Chainfeeds Summary:
If a batch of truly mass-market on-chain applications emerge in the next decade, where should they be born?
Article source:
https://mp.weixin.qq.com/s/oTILrijNpxo4Wh6dIlibOg
Article Author:
IOSG Ventures
Opinion:
IOSG Ventures: Judging from community reviews, Binance Web3 Wallet isn't particularly popular, but it undeniably leads the way in traffic. For many Binance users, their first experience with Web3 Wallet often stems from a very specific scenario: wanting to participate in IPOs, airdrops, or be among the first to join a hot project, but this project isn't currently available on the exchange. Thus, the exchange's built-in wallet came into play. You don't need a seed phrase, you don't need to understand complex account models, and you don't even need to be consciously aware that you're using a separate wallet. From depositing funds and exchanging tokens to cross-chain transactions, authorization, and interaction, the entire process is extremely smooth and seamless. This is thanks to Binance's consistent strength: simplifying complex financial operations. Because of this, Binance Web3 Wallet is naturally suited to the BNB Chain ecosystem: rapid emergence of hot topics, high project density, and user behavior highly concentrated within a short period. In a 2025 on-chain statistic, Binance Wallet's daily transaction volume once reached approximately $92.6 million, capturing nearly 57.3% of the decentralized wallet transaction market share—a figure exceeding the combined total of all independent wallets. Users can complete cross-chain transactions, swaps, mining, and airdrop participation without needing to remember seed phrase or exit existing apps; this frictionless experience is difficult for many independent wallets to replicate. Coinbase Wallet (Base App), on the other hand, has a completely different feel. According to the latest market statistics, Base App has reached approximately 11 million users, ranking among the top in the global self-custodial wallet ecosystem. It was designed from the outset as a product that could exist independently of exchanges. This also results in a significantly higher learning curve for Base App. However, once this learning curve is complete, the user's mindset shifts: "This is my wallet, not Coinbase." This design is highly consistent with Base's overall direction. Base isn't in a rush to quickly drive all users to a single blockbuster app. Instead, it prioritizes whether users are willing to stay long-term, using the same wallet and address to repeatedly build their on-chain identity. Therefore, you'll see that Base App's deep users are often also: early adopters of Base applications, core participants in NFT, social, and creator tools, and a group more sensitive to product experience and long-term narratives. Within the Binance Web3 Wallet ecosystem, applications with strong financial attributes, short cycles, high-frequency interactions, and the ability to quickly handle exchange traffic are more likely to succeed. However, within the Base App + Base ecosystem, products that are user retention-oriented, more sensitive to UX, community, and long-term relationships, and less eager to monetize but willing to slowly accumulate real users are more likely to thrive.
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