Original author: 0x26, Kaori, original source: Blockbeats
Binance Web3 Wallet
Binance's Web3 wallet currently has the basic functions of a Web3 wallet, and users can transfer Binance platform assets to the Web3 wallet with one click. By finding the previous DeFi entrance, the Web3 wallet can interact with more DeFi protocols and become a complete Web3 wallet.
Recently, community members reported that Binance’s DeFi Wallet function has been migrated. As verified by BlockBeats, Binance’s built-in wallet in the App, which was previously named DeFi Wallet, was gradually withdrawn and instead launched a product called Web3 Wallet. Binance Lianchuang He Yi also stated on social media that Binance’s Web3 wallet is in the testing phase.
The Binance DeFi wallet usage guide was released in March 2023, and the entrance to the DeFi wallet is no longer valid. At the same time, the user guide for Binance Web3 Wallet was revised in September 2023.
The current Binance Web3 wallet is an optional product. After the user enters the token name in the Binance interface, enters the "DeFi" section below the navigation bar and clicks "Explore more options in DeFi wallet" at the bottom to enter the wallet creation interface, followed by Binance's Web3 wallet transaction interface.
Go back to the Binance homepage, click on the "Funds" section in the bottom navigation bar, and swipe right on the sub-section at the top. The last "Web3" interface is Binance's built-in Web3 wallet.
During the specific use process, the author found that the current Web3 wallet has higher permissions within the platform. Transferring funds from the Binance account to the Web3 wallet does not require any verification, but when using the wallet for transactions, 2FA and email verification of the original account are required.
Binance's Web3 wallet currently has the basic functions of a Web3 wallet, and users can import Binance platform assets into the Web3 wallet with one click. By finding the previous DeFi entrance, the Web3 wallet can interact with more DeFi protocols and become a complete Web3 wallet.
It is worth noting that since the Binance Web3 wallet, like the previous DeFi wallet, uses MPC technology, it does not require users to store seed phrase. According to the official introduction of Binance, if you need to remit the private key, you can use the "Emergency Remit" function, but the Web3 wallet will no longer be usable after the remittance, so you need to keep the private key properly. Once lost, the funds will also be lost permanently.
Overall, Binance's current Web3 wallet seems a little immature, and the user entrance is cumbersome. Many parts overlap with previous DeFi wallets. Perhaps the Web3 wallet product is still being updated and has not yet completed the final version.
However, it seems that we can still take a look at the final form of Binance Web3 wallet. During the process of collecting information, BlockBeats found Binance's Web3 Wallet website. The Web3 wallet shown in the picture may be the final version. In this version, the Web3 wallet is placed separately from the Cex platform.
Will wallets become a battleground for CeFi?
When it comes to trading platform wallets, we have to mention OKX’s Web3 wallet. According to DefiLlama data, all the TOP100 protocols in the DeFi field have been connected to the OKX Web3 wallet.
OKX's Web 3 wallet has also taken the lead in the BRC 20 token transaction that has recently ushered in its second spring. According to Dune data, so far, OKX wallet’s Bitcoin Ordinals transactions account for 72.5%, while second-place Unisat accounts for 21.5%.
In addition to looking at the data, various transaction screenshots exchanged and discussed in the community about the BRC 20 ecosystem are also the interface of the OKX Web3 wallet. Obviously, this has become the star product of the OKX wallet. Therefore, some community users commented that this time Binance App tested the integration of Web3 wallet to catch up with OKX.
Not just in the community, Shusen, a user who was personally introduced as the business director of OKX Wallet, publicly called out to the two founders of Binance on social media on October 30, saying, "I heard that you are developing Binance Wallet, should you consider using OKX in the backend ?" technology".
Although Binance acquired Trust Wallet in 2018, it has been unable to launch eye-catching market-breaking products. Its positioning is like a necessity for the leading trading platform to decorate its appearance. Now that Binance has updated its wallet product within the APP, we will wait and see whether it can catch up on the wallet track and create another growth point.
Regardless of the future development and positioning of the Binance Web3 wallet, building decentralized wallets into Cex's App has become an industry trend. You must know that both OKX and Bybit have built-in decentralized wallets in their products. I believe that Bitget and Coinbase, whose wallets have a wide user base, will be more convenient and faster to access their own wallets in the App.
As a "big player" in the encryption industry, Cex's competition for decentralized wallets continues.
Further reading: OKX Web3 wallet tutorial: security, features, step-by-step operation
