Recently, some community members have reported that Binance's DeFi Wallet function has been migrated. Verified by BlockBeats, the in-app wallet previously named DeFi Wallet within Binance has gradually been phased out, and a product named Web3 Wallet has been introduced instead. Binance co-founder He Yi also mentioned on social media that Binance's Web3 Wallet is in the testing phase.
The user guide for Binance's DeFi Wallet was released in March 2023, and the entry point for the DeFi Wallet is no longer functional. Meanwhile, the user guide for Binance's Web3 Wallet was revised in September 2023.
The current Binance Web3 Wallet is an optional product. After entering the token name in the Binance interface, users can navigate to the "DeFi" section in the navigation bar, click on "Explore more options in the DeFi Wallet" at the bottom, and then enter the wallet creation interface, followed by Binance's Web3 Wallet trading interface.
Returning to the Binance homepage, clicking on the "Funds" section in the bottom navigation bar, swiping right to the top sub-section, the last "Web3" interface is the built-in Web3 Wallet within Binance.
During the specific usage process, the author found that the current Web3 Wallet has relatively high permissions within the platform. Transferring funds from the Binance account to the Web3 Wallet does not require any verification, while using the wallet for transactions requires 2FA and email verification from the original account.
Binance's Web3 Wallet currently has basic Web3 Wallet functionality, allowing users to transfer Binance platform assets to the Web3 Wallet with one click. By finding the previous DeFi entry point, the Web3 Wallet can interact with more DeFi protocols, becoming a complete Web3 Wallet.
Similarly, the feature needs to be found in the "DeFi" section in the navigation bar at the bottom.
It is worth noting that, like the previous DeFi Wallet, Binance's Web3 Wallet uses MPC technology, which means users do not need to store mnemonic phrases. According to Binance's official introduction, if you need to export the private key, you can use the "emergency export" function, but the Web3 Wallet will become unusable after exporting, so it is necessary to properly safeguard the private key. Once lost, the funds will also be permanently lost.
Overall, Binance's current Web3 Wallet seems somewhat immature, with a cumbersome user entry process, many parts overlapping with the previous DeFi Wallet. Perhaps the Web3 Wallet product is still being updated and has not reached its final version.
However, it seems that we can still explore the final form of Binance's Web3 Wallet. In the process of collecting information, BlockBeats found the website of Binance's Web3 Wallet, and the Web3 Wallet shown in the image may be the final version. In this version, the Web3 Wallet is placed outside of the Cex platform.
Wallet Becomes a Contested Area for CeFi?
When it comes to exchange platform wallets, we cannot ignore OKX's Web3 Wallet. According to DefiLlama data, all of the top 100 protocols in the DeFi field have been integrated into OKX's Web3 Wallet.
OKX's Web3 Wallet also recently took the lead in BRC 20 token trading. According to Dune data, as of now, the Bitcoin Ordinals trading volume in the OKX Wallet accounts for 72.5%, while the second-place Unisat accounts for 21.5%.
Image Source: Dune
Not only from a data perspective, but various trading screenshots and discussions in the community about BRC 20 ecosystem are all based on OKX's Web3 Wallet interface. Clearly, this has become a star product for the OKX Wallet. Therefore, some community users commented that the integration of the Web3 Wallet in the Binance App test is to catch up with OKX's footsteps.
Not only from the community, but also a user who introduced himself as the business director of OKX Wallet, Shusen, publicly called out Binance's two founders on social media on October 30, saying, "I heard you are developing the Binance Wallet, do you want to consider using OKX's technology on the backend?"
Although Binance acquired Trust Wallet in 2018, it has not yet launched an impressive breakthrough product, positioning itself as a necessary decoration for the leading exchange platform. Now that Binance has updated its wallet product within the app, it remains to be seen whether it can seize the initiative in the wallet race and create another growth point.
Regardless of the future development and positioning of Binance's Web3 Wallet, integrating decentralized wallets into Cex's apps has become an industry trend. It's worth noting that OKX and Bybit have already integrated decentralized wallets into their products. It is believed that Bitget and Coinbase, with their extensive user base, will find it more convenient and swift to integrate their own wallets into their apps.
As a "big player" in the crypto industry, Cex's competition for decentralized wallets continues.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
