Author: Haotian

Web3 wallets are currently seen as a battleground for grabbing user traffic, almost becoming a must-win area for all parties involved.

There are many wallets on the market, but few have the same influence as "exchanges." Exchanges make money by standing, and then come back to grab a piece of the wallet. Why?

1) Wallets have the most "upright" narrative in the coin circle. Many entrepreneurs from big companies in web2 cannot integrate into the wild play of the web3 community + Token. They will most likely choose to make wallets. Similarly, exchanges making web3 wallets will also gain a more enduring brand image;

2) The traffic obtained by CEX through listing coins is excellent, but it is being weakened by internal competition. Second- and third-tier CEXs are taking the lead in listing coins, and first-tier CEX users have become the main participants in listing coins. CEXs are showing anxiety in obtaining traffic, and the web3 wallet business may be a new incremental entry point;

3) MPC and account abstraction technology can indeed reduce the participation threshold for some users, which is conducive to CEX reversing the overly centralized image of its core exchange business. Using a new product matrix to weaken the criticized centralization problem is worth trying;

4) UniswapX, on-chain order book derivatives, independent trading application chains, and other DEX competitors are gradually reducing the gap in user experience with CEX through micro-innovations such as account abstraction, gas payment, and auction-style routing. The choice of exchanges to lay out Web3 wallets is also a forced response to confront DEX;

5) The high influence of CEX is gradually diminishing, and advantages in listing coins, traffic, and services are being gradually weakened. Actively approaching the decentralized environment and catering to the more web3 nature of play is essentially an industry progress;

6) The overall ecological positioning of wallets is still weak, with low migration costs. The layout of wallets by CEX will definitely bring wallets to a new height. It is hoped that similar intent-centric abstract solutions and AI-supported solutions can gradually emerge;

7) The new narrative of web3 wallets will help exchanges cope with increasingly complex and severe regulatory pressures. The regulatory differences faced by completely Custody and Self-Custody are obvious.

As for OKX, Binance, and the exchanges that followed suit with wallet development, which one is stronger is not really important. Everyone just needs to know that the monopoly position of CEX is diminishing, and the power of decentralization is becoming more prominent. Let them roll.

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