A major feature of the Binance ecosystem is its centralization.
From Binance to the BSC chain, there has always been only one token: #BNB.
From Binance Exchange, Binance Square to Binance Wallet, there is also only one APP.
In the Binance APP, users can read articles by KOLs. Especially for users who cannot use Twitter, they can understand industry hotspots and opinions in the Binance Square.
On-chain users can participate in both CeFi and DeFi simultaneously within the Binance APP.
Among them, the DeFi function is executed by the Binance wallet. This article discusses my experience using the Binance wallet and includes some immature suggestions.
➤ Entrance
The entrance could feel more convenient; currently, you have to click the 'Funds' button at the bottom right, and then click 'Web3' at the top to enter the Binance wallet.
➤ Product Structure
The product structure of the Binance wallet is very clear, which I really like, so I made a mind map summarizing the main functions of the Binance wallet.
➤ Home
The new Binance wallet has moved the financial management entrance to the home page and made the wallet an independent section. It has strengthened wallet management.
Personally, I feel that placing 'Financial Management' in the 'Discover' section is also acceptable.
➤ Market
You can conveniently view the market trends of various tokens that are not listed on CEX within the Binance wallet.
Various sector classifications also allow us to easily understand the trends of tokens in the primary market.
➤ Trading
❚ Exchange
The Binance wallet will automatically match the best price to execute on-chain transactions.
❚ Cross-chain
Cross-chain trading supports exchanging asset A on chain 1 for asset B on chain 2.
➤ Discover
❚ Airdrop
In the 'Discover' section, airdrop information and participation entrances are displayed. You can find airdrop opportunities here, participate in airdrops, and claim rewards.
Currently, exclusive airdrops involve simple tasks such as following and sharing.
❚ DApp
In the 'DApp' sub-section, various application classifications and entrances are provided from multiple angles.
My personal suggestion is to place 'Security Tools' at the forefront, aside from 'Common Tools', since safety comes first. Especially for some secondary users who are not very familiar with on-chain, I feel it is necessary to strengthen security guidance.
❚ Wallet
The 'Wallet' section contains complete wallet functions, allowing users to view multi-chain assets, transfer, and receive payments in one interface. It also includes wallet management functions such as backup and import.
The new Binance wallet supports viewing assets from multiple wallets in one view, which is very practical for users who participate in airdrops.
Supports multi-chain assets, including all EVM chains, Solana, and UTXO chains, with support for the BCH network added on top of the original BTC.
➤ Security
The Binance wallet is a self-custody wallet, with private keys stored locally or in the cloud, meaning Binance cannot access user private keys.
Importing mnemonic phrases allows you to import wallets you typically use.
In the Binance APP, you can also create an MPC wallet. After creation, you can back it up and restore it in the future via iCloud or Google Drive using QR codes, which is suitable for novice users.
➤ Final Thoughts
Overall, the Binance wallet has complete wallet functions and rich information and on-chain interaction features. It integrates the Binance Square, Binance CEX, and Binance Wallet into a one-stop platform for industry hotspots and opinions, social interaction, CeFi + DeFi, airdrops and trading, and primary and secondary markets.
Its characteristics are comprehensive functionality, convenient experience, strong practicality, and social friendliness.
Key Point - Airdrop information and participation channels are very practical and convenient.
Binance launched the airdrop carnival event on December 10th. The event will airdrop tokens worth $5 million over several weeks. Don't miss out, quickly upgrade the Binance APP to participate in airdrop tasks and share the $5 million!