Author: Maxwell/acc, crypto researcher
Web3 wallets have long been regarded as the core entry point for traffic in the crypto industry, and this consensus runs throughout.
As crypto infrastructure matures and crypto users grow, more and more crypto activities are moving on-chain. According to research data from a16z, the real monthly active users in the crypto industry in 2024 are between 30 million and 60 million.
The Web3 wallet connects with the tens of millions of users' accumulated crypto funds on one end and decentralized applications like DeFi and NFTs on the other. As long as it can meet user demands for Swap, Bridge, Staking, Memecoins, etc., within the Web3 wallet, it becomes a very attractive business.
Therefore, the landscape of Web3 wallets has undergone significant changes in the past two years. There are established Web3 wallets like Metamask and imtoken, as well as mainstream CEXs entering the Web3 wallet space, and wallets focused on popular public chain ecosystems like Solana and TON.
Which crypto users are these Web3 wallets suitable for? How should crypto users choose a wallet? This article will comprehensively evaluate seven mainstream Web3 wallets.
Among them, three are Web3 wallets from mainstream Chinese-speaking CEXs, namely OKX, Binance, and Bitget; two are established wallets, Metamask and imtoken; one is the Phantom wallet from the Solana ecosystem; and one is the TON Wallet from the TON ecosystem.
We will comprehensively showcase the core features and advantages of each wallet from multiple dimensions, including the latest developments in 2024, user experience, functionality, and security, for users' reference.
Comparative analysis of 7 Web3 wallets across multiple dimensions
Starting with the Web3 wallets of the three CEXs, they all began to focus on the Web3 wallet track in 2023, with different emphases in 2024. The OKX Web3 wallet stood out in 2023 with Bitcoin inscriptions and still quickly and accurately grasped industry hotspots like Meme, AI, and the Base ecosystem; Binance, after initial setbacks, relaunched the Binance wallet, focusing on Binance Alpha; Bitget has focused on the BWB and TON ecosystems.
1. OKX Web3 wallet: Quick and accurate grasp of hotspots, a multi-chain one-stop Web3 entry.
Overview of the OKX Web3 wallet main interface.
2024 Overview:
The OKX Web3 wallet is the only exchange-native wallet among the three exchanges, while the other two are iterations of acquired wallets. In 2024, representative actions of the OKX Web3 wallet include launching OKX Connect, which helps connect EVM and other ecosystems with the Telegram ecosystem, allowing developers to seamlessly develop DApps on Telegram. During the boom of Blinks, it became the first multi-chain wallet to expand Blinks' functionality from Solana to EVM.
Security:
The OKX Web3 wallet supports both non-custodial MPC wallets and traditional mnemonic HD wallets. It also integrates the KYT Eye system, which includes over 200 million cryptocurrency addresses. Before users inadvertently transfer assets to malicious or fraudulent addresses, the system will pop up a warning for risk alert. According to its official website data, its wallet has passed the Slow Mist private key security audit. To combat frequent zero-transfer scams, the OKX Web3 wallet has also launched a phishing detection security feature for similar addresses.
On-chain richness:
OKX Web3 wallet aggregates over 500 DEXs, supports over 100 blockchain networks, and can access at least 9000+ Dapps.
In the Earn feature, there is not only a rich variety of stablecoin earning models but also staking for various mainstream cryptocurrencies like ETH, BTC, OKB, etc., integrating many protocols, including Lido, Aave V3, and Babylon.
The OKX Web3 wallet also launched an airdrop center, where many on-chain projects utilize the OKX Web3 wallet's airdrop platform for their project promotion. Users can participate in these airdrop and reward activities through OKX Cryptopedia and Web 3 Giveaway.
In the market, supporting diverse and rich ecosystems, such as NFTs, inscriptions, runes, etc., users can trade various assets on it.
Wealth Management:
Staking and airdrop products are abundant and categorized into various types. For example, there is an earning zone that integrates various staking protocols, displaying the hottest DeFi protocols in the banner area of that zone. In terms of specific classifications, it is divided into modules such as stablecoins, popular tokens, rewards, new investment products, V3 pools, points, protocols, and BTC, offering users a variety of choices.
The user experience is also relatively smooth and comfortable, allowing users to complete one-stop subscriptions across different protocols in this module, with one-click subscriptions and redemptions. Additionally, it provides post-investment management services.
In terms of airdrops, the wallet has also set up its own system, featuring a rich variety of products and regularly launching different blockchain networks as themed activities, providing multiple Dapps and interactive tasks for each period. Besides interaction rewards, participating in airdrop activities may also lead to receiving themed NFT rewards. Users holding these NFTs will have the opportunity to receive extra rewards in future airdrop activities.
The airdrop interface of the OKX Web3 wallet.
Device Compatibility:
In addition to the built-in Web3 wallet of the exchange, it supports iOS and Android applications, provides desktop versions for Windows and Mac, and browser plugins for Chrome, Firefox, etc., compatible with some hardware wallets.
User Experience:
In terms of user experience, the OKX wallet is more user-friendly for crypto newcomers, with a rich array of embedded on-chain protocols and Dapps.
The OKX Web3 wallet is present on the homepage's beginner tutorials.
The homepage includes an introduction to its wallet and detailed beginner guides. Moreover, users can seamlessly switch to the wallet from the exchange app homepage, which not only highlights OKX's emphasis on wallet services but also greatly increases the wallet's accessibility, converting more purely 'trading' users into on-chain interactions.
It is worth mentioning that in the market interface of the OKX Web3 wallet, almost all mainstream Web3 on-chain ecosystems are gathered, such as the hottest Meme coins of 2024 (the Meme factory aggregates launch platforms like Pump.fun, Sunpump, MovePump, Moonshot), AI Agent tokens (Virtuals ecosystem), Base ecosystem tokens, etc. The OKX Web3 wallet quickly and accurately grasps industry hotspots and intuitively provides trading functions to users.
The market interface of the OKX Web3 wallet also offers many features, such as popular NFT marketplaces, inscription markets, Runes markets, and the latest and hottest airdrop market collections. It also reminds users to seize airdrop opportunities, saving a lot of time that users would otherwise spend filtering information. Additionally, it provides related news and DApp information and includes a blockchain explorer function for convenient on-chain data queries.
For users, it truly realizes participation in almost all on-chain activities within a single wallet, while also allowing various on-chain assets to be bought and sold within the wallet.
In terms of UI design, the OKX Web3 wallet is undoubtedly the most striking among the evaluated Web3 wallets, offering the most diverse and comfortable visual experience.
2. Binance Wallet: Focused on Alpha for a fresh start.
Overview of the Binance wallet main interface.
2024 Overview:
The Binance Web3 wallet evolved from the acquisition of Trust Wallet by Binance.
In 2024, the Binance wallet primarily accomplished the following: first, integrating the BNB assets in the wallet into Launchpool; second, relaunching the Binance wallet at the end of 2024 and initiating Binance Alpha to help users discover alpha investment opportunities.
Security:
Binance wallet currently only offers an MPC wallet, which uses MPC technology and integrates features such as error address protection and malicious contract detection to identify and warn users of potential security risks during transactions.
On-chain richness:
Currently supports over 35 public chains and 100+ Dapps.
In the wealth management section, Binance wallet not only has a rich variety of stablecoin earning models but also provides staking for mainstream tokens like ETH, BTC, BNB, with a diverse range of integrated protocols such as Ondo, AAVE V3, Solve, etc.
The Binance wallet has also launched an airdrop center, with several airdrop projects involved in each period.
Wealth Management:
Binance wallet's wealth management products can also be divided into staking and airdrop categories. However, the total number of these two types of products is not sufficient, although they cover some of the hottest protocols and mainstream tokens.
In terms of wealth management classification, it is also more straightforward, with very few categories. It is first divided into Simple Yield and Yield+, and in the Simple Yield section, products are categorized into stablecoins, popular, and protocols, making it clearer for users in terms of usage logic. Yield gathers a few projects selected by Binance, where users can earn potential airdrops or additional income through staking, re-staking, lending, and RWA.
The presentation of airdrop products is also relatively simple, just listing the currently ongoing products one by one.
Binance wallet features a relatively simple airdrop page design.
Device Compatibility:
The Binance wallet is currently only the built-in Web3 wallet of the exchange, and has not yet provided plugins, iOS, Android, or desktop versions, nor does it support hardware wallets.
User Experience:
Binance's Web3 wallet product is a relaunch and may not be mature enough, hence not placed on the exchange's homepage but on the fund overview page, allowing switching between the exchange's total fund overview.
On the main interface of the Binance wallet, there are quick access buttons for 'Wealth Management' and 'Airdrop.' This feature indicates its strong emphasis on user asset appreciation. In addition, its on-chain participation in BNB for the exchange's Launchpool and the launch of Alpha projects also reflect this characteristic.
Binance's interface design is relatively simpler, allowing users to quickly find the functions they want to use, and their beginner education is well done, with a certain amount of Q&A information under each product.
In the exploration feature, each DApp has a simple description and community link, but, like the other few, there is no built-in browser.
3. Bitget Web3 wallet: Has its own token BWB but has a weaker presence.
Overview of the Bitget Web3 wallet main interface.
2024 Overview:
The Bitget Web3 wallet originated from Bitkeep, which was acquired by Bitget in 2023 and renamed Bitget Web3 wallet. Unlike other CEX wallets, the Bitget Web3 wallet has its own wallet token, BWB.
In 2024, the Bitget Web3 wallet mainly accomplished the following: launching the Bitget Onchain Layer focused on Web3 and establishing a $10 million BWB ecosystem fund to support various Web3 trading services; highlighting the Meme ecosystem, launching a complete Meme trading toolkit; initiating a $20 million Telegram Mini-App support plan to promote innovation and development of the Telegram ecosystem; and launching a Refer to Earn program.
Security:
The Bitget Web3 wallet also offers an MPC wallet and has established the GetShield security system, featuring token contract detection, authorization detection, and anti-phishing mechanisms, and has jointly launched a $300 million risk guarantee fund with the exchange.
On-chain richness:
The official Bitget Web3 wallet states that it aggregates over 100 DEXs and supports over 100 blockchain networks, allowing access to over 2000 Dapp protocols.
In actual evaluations, we found that the number of Dapps it integrates should be far lower than the advertised number, such as in the Earn feature, where relatively few staking protocols can be found on the wallet's homepage, only integrating AAVE, Lido, Rocket, and Frax. Additionally, the number of on-chain tools integrated is also limited, with only DeBank, ENS, Snapshot, and Arkham.
Wealth Management:
Overall aggregation within the Dapp section. There are fewer opportunities, with only a handful of on-chain protocols integrated, limited staking opportunities, and the use mode requires jumping from the wallet to the protocol, making it less smooth. There is no dedicated airdrop section.
Device Compatibility:
In addition to the built-in Web3 wallet of the exchange, it also supports iOS and Android applications, provides desktop versions for Windows and Mac, and browser plugins for Chrome and other browsers, compatible with some hardware wallets.
User Experience:
Bitget's Web3 wallet can be considered the least functional among the three, lacking a separate market interface, which means users cannot trade assets like inscriptions within the wallet.
Moreover, its interface is relatively simple, lacking beginner tutorials and may not be user-friendly for newcomers. Compared to the wallets of the other two exchanges, its presence on the exchange's interface is weaker, not found on the homepage but in the commonly used features of the toolbar.
Bitget Web3 wallet needs to be accessed from the toolbar, not from the exchange's homepage.
Bitget's market classification is also more coarse and less refined, even somewhat chaotic. For example, OKX has a category for Meme factories, aggregating launch platforms like Pump.fun, Sunpump, MovePump, and Moonshot to trade the hottest Meme coins, while Bitget's wallet only has an All Meme section in the market section and has separately set up a Pump.fun section. Moreover, the truly integrated on-chain popular protocols and Dapps are far fewer than the advertised numbers.
Overall, the most intuitive feeling for users is that the Bitget Web3 wallet may not be the primary focus of the Bitget ecosystem at present, so the overall product experience is not refined enough. For a complete newcomer to the blockchain, the usage threshold is relatively higher than that of the Web3 wallets of the other two exchanges. However, the Bitget wallet has its unique aspects; for users, switching to the Web3 interface automatically enters the wallet without needing to manually create a wallet, directly entering the default wallet set by it, which is also a kind of beginner-friendly setup.
4. MetaMask: One-stop wallet for EVM ecosystem
Bitget Web3 wallet plugin view.
2024 Overview:
As the most popular wallet in the EVM ecosystem, MetaMask has been continuously updating and iterating, constantly launching new features to improve user experience.
The main new features launched by MetaMask for crypto users in 2024 include: 1. Stake support for any number of ETH in Pool staking and 32 ETH for validator staking; 2. MetaMask Portfolio supports CEX accounts, allowing direct transfers from Binance and Coinbase to Metamask; 3. MetaMask Buy & Sell and more payment providers cooperation, making it easier for crypto users to buy and sell with fiat currency; 4. MetaMask launched Gas Station, allowing Swap to be completed normally even when gas fees are insufficient; 5. MetaMask started a pilot for MetaMask Card in December 2024, allowing eligible users to apply for the MetaMask Card.
Security: Supports Blockaid security alerts and ChainPatrol phishing warnings.
On-chain richness: Metamask supports the EVM ecosystem, so it supports any EVM-compatible Dapp. MetaMask Portfolio lists 81 Dapps and 38 games.
Device Compatibility: Metamask was initially primarily a Google browser plugin wallet, later expanding to iOS and Android apps.
User Experience:
After a detailed experience with Metamask at the end of 2024, it was found that Metamask has made great improvements, with unchanged ambition to build a one-stop wallet for the EVM ecosystem.
The main interface of the Metamask plugin wallet showcases its supported major on-chain activities, such as Swap, Bridge, Send, Receive, and Stake functions. For users, it's 'what you see is what you get.' Of course, Metamask has also gained significantly; according to data from Dune, the revenue from Metamask's Swap function alone on the Ethereum mainnet has exceeded 100 million USD.
It is worth mentioning that Metamask is currently focusing on developing Portfolio. It has not only begun linking CEXs, such as allowing direct transfers from Binance and Coinbase to Metamask but has also launched the Metamask Card service, enabling users to spend their cryptocurrencies directly from their Metamask accounts. Additionally, Metamask has been expanding its payment providers, allowing users to directly buy and sell cryptocurrencies with fiat currency.
From Swap to staking, linking CEX, and connecting fiat currency with cryptocurrency, Metamask has a clear goal of becoming that one-stop wallet in the process of Ethereum entering mainstream society.
The regret of Metamask is that it only supports the EVM ecosystem. It does not support Bitcoin, nor emerging public chains and assets like Solana and its Meme coins, or the TON ecosystem. Metamask can only serve as a one-stop EVM ecosystem wallet and cannot be a one-stop Web3 wallet.
5. imtoken: Established wallet with slow user response
Imtoken Ethereum account view.
Imtoken is an established multi-chain wallet founded in 2016, having gone through multiple crypto cycles. With its first-mover advantage, its user base is still considerable, but it has been slow to respond to user needs. In 2024, imtoken does not support the hot crypto markets of Solana and the TON public chain.
2024 Overview:
In 2024, imtoken will support users to directly purchase cryptocurrencies with fiat currency through multiple payment providers like OpenC and Moonpay.
Additionally, imtoken has collaborated with Swiss fintech startup Fiat24 to issue the imtoken Card. It is a multi-currency Mastercard supporting USD, EUR, CHF, and CNY (CNH). Each account is equipped with a Swiss IBAN (International Bank Account Number) multi-currency cash account, supporting token recharge and bank wire transfers.
Security: Due to its large user base, there are often phishing groups placing ads on Google, offering fake imtoken APK downloads.
On-chain richness: According to official data, imToken supports more than 35 mainstream blockchains, including Bitcoin, Ethereum, TRON, Arbitrum, and BNBChain.
The decentralized exchange Tokenlon under imToken can achieve Swap exchanges.
The imToken browsing page lists mainstream DeFi, staking, social, NFT markets, games, cross-chain bridges, and other Dapps.
It is worth noting that in 2024, the hot crypto markets of Solana and the TON public chain are not supported by imtoken.
Device Compatibility: Supports mobile only.
User Experience:
As a multi-chain wallet, imToken's basic functions, such as being a BTC/ETH wallet and Swap, remain unchanged.
As a pure mobile Web3 wallet, imToken serves as an entry point for on-chain activities, connecting to many Dapps through WalletConnect. Although imtoken is also trying to meet user needs, such as directly purchasing cryptocurrencies with fiat currency and paying for daily expenses with cryptocurrencies, on the other hand, imToken has not kept up with many emerging public chains in the crypto industry, such as Solana, TON, and Sui, actively giving up many users.
Another issue is that imToken restricts users in mainland China from accessing and using some features.
6. Phantom: Essential for Solana ecosystem, with minimal support for other public chains.
Phantom wallet main interface view.
Phantom is the most popular wallet in the Solana ecosystem, supported by top crypto VCs like paradigm and a16z.
2024 Overview:
Although Phantom is generally considered a Solana wallet, it is not just that; Phantom is a multi-chain wallet. In 2024, the Phantom wallet began supporting BTC and Base. Currently, Phantom supports five public chains: Solana, Ethereum, Polygon, Bitcoin, and Base.
In 2024, Phantom also introduced SOL and liquid staking SOL into liquid staking JitoSOL. Additionally, with the continuous popularity of Solana and Memecoins, the Phantom wallet's monthly active users 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 mainly connects to the Solana on-chain ecosystem.
In the Phantom wallet, users can stake or liquid stake SOL; the built-in Swap in the Phantom wallet supports swapping all Solana tokens.
The Discover tab features the 100 most popular Meme coins, 48 sites, and 50 NFT collections for recommendations.
User Experience: Phantom wallet is an essential tool for the Solana ecosystem, allowing users to stake/unstake SOL, purchase SOL with fiat currency, and buy/sell Meme coins directly within the wallet, making transactions extremely simple and convenient. However, Phantom wallet currently has almost no support for other public chain ecosystems.
7. TON Wallet: Integrated with Telegram, reaching 900 million users.
Main interface view of the TON Wallet integrated with Telegram.
TON Wallet is Telegram's native embedded wallet, divided into Wallet and TON Space, where Wallet is a custodial wallet, and TON Space is a non-custodial wallet.
2024 Overview:
The seamless experience brought by TON Wallet integrated into Telegram, combined with Telegram's 900 million monthly active users, led to a massive explosion of the TON ecosystem in the first half of 2024. Multiple click-to-earn mini-games like Notcoin, Dogs, and Hmster captured tens of millions of users, with their issued tokens listed on several leading exchanges shortly after.
In 2024, the market value of TON exceeded 25 billion USD, active wallets surpassed 36 million, and even the number of daily active addresses once exceeded that of Ethereum.
On-chain richness: The TON Wallet only supports simple Swap and liquid staking, but it can connect to Dapps on TON. According to ton.app's data, the TON ecosystem is rapidly developing, with 26 DEXs, 18 staking projects, 539 games, and 37 social projects.
User Experience: 1. TON Wallet has relatively simple functions and a single ecosystem, only supporting the TON ecosystem, with BTC coming from a custodial wallet; 2. The custodial wallet supports fiat currency purchases of cryptocurrencies; 3. Since TON Wallet is integrated within Telegram, it provides a very convenient payment experience, allowing USDT's market capitalization on TON to rapidly reach 1 billion USD.
Conclusion: What kind of Web3 wallet do we really need?
As crypto users move on-chain and the evolution and maturation of crypto infrastructure progresses, the industry's demand for Web3 wallets has changed significantly, and the landscape of Web3 wallets has also undergone major transformations.
Previously, the mainstream Web3 wallets were fragmented, with wallets focused on single public chain ecosystems, such as Metamask focusing on EVM chain activities, or wallets like imtoken meeting simple storage needs. The current Web3 wallet market still has demand for established Web3 wallets, but what is needed more is a comprehensive wallet, a true multi-chain one-stop Web3 entry.
It enables users to participate in transactions, staking, and other on-chain activities of multiple public chains within a single wallet while aggregating the hottest ecosystems and tokens (such as Meme coins, AI Agent tokens, Base tokens) together, and smoothly integrating with CEXs.
It is becoming increasingly clear what kind of wallet crypto users need.
According to user needs and our evaluation, OKX has accurately predicted industry trends and has a first-mover advantage. The OKX Web3 wallet is currently the most satisfying Web3 wallet for user needs.
If the OKX Web3 wallet supports fiat services in the future, such as allowing users to buy cryptocurrencies with fiat and issuing an OKX Card for direct cryptocurrency consumption, then the OKX Web3 wallet will become a truly multi-chain one-stop Web3 entry.
Such Web3 wallets can fully meet the needs of crypto users, and user needs can also bring significant income to the wallet. This is why we see mainstream exchanges starting to enter the Web3 wallet space and beginning to occupy market shares comparable to those of established Web3 wallets since 2023.
