Written by: TechFlow
If you don’t participate in the Meme, you can’t say that you have truly participated in this bull market.
The Meme craze has been set off by popular ecosystems such as Solana, Base, and TON. Meme has become the main narrative of the crypto market in the first half of 2024, with retail investors participating with the highest enthusiasm and the best return rate. According to Coingecko data, Meme ranked first in the return rate of the crypto track in the first half of 2024, reaching an astonishing 1834.22%.
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Under the stimulation of high risk and high return, how to get a quicker insight into market dynamics and investment behavior has become a common demand: easy-to-use tools such as on-chain trend analysis, smart money tracking, and search popularity rankings have begun to spread rapidly in the community through word of mouth. Among them, the Meme mode of the OKX Web3 wallet, which will be launched in July, is still in the internal testing stage, but relying on the usual smooth experience, it has still sparked discussions among KOLs and the community. As one of the participants in the internal testing, we found in the process of experiencing the product: The smoothness of the Meme mode is inseparable from the underlying support of the built-in transaction aggregation function of the OKX Web3 wallet.
Trading is the main demand of crypto users, and the industry has never stopped discussing the future form of trading products. A detailed study of the iterative path of OKX Web3 wallet in terms of trading functions can not only give us a glimpse into OKX's thinking on the question of "what kind of trading products users really need", but also analyze the growth driving force behind its impressive data, which is also a prediction of the future trend of trading products to a certain extent.
According to OKX data, the OKX Web3 wallet had more than 4.6 million WAU (weekly active users) last week (plug-in + mobile), second only to the leading wallet project MetaMask, and its weekly transaction volume exceeded US$381 million (including transactions, cross-chain and API), dominating the Web3 wallet market.
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This article aims to deeply explore the Meme mode series of features that will be launched on the OKX Web3 wallet. On the one hand, through this mode, we can fully understand how the OKX Web3 wallet can achieve "reduced friction and efficient aggregation" in the trading experience through the built-in transaction aggregator OKX DEX. On the other hand, by analyzing the user growth driving force behind the experience, we can explore the trends and opportunities of future Web3 transactions.
If the last glorious moment of Meme belonged to Ethereum, then the popularity of Meme in this cycle is inseparable from the boost of Solana: whether in terms of quantity or quality, Solana has become the most active public chain of Meme:
According to Dexscreener data, the number of coins issued on the Solana chain on March 15, 2024 reached an astonishing 9,943 in a single day; and from Silly at the end of 2023, to the Shiba Inu WIF wearing a hat that became popular on the entire Internet, to BOME, which led the innovative pre-sale model and achieved a 50-fold increase in a single day after its launch, the Solana ecosystem can be said to be full of Meme masterpieces.
As a public chain known for its performance, Solana has a peak transaction rate of 65,000 transactions per second and a block time of only 400 milliseconds. This has laid the foundation for the further prosperity of Meme, and also made Solana Meme have outstanding characteristics: many projects, fast pace, and high risk. In addition, unlike other projects, Memecoin has almost no fundamentals to study. Understanding the distribution of chips, the direction of smart money, and whether the project has a rat warehouse is an important indicator for measuring a Meme project. For this reason, trading tools designed to quickly screen on-chain information to achieve more efficient decision-making and execution have become a common demand of Meme hunters.
As early as March this year, the OKX Web3 wallet launched the Solana Meme Coin Hunter function, which aims to screen out outstanding "smart money" addresses by measuring key indicators such as ROI (return on investment) and winning rate, and track the flow of smart money through intelligent algorithms, and push the latest investment potential projects to users to help users screen large amounts of information and make more rational investment choices.
As the Meme craze continues to sweep the Solana ecosystem, the OKX Web3 wallet has chosen to continue to tap into users’ Meme transaction needs, launch the Meme mode, and start large-scale internal testing. As one of the invited internal test members, we will now take a look at the specific functions and advantages of the OKX Web3 wallet Meme mode.
First of all, there are two ways for users to enter the OKX Web3 wallet Meme mode:
One is to enter directly through the upper right corner of the OKX Web3 trading page: if the user has a balance of currency on the Solana chain, he can directly select the currency for trading; if the user tries to trade a new currency, he can copy the contract address in advance and paste it into the search box on the page to add it for fast and efficient trading; the other is to directly select or search for the currency on the Solana chain on the market page and enter the trading page, and then click "Meme Mode" in the lower right corner to enter.
During the transaction, the OKX Web3 wallet Meme mode defaults to a higher slippage to improve the transaction success rate. Users can also select transaction parameters (slippage rate and priority fee level, etc.), or choose to manually enter relevant transaction parameters. After setting, the set values will be filled in by default in subsequent Meme mode transactions. Then click Confirm to complete the transaction. The interactive logic and transaction experience are relatively smooth.
Since the outbreak of the Solana Meme ecosystem, many practical tools have been born in the market. Specifically, they can be divided into two categories: project discovery and trading:
For project discovery, established data websites such as Dextools and Dexscreener already support Solana. GMGN also provides data dashboards, Pump.fun line chart services, position management, and SmartMoney/KOL wallet exploration. On the trading side, users can also choose wallets, Dex and other platforms. In addition, there are many TG Bots focusing on on-chain address tracking, popular trend coin notifications, etc.
In comparison, the advantages of the OKX Web3 wallet Meme model are faster transaction speeds, lower transaction costs, and it aims to build an integrated Meme experience from value discovery to smooth transactions.
We know that Meme transactions are time-sensitive. The life cycle of a Meme token may be only a few minutes, and Solana's competition for transaction order is to see who reaches the validator first. In addition, Solana's transaction fees are very low. In order to win priority, robots will send a large number of junk transactions to Solana. Among the same transactions, only the first one to be executed will be completed, and the rest of the transactions will fail. This causes Solana validators to consume a lot of computing resources to process failed transactions.
Previously, the OKX Web3 wallet has been optimized for transaction failure issues, and the Meme mode achieves faster transaction speeds through Jito: As the first protocol in the Solana ecosystem that combines MEV and liquidity staking services, Jito introduces mempool and block space auctions, uses MEV income as staking rewards, increases protocol staking income, reduces Solana’s occupation by invalid junk transactions, and minimizes the possibility of being attacked by MEV.
It is worth mentioning that compared to most Bot tools that charge a transaction fee of about 1% (for example, BonkBot, as the most popular trading Bot, even had a daily income of 1.3 million US dollars in March this year), the OKX Web3 wallet Meme model does not charge any fees except slippage and priority fee transaction wear and tear. By passing this part of the profit to users, the OKX Web3 wallet aims to bring users a more efficient and cost-effective Meme trading experience.
In addition, the OKX Web3 wallet Meme mode is built based on the OKX Web3 decentralized wallet. This non-custodial mode also further enhances user security and autonomy.
After the internal test is over, the OKX Web3 wallet Meme mode will soon be available to everyone. As a powerful assistant for Meme hunters, the OKX Web3 wallet Meme mode aims to help more users capture more opportunities and achieve higher returns in a fast-paced, high-risk market from value discovery to cost reduction to experience improvement. Interested readers can explore and experience it as soon as possible. Of course, Meme prices fluctuate violently and trading risks are relatively high. Although the OKX Web3 wallet Meme mode is designed to help gold diggers efficiently screen opportunities, investing in Meme still requires caution.
As mentioned at the beginning, we found that the Meme model is highly praised due to the underlying support of the built-in transaction aggregation function of the OKX Web3 wallet. Widespread user reputation seems to have proved that when faced with the question of "what kind of trading products do users need", the OKX Web3 team has grasped the core of user needs. What is this core?
We tried to find some clues about the answer from the evolution and development trend of trading products. Looking back to the brilliant summer of 2020, a number of trading projects represented by Compound, Uniswap, Sushiswap, and Curve launched DeFi Summer. Both the on-chain transaction volume and the number of users have ushered in a blowout. According to Deflama data, compared with the beginning of 2020, DEX transaction volume increased by nearly 200 times at the end of 2020. Subsequently, Ethereum's congestion and high Gas gave rise to the rise of new public chains and Layer 2, and the top trading products built on these major chains also performed well. During the explosive growth process, we also observed that users' functional requirements for trading products also showed various trends:
The growing number of trading products on different chains not only means that liquidity is becoming more and more dispersed, but also means that the Swap prices and costs of different pools are different. For users, how to find the optimal Swap path is both a challenge for information screening and an opportunity to gain profits. Based on this, the advantages of aggregated trading products begin to emerge: the single-handed fight of a single DEX product is more like a wedding dress for aggregated DEX. By aggregating a series of DEX protocols and comparing exchange rates to recommend the best Swap path for users, aggregated trading products can greatly save users' own work of comparing between major DEXs.
Under the advantages, we can see the rapid development of aggregation products in recent years: In June 2024, the total transaction volume of Jupiter, the DEX aggregator of the Solana ecosystem, exceeded US$200 billion, accounting for more than 80% of the Solana DEX transaction volume.
It seems that the core design concept of the OKX Web3 team's "All in One" product coincides with the trend of aggregated trading products:
The transaction aggregation function (OKX DEX) built into the OKX Web3 wallet is designed to automatically calculate the optimal transaction path in multi-chain and cross-chain scenarios through intelligent routing algorithms, providing users with quotes with lower slippage and less network fees. Compared with general aggregation products, the OKX Web3 team is known for being "more comprehensive and more efficient."
As the only DEX in the market that combines aggregator SWAP + cross-chain bridge Bridge, the transaction aggregation function built into the OKX Web3 wallet has aggregated 400+ mainstream DEXs and 25+ cross-chain bridges, and supports 30+ mainstream/popular/emerging blockchains including Bitcoin, Ethereum, Solana, Base, etc.
In terms of efficiency, OKX DEX achieves millisecond-level quotes through its self-developed X-Rooting algorithm. While most DEXs are still promoting quotes in seconds, the OKX DEX API achieves a response time of less than 100 milliseconds, which is equivalent to the time it takes to blink an eye. OKX DEX has completed at least 4 responses. Faster quotes not only mean that users can get the best price in real time, helping traders to respond quickly and execute transactions quickly when market prices fluctuate; it also means supporting more complex trading strategies, such as arbitrage trading, algorithmic trading, etc., so that professional traders can execute their strategies more effectively, thereby further improving the platform's liquidity and market depth, and truly bringing a smooth and efficient experience comparable to CEX to DEX transactions.
User experience can be said to be a problem that has always existed but has never been well solved.
The DeFi explosion in 2020 did greatly expand the scale of crypto users, but there was no trading experience at this stage. It was just that the high returns stimulated a large number of users to spend time learning the complex operating logic of the crypto world. With the congestion and gas problems of Ethereum, users began to spontaneously turn to new public chains and L2 with better performance and cost advantages. According to Deflama data, on December 15, 2023, the transaction volume of Solana's on-chain DEX surpassed Ethereum, which has long dominated the list, for the first time.
After several years of development, with the demand of existing users saturated and the industry seeking incremental users, lowering the threshold and improving the experience have become the consensus for the Web3 ecosystem to break the circle. During this period, solutions such as account abstraction have emerged. Many Web3 wallets are also continuing to explore ways to lower the threshold. For example, in February 2024, Coinbase announced the concept of its smart wallet at ETHDenver and provided a beta version for developers. Users can choose to create a wallet using Passkey (Face ID, Google Chrome profile, etc.).
In terms of lowering the threshold, the OKX Web3 wallet has functions such as iCloud/Google Drive seed phrase, MPC private keyless wallet, and AA smart contract wallet, which greatly reduces the cost of private key recovery and reduces user entry friction. From the experience point of view, among the Web3 wallets launched by a number of leading exchanges, the OKX Web3 wallet has explored the AA smart contract wallet the earliest and most deeply. Currently, OKX supports users to create AA smart wallets on 8 popular public chains such as Ethereum, OKTC, and Arbitrum.
In addition to lowering the threshold, another component of a good user experience is to reduce friction and make transactions more flexible and smoother. Regarding optimization in this regard, we can see that chain abstraction aimed at improving interoperability has attracted much attention, and UniswapX has promoted gas-free transactions. The OKX Web3 wallet also designed a gas exchange function for novice users . Users can quickly exchange mainstream assets such as USDT, USDC, DAI, WETH, etc. for gas fees. Even if users do not have gas or insufficient gas in actual transactions, they can complete the transaction smoothly without exiting the transaction page, which greatly simplifies and improves the user's cross-chain transaction experience.
In addition, the built-in transaction aggregation function of the OKX Web3 wallet also supports limit order transactions and custom slippage . Users can not only preset their desired buy or sell price, and the order will be automatically executed once the market price reaches or exceeds this price, but also set the price range more accurately to better control risks and execution strategies, providing users with greater flexibility in trading strategies.
In terms of creating a richer ecosystem to further realize the vision of "one entry to play the entire Web3 ecosystem", the OKX Web3 ecosystem aims to cover all levels of application scenarios from DeFi, NFT to games, RWA, etc. with wallets as the starting point and transactions as the fulcrum, bringing users a smooth, rich, efficient and low-cost interactive experience. Currently, the OKX Web3 wallet supports 95+ public chains and 1000+ dApps . Users can easily participate in various investment activities of 200+ DeFi protocols to earn income through the wallet DeFi module, or play NFT transactions on 20+ networks in the wallet NFT market module. You can even discover early high-quality projects through the Dapp exploration page, easily participate in interactions to win potential benefits and grasp Web3 offline event information. And with the smooth cross-chain Swap function, users are free from the worries of cumbersome operations .
This is not difficult to understand, because market hot spots have essentially attracted a lot of user attention. If you keep up with market hot spots and provide relevant support based on user needs, users who pay attention to this hot spot will most likely become product fans. However, if you want to keep up with market hot spots, you need not only the keen insight of the marketing team based on the community, but also the rapid response of the technical team to control the needs.
Inscription is regarded as the DeFi Summer of 2023. When Inscription swept Web3, there have been many cases of achieving user growth by seizing the Inscription hotspot. For example, Unisat, the first Ordinals open source browser extension wallet based on Bitcoin, achieved a surge in users as the only on-chain entrance and exit of BRC tokens when the Bitcoin ecological infrastructure was severely lacking: According to the data statistics of Unisat Google Chrome Store in May 2023, the number of weekly active users of UniSat Wallet exceeded 300,000, while the number of weekly active users three months ago was only 272, an increase of more than 100 times.
If Unisat allowed the community to see more possibilities of inscriptions, then the OKX Web3 wallet that subsequently joined the inscription battlefield can be said to have facilitated the grand event of "everyone inscription" through mature products: at the end of May 2023, the OKX Web3 wallet was fully launched on the Ordinals market. With its silky product experience, the most comprehensive functions, optimal liquidity and 0 handling fees, it quickly became a well-known "easy-to-use wallet" in the inscription ecosystem. Subsequently, the OKX Web3 team struck while the iron was hot and launched functions such as batch inscription and EVM inscription ecosystem support. In just a few months, its market share jumped to first place, and the peak transaction share on December 18, 2023 was close to 90%.
According to Dune data, among all Web3 wallets, OKX Web3 wallet ushered in rapid growth in May 2023, and we can see that this growth driven by market hotspots is sustainable: as can be seen from the figure below, the MetaMask wallet market share has been declining, and we can also see that after the popularity of inscriptions, the OKX Web3 wallet market share is still in a state of continuous increase. On the one hand, due to the multi-chain advantage of the OKX Web3 wallet, inscriptions have introduced users and cultivated user habits, making users more inclined to use the OKX Web3 wallet to manage multi-chain assets; on the other hand, the silky experience based on user needs has truly retained users for the OKX Web3 ecosystem.
In 2024, as the Meme trend becomes more and more popular, the Meme mode that will be launched on the OKX Web3 wallet is expected to bring a new round of user growth to the OKX Web3 ecosystem.
Although compared to the DeFi Summer period, trading products have undergone several iterations in terms of lowering barriers, eliminating friction, and improving efficiency, and the user experience has been greatly optimized, it must be admitted that Web3 transactions can still do a lot on the road to achieving one billion on-chain users.
First, in terms of the scale of on-chain users: According to Crypto.com 's market size report, the number of global cryptocurrency users increased by 34% in 2023, from 432 million to 580 million, which is an encouraging growth. But another set of data worth noting is that the top 20 L1 chain active users are only nearly 75 million, and the largest monthly active data of L2 is slightly less than 20 million. Overall, among the 580 million crypto users, there is still huge room for growth in real on-chain users.
As for how to bridge the gap between user sizes, let us return to the question at the beginning: What kind of trading products do users really need?
Since the subject of the question is the user, the answer to the question may also be given by the user. Quoting the comments of community users on the OKX Web3 wallet and its transaction aggregation function:
"Smooth interaction with low thresholds, capturing opportunities with efficient aggregation."
The iteration of OKX Web3 wallet will also focus on low threshold and high aggregation: on the one hand, OKX Web3 wallet will explore the implementation of OMNI Gas, further simplify the transaction process and avoid additional transaction costs; on the other hand, intention trading aims to simplify the operation process and improve the user experience. Previously, OKX DEX has launched the intention trading mode function by integrating UniswapX, and will explore more innovative possibilities in the future. In addition, the built-in transaction aggregation function of OKX Web3 wallet will continue to optimize the algorithm and aggregate more DEX protocols and cross-chain bridges, and is committed to bringing users more comprehensive aggregation and faster quotes.
It is worth mentioning that in the face of the macro narrative of one billion users, OKX Web3 is more inclined to promote the open source spirit of Web3: in the future, it will provide system building services (Waas) to the industry, and package infrastructure such as wallets and DEX and upper-level interfaces into easy-to-use and programmable SDK and API interfaces, providing a one-stop SDK and API access solution, aiming to help more developers join in building Web3.
In addition, regarding the Web3 breakthrough issue of incremental users, as leading exchanges successively launch Web3 wallet functions, the number of users on the Web3 chain will likely usher in rapid growth: on the one hand, trading is said to be the first stop for most ordinary users to contact the crypto industry. Among the 580 million crypto users, exchanges, especially leading exchanges, hold the vast majority of users. By deploying Web3 wallets at the exchange App entrance, the path for users to switch from exchanges to Web3 wallets is smoother; on the other hand, leading exchanges have top products, technologies, operation teams and rich upstream and downstream ecological resources, which can not only integrate resources more easily, but also gradually shape the Web3 product experience from a more professional and precise perspective.
As a leading exchange, OKX announced its transformation to Web3 as early as 2021. This forward-looking strategic decision enabled OKX to deploy in the Web3 field earlier than many competitors. With this advantage, the OKX Web3 team started researching Web3 user transaction needs and exploring product forms several years ago, which also enabled the OKX Web3 wallet to have a leading market performance in terms of transaction volume, user volume, and product experience. It also provided experience and demonstration for later comers in the design of trading products to a certain extent.
Transactions are the core demand of Web3 users, and the competition for Web3 transaction infrastructure is becoming increasingly fierce.
What cannot be ignored is that, from wallets to DEX, the OKX Web3 team always seems to be on the road of shaping the Web3 product form standard: when the Web3 user experience was still out of the question, the OKX Web3 team was at the forefront of exploring a smooth and efficient product interaction experience; and when the product was launched and everyone was saying it was easy to use, the OKX Web3 team was still only concerned about what innovations it could bring based on user needs.
Regardless of the bull and bear markets, users are always the core, and a series of innovations centered on user experience will be the key to the long-term and stable development of the project. We look forward to seeing more innovative results from frontline builders like OKX Web3 and even the entire industry.
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