Bitget Wallet CEO: We do not engage in vague "Web3 entry points."

Author: Bitget Wallet

At the beginning of the year, after Bitget trading platform increased its stake in the Web3 multi-chain wallet BitKeep, BitKeep completed its brand upgrade in August, rebranding as Bitget Wallet, and proposed a new vision of "faster transactions, better assets," aiming to become the most user-friendly Web3 trading wallet.

This article is a communication sharing by Karry, CEO of Bitget Wallet (formerly BitKeep Wallet). From the perspective of the helm of Bitget Web3 Wallet, Karry systematically outlines the current structure and positioning of the wallet business, showcases the achievements made in product innovation, and discusses the challenges and future prospects facing the wallet sector.

Web3 wallets are like ships sailing on the sea. Where is Bitget Wallet currently sailing? Is the sea ahead turbulent or calm, or is it filled with icebergs? Where do we need to head in the future, and what kind of powerful propulsion system do we need to support us in reaching our destination better and faster?

Current Position: A Web3 Trading Wallet with 12 Million Global Users

After completing the brand upgrade from BitKeep to Bitget Wallet, our business lines are currently divided into four parts: mobile app, browser extension, web version, and the upcoming built-in Web3 service within Bitget exchange. These four ports allow users to easily access Web3 services in different scenarios.

According to the most popular crypto hot wallet rankings released by CoinGecko last month, Bitget Wallet has surpassed 1.1 million downloads on Google Play and Chrome extension, ranking seventh. Combining data from multiple platforms such as iOS and Android APK, our total user base currently exceeds 12 million.

Core Positioning: Trading Wallet

We position trading as our core business, aiming to become the most user-friendly trading wallet in Web3, or a decentralized trading platform. Why choose this positioning?

In the era of mobile internet, we believe that every DApp will likely become an independent app, unlikely to rely on external wallets, but rather have built-in wallet functions. Based on this competitive landscape, we decided to focus on asset trading and decentralized trading, excelling in this field. In terms of trading, which wallet is the easiest to use? Bitget Wallet. In the future, when users need to realize profits or preserve value in any scenario, such as GameFi or SocialFi, they will first consider our services. Wallets will no longer be standalone products but will increasingly resemble infrastructure, serving as basic tools or account systems to help users manage and appreciate their assets.

Our trading penetration rate has always been high. According to DappRadar data, Bitget Wallet's Swap trading volume often ranks in the top ten among all DeFi projects, nearly on par with MetaMask, and frequently surpasses it. This is a return on our continuous investment in developing a trading wallet. Community feedback indicates that Swap trading is also the most favored and frequently used feature, receiving many positive reviews for its smooth trading experience.

Time dimension in the chart: 7 days

In recent industry observations, a noticeable change is that the industry narrative is shifting from capital narratives to community narratives. The rise of meme coins is a sign of this shift. In fact, many of our wallet's trading experiences are designed with meme coins, community coins, and long-tail coins in mind, leading to significant optimizations in trading experiences.

Growth Engine Over the Past Two Years: Swap Product Innovation

Over the past two years, Bitget Swap has made many innovations.

We were the first in the wallet industry to provide K-line market data based on full-chain DEX trading data, offering users accurate multi-chain asset market information and popular rankings, which received widespread acclaim and made significant contributions to user growth.

At the same time, we integrated liquidity from hundreds of DEXs and cross-chain bridges, achieving the goal of seamless cross-chain trading. Our product philosophy is that as long as two tokens have value, users can freely trade between them, whether on the same chain or across chains.

Additionally, we pioneered a gasless trading experience, enabling trading without needing gas tokens on nearly ten chains, including BNB Chain, Polygon, TRON, etc. Recently, this feature has also been supported on the Ethereum chain, allowing users to quickly obtain gas fees during trading. We also introduced GASU subsidies, which act as gas fee coupons, automatically helping users offset various gas fees within the app.

The automatic slippage feature was also one of our earliest launches. Many users experience burn rates when trading meme coins or "shitcoins." We consider both slippage and token burn rates to automatically set a slippage that can complete the trade, reducing trading friction.

Recently, we saw the launch of the UniswapX beta, which features several functions such as aggregating DEX liquidity, gasless trading, and preventing MEV, all of which we implemented six months to a year ago, demonstrating that Bitget Swap's product innovation is far ahead in the industry.

Powerful Functionality: One Wallet Connecting the Entire Web3

In addition to the multi-chain Swap product, we also provide wallet users with comprehensive on-chain services and DeFi solutions, including non-custodial wallet management, NFT trading marketplace, DApp browser, Launchpad, ETH staking, and more.

We support over 90 mainstream public chains and more emerging chains, including EVM and heterogeneous chains, automatically aggregating multi-chain assets and transaction records. Users can add custom mainnets without filling in any parameters. We also support connecting hardware wallets and are developing MPC and AA wallets, with AA smart contract wallets already implemented on Starknet.

In terms of the Swap product, in addition to the strong liquidity aggregation and smooth trading experiences mentioned above, we are developing smart market data to help users discover investment opportunities earlier through smart money or a better ranking system on-chain. Additionally, integrating Bitget futures contracts will complement the trading system. For global users, we offer Quick Buy services, integrating six third-party channels such as MoonPay and Alchemy Pay, and also connecting Bitget P2P to provide fast coin-buying services for users in emerging markets with low credit card penetration, including Southeast Asia, helping users enter Web3 without barriers.

On the application layer, our NFT marketplace is the first in the entire network to support purchasing NFTs with any token, ranking second in trading volume across multiple main chains, only behind OpenSea. The DApp browser includes thousands of DApps and is the preferred choice for project interactions. In the future, we will also launch some interactive airdrop tools. We also support project issuance through Launchpad.

Our support for various public chains is comprehensive, covering basic interaction capabilities, including testnet airdrop claims, K-line market data, Swap trading, DApp interaction experiences, token and NFT displays… allowing users to connect to all corners of the Web3 industry with just one wallet.

Bitget Wallet Official Website

Basic Judgments on the Wallet Sector

Wallets Need a Clear Market Positioning

We cannot remain at the vague positioning of "Web3 entry." If a wallet is truly to become a Web3 entry point, it can only be realized when the industry develops significantly and attracts a large influx of users. The most likely candidates to become Web3 entry points are system-level wallets, such as those integrated into iOS and Android systems. If Apple Pay directly integrates public and private keys, it can be associated with wallets. The likelihood of independent wallet products becoming entry points is low.

Therefore, we need to find a more specific and focused positioning, such as the trading-centric wallet mentioned above, which can better highlight product features.

Additionally, from the current situation, exchanges remain the main entry points in the industry, with lower barriers to entry. The built-in Web3 services of exchanges can provide existing users with some Web3 experiences, which is also what we are working on, as mentioned above.

Trading is the Best Entry Point for Capturing Value

The core value of the industry mainly concentrates on asset issuance and asset trading. We position ourselves as a trading wallet because, as a bridge connecting asset circulation, trading can create value by providing liquidity, achieving price discovery, and enhancing asset availability, making it the best entry point for capturing value.

Focusing on trading can reach a broader user base and capture various values generated from trading activities. Decentralized trading has immense potential. Looking ahead, as technology advances and user experiences continue to improve, and as the industry matures, decentralized trading will become the mainstream choice, with payments being a key application scenario for wallets.

Technology Must Serve Real Needs

Designing and launching products solely from a technical concept may not truly attract users. The positioning of a wallet should be from the user's perspective. Technology can solve problems, but the concept of technology is not what users care about. For example, MPC and AA technologies can address some issues, but if a wallet is launched with a primary focus on being an MPC wallet or an AA wallet, it may not achieve the expected success in the market. Users do not care about what underlying technology is used; they care more about what problems the product solves.

People often think that MPC or AA wallets can lower the entry barrier for users, but I believe they are at most just facilities for lowering the entry barrier. Other truly attractive elements are still needed, such as GameFi or Bitcoin rising to $100,000. A breakthrough in technology alone cannot lead to a massive influx of users.

However, AA wallets also provide us with new possibilities. For example, gas abstraction can completely separate the payer from the transaction user, allowing us to become gas fee operators, offering monthly gas fee packages of $20 or $50. We can also manage permissions based on different scenarios, such as allowing small payments without signatures or single signatures, and setting multi-signatures for large amounts, all of which can be designed in smart contract wallets, which is difficult to achieve with EOA accounts.

Exchanges Entering the Wallet Battlefield: Competition, Challenges, and Opportunities

In addition to Bitget, many exchanges in the industry foresee that decentralized asset management and trading may become mainstream in the future, and are choosing to layout in advance by launching their own wallets. Competition is intensifying, and innovation has begun to roll out in terms of functionality and interaction. Maintaining an advantageous position no longer relies on localized innovations; it requires longer-term thinking and planning to achieve systemic improvements.

The upcoming Ethereum Cancun upgrade may further reduce Layer 2 fees, with gas fees becoming lower and TPS increasing, bringing decentralized trading closer to centralized trading. OPStack has drastically reduced the cost of launching Layer 2 chains, ushering in a battle of hundreds of Layer 2 chains, with the rise of new public chains and new interactive airdrop opportunities providing growth momentum for wallets.

The launch of Uniswap V4 and UniswapX further unleashes the power of aggregated liquidity, enhancing the decentralized trading experience, which will make DEXs more prosperous and provide us with opportunities. We will implement smart routing to pursue optimal pricing strategies, allowing for further development.

Future Direction: Dare to Innovate, or Risk Mediocrity

We need to maintain a balance between product innovation and infrastructure development. Recently, I have had a profound realization: after Elon Musk took over Twitter, the speed of product iteration has been unprecedentedly fast, with more new features launched in the last quarter than in the past three years, such as paid subscriptions and blue verification. Although some features have issues or lack usage, I believe that for a product to succeed, it requires a lot of experimentation and output; otherwise, it can easily fall into mediocrity and lose its innovative drive.

Maintaining an entrepreneurial mindset is crucial. Focusing solely on infrastructure can lead to inertia, while neglecting the basics can hinder rapid innovation. While ensuring the quality of the foundation, it is also necessary to stimulate the team's innovative potential and find breakthroughs in products through continuous experimentation. This requires sustained investment and perseverance, but it can keep the product at the forefront, creating greater value for users.

Continuous investment, rapid iteration, bold experimentation, and making friends with time.