Binance Wallet has suddenly increased its market share in the decentralized exchanges (DEX) segment to 80%, onboarding 4.3 million new users weekly.
Growth of Binance Wallet's Market Share
According to Dovey Wan, the founder of Primitive Ventures, Binance Wallet has become the most popular cryptocurrency wallet globally. The success of Binance Wallet is largely attributed to the launch of its alpha program, which significantly boosted its user base and the implementation of an airdrop program proportional to user activity.
Comparison with MetaMask
Binance Wallet has not only surpassed the once-popular OKX wallet but has also exceeded MetaMask, which has long been the main tools for self-custody among millions of users. MetaMask operated on all EVM blockchains, providing access to decentralized finance.
Criticism and Perspectives of Binance Wallet
Despite its successful market representation, some skeptics argue that Binance Wallet's competitiveness is flawed as it requires KYC, which poses issues for decentralized wallets. Additionally, Binance Wallet utilizes TrustWallet's infrastructure, allowing it to siphon liquidity away from its competitors. Even with this critical view, Wan claims that Binance Wallet has succeeded in its approach to Web2.5.
Thus, Binance Wallet showcases significantly high growth rates and shifts within the cryptocurrency market, yet raises questions about the preservation of decentralized principles.
