Binance Wallet recorded 80-90 million daily transactions on 3/18-19, significantly leading other Web3 wallet interfaces (yellow section in the chart); this data reflects changes in the Web3 wallet landscape, including meme trend shifts, OKX wallet regulatory issues, Binance's UAE strategy, and Binance Alpha 2.0's effectiveness. This article will explain each event to explore the Web3 wallet war between exchanges.

[Rest of the content remains the same, translating as follows:] Dune data shows that Binance Wallet has significantly improved in daily active users and trading volume, surpassing other competitors (GMGN, MetaMask, Phantom wallets) from 3/17-19 to become the market leader. According to Bloomberg, EU regulators are investigating crypto exchange OKX because its decentralized Web3 service was allegedly used to launder funds from a Bybit hack. OKX has denied these accusations and emphasized that its Web3 wallet is a self-custody tool. OKX subsequently announced a temporary closure of its Web3 DEX aggregator service for security upgrades, sparking market concerns about centralized services. Currently, for Web3 wallet users, the primary purpose is "meme coin trading" rather than DeFi applications. Solana, the main meme coin battlefield, has seen a significant decline in trading volume from February to March. BNB Chain has gradually attracted the meme coin market with topic-related meme coins centered around CZ, such as $TST, $WHY, $Mubarka, $DDDD, which revolve around Binance's core themes (like UAE investment). BNB Chain's new token issuance platform Four.meme has also reflected this phenomenon, with a large number of users entering since March.

Binance Alpha 2.0 and PancakeSwap TGE Bonus

Binance Alpha 2.0 Enhances On-Chain Market Convenience

Binance has launched an upgraded version of Binance Alpha 2.0, deeply integrating its innovative features into the centralized trading platform, attempting to break down the barriers between centralized exchanges (CEX) and decentralized exchanges (DEX). Binance Alpha was initially launched in late 2024, aimed at discovering potential early-stage projects in the Web3 ecosystem, though some tokens may potentially list on the Binance platform, there is no guarantee.

Alpha 2.0 is built on the existing foundation and supports on-chain asset operations through the Binance Wallet, allowing users to conduct on-chain trades using their existing account funds without needing to establish an additional Web3 wallet or transfer assets. Its core functions include: users can directly explore and purchase on-chain tokens within the Binance platform, simplifying the trading process and improving capital efficiency, creating a more convenient one-stop crypto asset experience.

The concept is "within the Binance exchange, input the desired amount, and the system will automatically calculate the number of tokens obtainable after deducting network gas fees from on-chain transactions." Such a setup will facilitate CEX users' conversion to on-chain trading.

Exclusive PancakeSwap TGE Creates Investment Fever

Previously on Binance CEX, users could only compete for minimal profits with BNB whales through Launchpad/Launchpool (new token issuance). Now, Binance Wallet collaborates with BNB Chain's token swap protocol PancakeSwap to launch an exclusive PancakeSwap TGE, where only Binance Wallet users can access new token issuance events with "investment caps".

More importantly, these TGE series adopt time-limited investment, immediately opening trading after a few hours, which perfectly matches the meme community's trading rhythm; after several TGEs, almost all have shown positive returns, thus attracting many Web3 wallet players.

(Bedrock TGE Coming Soon! Binance Wallet Partners with PancakeSwap, BNB Users Limited-Time Subscription)

Web3 Wallet Battlefield Sounds Its Horn, Can Binance Wallet Emerge Victorious

As regulatory progress gradually matures and regulations for centralized exchanges are progressively implemented in multiple countries, many exchanges are not only moving towards compliance but also striving to develop on-chain applications. The on-chain trading market has fewer compliance complications, allowing users to use self-custodial wallets, with related businesses introducing business models for profit (e.g., self-built DEX), which can simultaneously reduce regulatory and security costs.

Previously, Binance Wallet lagged significantly in user experience and functionality compared to OKX Wallet. Binance co-founder He Yi also frequently responded in community channels that they need to "spur improvement". Now, Binance has launched a combination of strategies that align with the right timing, location, and conditions, steadily capturing market share, which can be considered fulfilling a wish.

However, the current heat of Binance Wallet may not have truly captured the meme coin market. According to various community opinions, the meme coins created on BNB Chain have not yet convinced Western communities and remain confined to Binance topics and Chinese communities, potentially with a more short-lived organic continuity.

The author believes that the exclusive PancakeSwap TGE might be more attractive to Binance CEX users in the short term, while Binance Alpha 2.0 is more beneficial for BNB Chain's development in the long term. Many new project token issuances aim to enter Binance CEX to enjoy complete liquidity and crowd support. Binance Alpha 2.0 provides an exposure opportunity that will be more advantageous for new projects to achieve their goals.

Finally, exchanges operating Web3 wallet services and aggressively integrating and blurring the lines between CEX and DEX might still face regulatory challenges as intermediaries. In the crypto-friendly era of Trump, can they survive steadily? This remains to be verified by time.