Binance Wallet, a mainstream cryptocurrency wallet that merges the benefits of KYC-ed instruments with self-custody, overcomes MetaMask by DEXes trading segment share. The strategy that paved the way to the leadership was quite simple, the seasoned VC investor says.
Binance Wallet becomes global MetaMask killer, Primitive Ventures' Dovey Wan says
Binance Wallet (previously Binance Web3 Wallet) suddenly increased its DEX's market share to 80%, onboarding 4.3 million new users every week. As displayed by Dovey Wan, founder of Primitive Ventures VC firm, Binance Wallet is now the most popular wallet in the world.
Not only has Binance Wallet smashed once-popular OKX wallet but it has exceeded MetaMask, one of the most prominent crypto apps in the history of blockchains.
Running on all EVM blockchains, ConsenSys' MetaMask was the gateway to self-custody for dozens of millions users.
As explained by Wan, the success of Binance Alpha's early listing program contributed to the parabolic growth of Binance Wallet. Also, it realized an airdrop program for users proportionally to their activity points.
Binance Wallet became the wallet of choice for meme coiners trading new memetic tokens with high leverage, expert added.
New dawn for Web2.5?
Also, built-in yield opportunities are another trigger of Binance Wallet leaving competitors in the dust.
Some skeptics opined that this is not apples-to-apples competition any longer. First, Binance Wallet has KYC, which is impossible for proper decentralized wallet.
Also, it relies on TrustWallet infrastructure, which allows Binance Wallet to siphon liquidity from what should be its competitor.
Wan concluded that Binance Wallet achieved "everything the best Web2.5 play can pull off" despite obviously violating "decentralized ethos."
Arman Shirinyan
Dan Burgin
