump.fun, Sunpump, MovePump, and Moonshot), AI Agent tokens (Virtuals ecosystem), Base ecosystem tokens, etc. The OKX Web3 wallet is quick and accurate in grasping industry hotspots and intuitively provides users with trading functions.
The market interface of OKX Web3 wallet also provides many functions, such as the popular NFT market, inscription market, Runes market, and the latest and hottest airdrop market collection. It will also remind users of airdrop opportunities, which saves a lot of time for users to screen information by themselves. 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 within one wallet, and to buy and sell various on-chain assets within the wallet.
In terms of wallet UI design, OKX's Web3 wallet is undoubtedly the most eye-catching among the several Web3 wallets evaluated, with the richest and most comfortable look and feel.
2. Binance Wallet: Focus on Alpha and start again
Overview of Binance Wallet’s main interface
Overview of 2024:
Binance Web3 Wallet was developed after Binance acquired Trust Wallet.
In 2024, Binance Wallet mainly did the following things: First, it included the BNB assets in the wallet into Launchpool; second, it re-launched Binance Wallet and launched Binance Alpha at the end of 2024 to help users discover alpha investment opportunities.
Security:
Binance Wallet currently only provides MPC wallet, which uses MPC technology and integrates functions such as error address protection and malicious contract detection. When conducting transactions, it can identify and warn 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 model for earning interest on various stablecoins, but also provides staking models for mainstream tokens such as ETH, BTC, BNB, and a variety of connected protocols, 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's financial products can also be divided into two categories: staking and airdrops. However, the total number of these two types of products is not rich enough, although they also cover some of the most popular protocols and mainstream currencies.
For example, in the classification of financial management, it is also more concise, with few 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: stablecoins, popular, and protocols. For users, the logic of use is clearer. Yield brings together a few projects selected by Binance, where users can provide potential airdrops or additional income through staking, re-staking, lending, and RWA.
The presentation of airdrop products is also relatively concise, which is to list the current products 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 does not currently provide plug-ins, iOS, Android, or desktop wallets, and does not support hardware wallets.
User experience:
Binance's Web3 wallet product has been re-launched. Perhaps it is not mature enough, so it is not placed on the exchange's homepage, but on the funds interface, and can be switched with the exchange's funds overview.
On the main interface of Binance Wallet, there are quick access buttons for "financial management" and "airdrop". This feature shows that it attaches great importance to the appreciation of user assets. Not only that, the launch of BNB on the chain participating in the exchange Launchpool and the Alpha project also show this feature.
Binance's interface design is relatively simpler, allowing users to quickly find the functions they want to use, and the education for novices is good, with certain questions and answers under each product.
In terms of the exploration function, there is a simple description and community link for each DApp, but like several other companies, there is no built-in browser.
3. Bitget Web3 wallet: has independent token BWB but its presence is weak
Bitget Web3 wallet main interface overview
Overview of 2024:
The predecessor of Bitget Web3 Wallet was Bitkeep, which 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, the 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 transaction services; highlighted the Meme ecosystem and launched a complete set of Meme transaction toolkits; also launched a Telegram Mini-App support plan with a total amount of $20 million to promote the innovative development of the Telegram ecosystem; and launched the 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 has jointly launched a $300 million risk protection fund with the exchange.
On-chain richness:
The Bitget Web3 wallet officially stated that it has aggregated more than 100 DEXs, supports more than 100 blockchain networks, and can access 2000+ Dapp protocols.
In actual evaluation, we found that the number of Dapps it has access to is much lower than the number advertised. For example, in the Earn function, there are relatively few staking protocols on the wallet homepage, and only four protocols are connected: AAVE, Lido, Rocket, and Frax. And there are also relatively few on-chain tools, such as only DeBank, ENS, Snapshot, and Arkham.
Financial management:
The whole is aggregated in the Dapp section. There are fewer opportunities, only a few on-chain protocols are connected, fewer staking opportunities, and the usage mode of jumping from the wallet to the protocol is not smooth enough. 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, and also provides desktop versions for Windows and Mac, as well as browser plug-ins such as Chrome, and is compatible with some hardware wallets.
User 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 trade assets such as inscriptions in the wallet.
Moreover, its interface is relatively simple, and there is no tutorial content, which is not very friendly to newcomers. Compared with the wallets of the other two exchanges, its presence on the exchange interface is weak, and it cannot be found on the homepage, but exists in the common functions of the toolbar.
The Bitget Web3 wallet needs to be accessed from the toolbar, not the exchange homepage
The market classification that Bitget entered was also more rough and not detailed enough, and even a little confusing. For example, OKX has a Meme Factory classification, which aggregates the hottest Meme launch platforms such as Pump.fun, Sunpump, MovePump, and Moonshot according to the launch platform, and can trade the hottest Meme coins under the classification, while Bitget's wallet only has an All Meme section in the market section, and a separate Pump.fun section. Moreover, the number of popular on-chain protocols and Dapps that it actually accesses is far less than the number it advertises.
The most intuitive feeling given to users after overall use is that the Bitget Web3 wallet may not be the focus of the Bitget ecosystem at present, so the overall product experience is not sophisticated enough. For a complete newcomer on the chain, the threshold for use is higher than that of 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, and there is no need to manually create a wallet. It directly enters the default wallet set, which can be regarded as a newcomer-friendly setting.
4. MetaMask: One-stop wallet for EVM ecosystem
Metamask plugin wallet view
Overview of 2024:
As the most popular wallet in the EVM ecosystem, MetaMask has been continuously updated and iterated, constantly launching new features and improving user experience.
The main new features that 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, and can transfer money 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 fiat currency; 4. MetaMask launches Gas Station, which can complete Swap as usual when the gas fee is insufficient; 5. MetaMask launches the MetaMask Card pilot in December 2024, and eligible users can apply for MetaMask Card.
Security: Supports Blockaid security alerts and 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 a Google browser plug-in wallet, but later expanded to iOS and Android apps.
User experience:
After carefully experiencing Metamask again at the end of 2024, I found that Metamask has been greatly improved, and its ambition remains unchanged, which is to create a one-stop wallet for the EVM ecosystem.
The main interface of the Metamask plug-in wallet displays the main on-chain activities it supports, such as Swap, Bridge, Send, Receive, and Stake. For users, it is "what you see is what you get". Of course, Metamask has also gained a lot. According to data on Dune, the revenue of Metamask's Swap function on the Ethereum mainnet alone has exceeded 100 million US dollars.
It is worth mentioning that Metamask is currently focusing on the development of Portfolio. It has not only started to link CEX, such as being able to transfer money directly from Binance and Coinbase to Metamask, but also launched the Metamask Card business, which allows users to directly spend cryptocurrencies in their Metamask accounts. In addition, Metamask has been expanding payment providers, allowing users to directly buy and sell cryptocurrencies with fiat currencies.
From Swap to Staking, to Linking CEX, and then to Connecting Fiat Currency and Cryptocurrency, Metamask has a clear goal. As Ethereum enters mainstream society, Metamask will become the one-stop wallet.
The regret of Metamask is that it only supports the EVM ecosystem. It does not support Bitcoin, and Metamask does not support emerging public chains and assets such as Solana and its Meme coin and TON ecosystem. Metamask can only be a one-stop EVM ecosystem wallet, not a one-stop Web3 wallet.
5. imtoken: An old wallet with slow user response
imtoken Ethereum account view
imtoken is an old multi-chain wallet. It was founded in 2016 and has gone through multiple crypto cycles. With its first-mover advantage, its user base cannot be ignored, but its response to user needs has been slow. Imtoken does not support Solana and TON public chains, which are hot in the crypto market in 2024.
Overview of 2024:
In 2024, imtoken will support users to purchase cryptocurrencies directly with fiat currency through multiple payment providers such as OpenC and Moonpay.
In addition, imtoken has also co-issued the imtoken Card with Swiss fintech startup Fiat24. It is a multi-currency Mastercard that supports USD, EUR, CHF and RMB (CNH). Each account is equipped with a multi-currency cash account with a Swiss IBAN (International Bank Account Number) that supports token top-ups and bank wire transfers.
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 including Bitcoin, Ethereum, TRON, Arbitrum, BNBChain, etc.
Tokenlon, a decentralized exchange under imToken, can realize swap exchanges.
The imToken browsing page lists the mainstream Dapps in the market, including DeFi, staking, social, NFT market, games, cross-chain bridges, etc.
It is worth noting that imtoken does not support Solana and TON public chains, which are hot in the crypto market in 2024.
Device compatibility: Mobile only.
User experience:
As a multi-chain wallet, imToken’s basic functions as a wallet, such as BTC/ETH wallet and Swap, remain the same as before.
In terms of wallets as the entry point for on-chain activities, imToken is a pure mobile Web3 wallet that can connect to many Dapps through WalletConnect. Although imToken is also trying its best to meet the needs of users, such as directly purchasing cryptocurrencies with legal currency and using cryptocurrencies to pay for daily consumption, on the other hand, imToken has not kept up with many emerging public chains in the crypto industry, such as Solana, TON, Sui, etc., and has actively abandoned many users.
Another problem is that imToken restricts users in China from accessing and using some functions.
6. Phantom: Essential for Solana ecosystem, with little support for other public chains
Phantom Wallet main interface view
Phantom is the most popular wallet in the Solana ecosystem, supported by top crypto VC paradigm and a16z.
Overview of 2024:
Although Phantom is generally considered a Solana wallet, it is not actually a multi-chain wallet. In 2024, the Phantom wallet will start supporting BTC and Base. Currently, Phantom supports 5 public chains: Solana, Ethereum, Polygon, Bitcoin, and Base.
Phantom also introduced SOL and staked SOL to the liquidity staked JitoSOL in 2024. And, with the continued popularity of Solana and Memecoin, the monthly active users of Phantom wallet exceeded 7 million in 2024.
On-chain richness: Although Phantom also supports Ethereum, Polygon, Bitcoin, and Base, the vast majority of its users are Solana users, so Phantom is mainly linked to the Solana on-chain ecosystem.
In the Phantom wallet, you can stake or liquid stake SOL; the built-in Swap in the Phantom wallet supports all Solana token exchanges.
Discover Tab has the 100 most popular Meme coins, 48 Sites, and 50 NFT collection recommendations.
User experience: Phantom Wallet is an essential tool for Solana ecosystem. You can directly complete SOL staking/liquidity staking, buy SOL with legal currency, buy and sell Meme coins, etc. in Phantom Wallet. The transaction is extremely simple and convenient. However, Phantom Wallet currently has almost no support for other public chain ecosystems.
7. TON Wallet: Telegram integration reaches 900 million users
The main interface view of TON Wallet integrated with Telegram
TON Wallet is Telegram's native embedded wallet, which is divided into Wallet and TON Space. Wallet is a custodial wallet and TON Space is a non-custodial wallet.
Overview of 2024:
With the seamless on-chain experience brought by TON Wallet integrated in Telegram, and Telegram's 900 million monthly active users worldwide, the TON ecosystem will explode in the first half of 2024. Multiple click-to-earn games such as Notcoin, Dogs, and Hmster have captured tens of millions of users on Telegram, and the tokens they issued will be listed on many first-tier exchanges in the short term.
In 2024, TON’s market value exceeded US$25 billion, the number of active wallets exceeded 36 million, and the number of daily active addresses even surpassed Ethereum at one point.
On-chain richness: TON Wallet only supports simple Swap and liquidity pledge, 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 pledge projects, 539 games, and 37 social projects.
User experience: 1. TON Wallet has relatively simple functions and a single ecosystem. It only supports the TON ecosystem, and the supported BTC comes from the custodial wallet; 2. The custodial wallet supports the purchase of cryptocurrencies with fiat currency; 3. Because TON Wallet is integrated 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 on-chain and crypto infrastructure evolves and matures, the industry's demand for Web3 wallets has changed significantly, and the Web3 wallet landscape has also undergone major changes.
Previously, the mainstream Web3 wallets in the market were fragmented. There were wallets that focused on a single public chain ecosystem, such as Metamask, which focused on EVM chain activities, and there were wallets that met users' simple coin storage needs, such as imtoken. In the current Web3 wallet market, there is still demand for the old Web3 wallets, but what is more needed is a comprehensive wallet, a true multi-chain one-stop Web3 portal.
It allows users to participate in transactions, staking and other on-chain activities on multiple public chains in one wallet, aggregates popular ecosystems and tokens (such as Meme coins, AI Agent tokens, and Base tokens) in the market, and can also be smoothly integrated with CEX.
It’s becoming increasingly clear what kind of wallet crypto users need.
According to user needs and our evaluation, because OKX accurately predicts industry trends and first-mover advantage in advance, the 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 cryptocurrencies with fiat currency and issuing OKX Card so that users can spend cryptocurrencies directly, then the OKX Web3 wallet will be a true multi-chain one-stop Web3 portal.
Such Web3 wallets can fully meet the needs of crypto users, and the needs of users can bring considerable income to the wallet. This is why we see that mainstream exchanges have started to develop Web3 wallets since 2023 and have begun to occupy a market share comparable to that of established Web3 wallets.
