Against the current, a review of 7 sets of data on the OKX Web3 wallet in the first half of the year

Author: Will, OKX

Entering 2023, the Federal Reserve's aggressive interest rate hike policy has suppressed global risk assets. Under the liquidity chill, the crypto industry struggles to move forward amidst "good and bad" news.

The SEC strikes hard against CEXs, Hong Kong fully supports Web3, Curve's stablecoin pool suffers an attack, the Bitcoin BRC20 ecosystem rises, BlackRock's Bitcoin spot ETF is delayed, Grayscale wins its lawsuit against the SEC… The crypto industry continues to experience gaps while constantly adjusting and correcting itself.

Currently, most crypto asset prices have fallen over 80% from the peak of the last bull market, the number of new active addresses has significantly decreased, the purchasing power of stablecoins continues to decline, and many on-chain indicators are entering historical lows, unable to escape the impact of cyclical rotation. The upcoming interest rate decision and the Federal Reserve Chairman's monetary policy speech are being magnified, replacing the old market narrative and becoming the logic for price fluctuations, as the market eagerly anticipates the end of the bear market.

Against this backdrop of a deep bear market, Web3 products represented by the OKX Web3 wallet are going against the trend, honing their basic skills internally and establishing Web3 entry standards; externally, they are enhancing product experience and attracting new Web2 users. In the past six months, many data points have shown impressive performance.

1. OKX NFT Market 24-Hour Trading Volume Reaches 13.4 Million

According to DappRadar data, although the current trading volume in the NFT sector has hit a historical low, the trading volume of the OKX NFT market shows a continuous upward trend. On September 3, the OKX NFT market's trading volume in nearly 24 hours reached 13.4 million, setting a new historical high. Previously, according to reports from Wu Says Blockchain, the reason for the counter-trend growth in the OKX NFT market's trading volume may be related to its zero transaction fees and the good user experience provided by the OKX Web3 wallet.

The OKX NFT market is a zero-fee multi-chain aggregation platform that integrates creation, collection, and trading functions. Currently, it has aggregated orders from mainstream NFT platforms such as OpenSea, Magic Eden, LooksRare, IMX Official, Element, and Blur, making it one of the most comprehensive NFT markets available.

2. OKX DEX Ethereum Daily Users Double, Aggregated DEX Count Grows Twofold

According to DUNE data, the number of users on OKX DEX has seen explosive growth since April this year, with the total number of daily user addresses on the Ethereum chain increasing from 12,205 at the beginning of the year to 28,383 in June, an increase of over 130%. Additionally, the number of DEXs aggregated by OKX DEX has grown from 100+ to 300+, an increase of over 200%, and the number of cross-chain bridges has risen from 3+ to 15+; the number of supported public chains has increased from 10+ to 20+.

The DEX section of the OKX Web3 wallet is the most powerful DEX and cross-chain aggregator, aggregating 10+ cross-chains, 20+ public chains, 300+ DEXs, and over 3 million tokens. The X Routing smart routing allows a single transaction to use multiple DEXs simultaneously, providing users with the best prices and zero transaction service fees. It also features a DEX market section, limit orders, perpetual contracts, and KYT security checks for convenience.

3. OKX Cryptopedia Fifth Event Surpasses 1 Million Participants in 5 Days

OKX Cryptopedia has launched a series of interactive events, including zkSync, SuiSwap, Fusionist, and Sui, with participant numbers continuously breaking historical highs. According to Lifeform's official Twitter, the fifth event of OKX Cryptopedia has surpassed 1 million participants in just five days. Previously, reports from Wu Says indicated that the Sui interactive event in the fourth phase of OKX Cryptopedia caused Sui on-chain transactions to slow down. SuiVision data shows that on June 4, the number of Sui on-chain transaction blocks reached 273,000, with nearly 54,000 active accounts, both hitting a small peak.

OKX Cryptopedia is a one-stop DApp exploration, learning, and reward interaction platform that regularly launches events themed around different blockchain networks and collaborates with corresponding partners to set DApp interaction tasks. Cryptopedia aims to discover and aggregate potential projects, lower the barriers to entering Web3, and reduce user search costs, allowing users to interact precisely even during fragmented time. Additionally, participating addresses may qualify for rewards from the corresponding network and DApp, and NFT holders will have the opportunity to receive extra rewards.

4. OKX Wallet Supports Over 70 Public Chains

OKX Wallet has added support for networks such as Mantle, Base, WAX, Linea, Scroll, and Conflux Network, increasing the number of supported public chains from over 40 at the beginning of the year to over 70, covering the most comprehensive popular ecosystems.

The OKX Web3 wallet is the most comprehensive heterogeneous multi-chain wallet, unifying the app, plugin, and web versions, covering five major sections: wallet, DEX, DeFi, NFT market, and DApp exploration. It also supports the Ordinals market, creating MPC and AA smart contract wallets, exchanging Gas, iCloud/Google Drive backup for mnemonic phrases, custom networks, and connecting hardware wallets.

5. OKX Ordinals Market Share Reaches a High of 83.3%

According to Dune data, since the launch of the Ordinals market on the OKX Web3 wallet on May 23, its market share has expanded from 0.3%. Especially on July 12, the OKX Ordinals market share once reached 83.3%, almost monopolizing the Bitcoin Ordinals ecosystem. As of September 5, the market share of OKX Ordinals has fallen back to 34.2%, second only to unisat's 45%, ranking TOP2.

The OKX Web3 wallet is the first multi-chain wallet to support the Ordinals market. The OKX Ordinals market is fully decentralized, with no platform service fees for interactions, supporting one-stop transfers, trading, and inscribing BRC-20 and BTC NFTs. Additionally, the OKX Web3 wallet is the first multi-chain wallet to support staking for Bitcoin and BRC-20 tokens and has previously launched the first BRC-20 browser, proposing the BRC20-S standard to introduce a staking mechanism to the BTC ecosystem.

6. KYT Security System with 300 Million+ On-Chain Address Label Database

The OKX Web3 wallet features the most powerful KYT security system, currently achieving a database of over 300 million on-chain address labels, which can help users detect risky addresses and provide automatic alerts during transactions or contract interactions. Additionally, it supports one-click management of risk contract authorizations and regular risk cleanups.

Moreover, the OKX Web3 wallet offers the most comprehensive mnemonic phrase/private key backup methods through iCloud/Google Drive cloud, manual, and hardware options, ensuring the security of users' private keys. By supporting the most comprehensive hardware wallets, such as Ledger and Keystone, it guarantees that users' private keys remain under their control.

7. OKX Web3 Wallet Has Completed 4 Open Source Initiatives

In the past six months, the OKX Web3 wallet has successively completed the open sourcing of the BRC20-S standard, multi-chain signature SDK, MPC core algorithm, and AA wallet code, leading the wallet sector towards safety and transparency while contributing to industry development through continuous open-source actions.

In addition to the Web3 wallet, OKX is also leading the industry in safe and transparent development in its CeFi business. On August 30, OKX officially released the 10th proof of reserves (PoR), with the reserve ratio of 22 publicly listed currencies exceeding 100%. OKX is committed to enhancing the transparency of PoR to traditional financial audit standards and is one of the few mainstream crypto exchanges that releases proof of reserves monthly. It has currently upgraded the PoR system through innovative technologies such as zk-STARK, allowing users to independently verify OKX's solvency at any time.