The boss of Binance Wallet also came to the Binance Okinawa event. Compared with other roadshow project parties, the person in charge of Binance Wallet started by reflecting and apologizing, and recalled and reviewed the problems of previous internal decision-making. This really surprised me, because in the structure of large companies, everyone is accustomed to passing the buck instead of taking the initiative to take responsibility for the problem.

The new wallet director is an old OG in the R&D and wallet fields. In the late first half of this year, at the invitation of Yijie, he took over the Binance Wallet.

In fact, at that time, Binance had missed two on-chain market trends of Inscription and TON. The new person in charge found that the previous wallet logic did have major vulnerabilities and defects, so he started over again, and only then did we have the Binance wallet that seems to have a better experience today.

Professionals do professional things.

The biggest reflection this time is that the wallet was previously equipped with professional managers who did not understand wallets, and then they took people who did not understand wallets to do things that no one understood. As a result, there was a lot of negative feedback from the community during that period, and even Yijie came out to respond.

In fact, other wallets are also facing the same problem today, such as Bybit, Gate, Kucoin, etc.

For example, Bybit Wallet was positioned as an auxiliary product of Launchpool, while Gate Wallet was initially assigned to the NFT department, and later to the coin listing department managed by the boss of a technical secondary school. After many unprofessional management teams were parachuted in, the situation became even more chaotic. As for the Kucoin wallet, it is said that only two people are responsible for its follow-up maintenance.

But fortunately, Binance Wallet discovered these problems quickly in the first half of the year, so it did not fall into a death spiral. Instead, it specifically sought out professional talents, eliminated the unprofessionals, and let more knowledgeable people take over.

This has led to more progress and actions in Binance Wallet, and the community has changed from negative reviews at the beginning to rave reviews.

Be the largest airdrop platform.

In addition to many functions that are in great demand in the industry, after being developed by the Binance wallet, they also plan to launch unified accounts and custody scenarios with lower thresholds. Currently, when registering a wallet, it has been realized that there is no mnemonic phrase, no private key and 100% self-custody. This allows many CEX users to transfer to the chain to surf at any time.

Currently, the industry’s biggest on-chain demands mainly revolve around two things: one is the meme, and the other is the airdrop. The former mainly tests response and technical capabilities, while the latter is more about business and operations.

Currently, there are no less than a thousand project parties that seek to cooperate with Binance on the chain every year. In fact, these project parties can publish their own airdrops and activities in the Binance wallet.

In the past, platforms like Galxe and RabbitHole have indirectly proved the feasibility of airdrop platforms. Therefore, Binance, which has more abundant resources and technical capabilities, should actually do this.

Therefore, this time, their goal is to build a truly open platform, hoping to connect thousands of on-chain projects with hundreds of millions of users and become the largest airdrop platform.

Questions afterward.

The time was actually very tight this time. The original 30-minute interview session with the person in charge was compressed into one question and answer session. I was fortunate enough to ask the person in charge on the spot with many questions prepared.

Question 1: I noticed that a large number of employees from other wallet companies have jumped to your company. What do you think about this?

In fact, many employees from friendly competitors were not poached, but they jumped here on their own initiative. Many of them did not enter the wallet department, but went to other groups, such as operations, business and platform currency.

Question 2: Exchange wallets on the market are becoming more and more homogenized. What do you think?

It is normal to see large-scale homogeneity and similarity, which means that users are accustomed to this mode of operation and experience. However, in terms of many vertical functions, Binance Wallet has actually made a lot of preparations this time, and will update frequently in the next three months. Whether in terms of experience or response, the functions are definitely better than those of our competitors. Please believe us, thank you.

The above is the on-site review of Binance Wallet.
Thank you for reading.

November 29, 2024
AB KUAI DONG