Invisible Infrastructure 06 | Dialogue with OKX Web3: Mobile Wallets May Become "Web3 Super Apps"

Author: OKX Web3

The balance between centralized and decentralized applications in the crypto industry is forming: Centralized platforms provide convenient trading access and higher security, while decentralized wallets offer a unified on-chain entry and greater privacy, thus more comprehensively meeting user needs.

Crypto wallets are becoming an important form of decentralized applications. According to the "Crypto Wallet Market Outlook 2023" report, the global crypto wallet market size reached $8 billion in 2023, and it is expected to continue growing at a compound annual growth rate (CAGR) of 24.2%, with the market value surpassing $20 billion by 2028. Additionally, according to Statista, the number of global crypto wallet users exceeded 50 million in 2024, an increase of over 200% compared to 2020.

Among them, crypto mobile wallets are expanding their user base through higher convenience and may be becoming "Web3 super applications." As of now, the usage rate of mobile wallets exceeds 60%, with the daily average crypto transaction volume increasing from $100 million in 2020 to over $1 billion in 2024, with an annual growth rate of about 85%. In terms of applications, according to DappRadar, over 70% of NFT transactions are completed through mobile wallets, and about 65% of DeFi users rely on mobile wallets for transactions and staking.

Mobile wallets have undergone rapid evolution in recent years, evolving from simple cryptocurrency storage tools to comprehensive platforms supporting complex functions such as DeFi, NFT trading, and cross-chain capabilities. As a leading one-stop Web3 entry point in the industry, Invisible Infrastructure Issue 06 will focus on the OKX Web3 wallet mobile version (hereinafter referred to as "OKX Web3 Mobile Wallet"), delving into the product development and insights of the OKX Web3 mobile wallet team through dialogue, hoping to help users better understand and use mobile wallets.

What user pain points does the OKX Web3 Mobile Wallet address, and what are its product vision and market positioning?

OKX Web3: The OKX Web3 Mobile Wallet is a multifunctional Web3 wallet that integrates security, convenience, and ease of use, aggregating advantages such as wallet, swap trading, NFT marketplace, and DApp browser, meeting various Web3 needs for secure asset storage, trading, and on-chain interaction. We are committed to enabling every user to seamlessly enter the decentralized ecosystem of Web3 and experience the infinite possibilities of the crypto world. Our vision is to become a "one-stop" solution in the Web3 ecosystem, allowing users to participate in various activities in the decentralized world easily and securely. For example,

1) In terms of security: We ensure the highest level of protection for users' crypto assets during storage and trading through multiple security measures such as multi-signature and hardware wallets.

2) In terms of convenience: Users can manage assets, trade, purchase NFTs, and access DApps all on the OKX Web3 Mobile Wallet platform without frequently switching applications, enjoying a one-stop convenient experience.

3) In terms of ease of use: Whether beginners or experienced users, everyone can easily manage assets, conduct transactions, stake, and perform other on-chain operations through the intuitive interface and simplified operation process provided by our wallet.

In summary, the positioning of the OKX Web3 Mobile Wallet can be summarized in three keywords: Web3 mobile entry point, toolbox for Web3 enthusiasts, and one-stop Web3 ecosystem solution.

First, unlike plugin wallets that mainly rely on PC Dashboard operations, the OKX Web3 Mobile Wallet is positioned as a mobile entry point for Web3, catering to an increasing number of mobile-first users, helping them conveniently access the Web3 world anytime and anywhere. Second, the OKX Web3 Mobile Wallet is also a toolbox for Web3 enthusiasts, integrating various functions such as asset management, trading, NFT marketplace, and DApp browsing, not only meeting basic crypto storage needs but also serving as a comprehensive Web3 operation platform to satisfy users' all-around on-chain needs. Finally, we also position ourselves as a one-stop Web3 ecosystem solution, providing a multi-functional solution with full-chain coverage for users who wish to deeply engage in DeFi, NFTs, and other blockchain activities, reducing the complexity of operations across multiple platforms and enhancing operational efficiency and experience.

Latest product updates

OKX Web3: To further enhance user experience, we have upgraded and iterated multiple business lines in our product, making the operation process smoother and the functions richer. Here are a few highlights:

1) Comprehensive UI upgrade: The newly designed product interface offers a smoother user experience. We have greatly simplified processes such as asset management, token swapping, and DApp exploration, providing users with a secure and efficient entry to a diverse on-chain ecosystem.

2) App Connect protocol upgrade: For Telegram Mini Apps that support App Connect, users can directly invoke the OKX Web3 Mobile Wallet for signing and trading, smoothly completing DApp interactions for a more convenient experience.

3) Token discovery page upgrade: Our new token page allows users to explore over 1 million different types of tokens, covering popular memecoins on networks like Solana, Base, and BNB, and supports customized sorting options to help users quickly find new trading opportunities. Currently, the OKX Web3 Mobile Wallet's DEX aggregator adds approximately 120,000 new tokens weekly.

4) Marketplace upgrade: By simplifying the operational experience, users can better discover and easily trade over 3 million digital collectibles through the OKX Marketplace, including emerging assets like inscriptions and runes from the Bitcoin ecosystem. The optimized interface is more comprehensively adaptable for both new and old users.

5) DEX aggregator upgrade: Our DEX aggregator provides industry-leading quote response times and trading speeds, retrieving and aggregating quotes from nearly 500 decentralized exchanges with an average response time of about 50 milliseconds, offering users a top-tier trading experience.

6) Navigation page upgrade: The new categorization structure makes the product experience more intuitive; for example, users can easily access a vast array of third-party DApps in the "Discover" section, greatly enhancing exploration efficiency and convenience.

Currently, users can update the OKX APP to the latest version to immediately experience the above features.

How to quickly respond to user needs and market trends? And maintain a leading position in a rapidly changing industry?

OKX Web3: In responding to user needs and market trends, we have established an efficient market trend response mechanism to ensure that the OKX Web3 Mobile Wallet can quickly capture and adapt to market dynamics. Whether it’s the launch of new public chains, the rise of DeFi protocols, or the popularity of meme tokens, the OKX Web3 Mobile Wallet will quickly integrate these emerging features and services after conducting surveys and assessments. Additionally, through close cooperation with popular protocols or early support for emerging chains, we provide users with a diverse and rich Web3 ecosystem, helping them easily participate in and experience the latest on-chain innovations at the forefront of the industry.

Moreover, to maintain a leading position in a rapidly changing industry, we have achieved: proactive layout of Web3 frontier technologies, promotion of multi-chain ecosystem collaborative development, and multi-channel collection of user feedback.

In terms of proactive layout of Web3 frontier technologies: We are not just followers in the market but also drivers of innovation. The OKX Web3 Mobile Wallet maintains close communication with the global developer community and establishes deep cooperation with cutting-edge DApps and protocols, ensuring that we can provide users with advanced features and rich resources. This close partnership keeps us competitive and continuously brings upgraded experiences to users.

In promoting multi-chain ecosystem collaborative development: The OKX Web3 Mobile Wallet is committed to breaking down barriers between chains, creating a unified user experience through cross-chain interoperability, liquidity aggregation, developer support, and more, allowing users to enjoy a more convenient multi-chain asset management experience. At the same time, it promotes the mutual prosperity of various chain ecosystems, enhancing interaction between users and projects, and driving the overall development of the Web3 ecosystem.

In multi-channel collection of user feedback: We place great importance on user voices and can quickly gather user needs and suggestions through various channels such as built-in feedback systems, social media interactions, and community operations. The OKX Web3 Mobile Wallet prioritizes the development of features that users urgently need based on feedback, ensuring that we are always at the forefront of meeting user needs, enhancing user engagement and satisfaction. Through these measures, the OKX Web3 Mobile Wallet can not only quickly respond to market changes but also continuously lead industry development through technological innovation, ecosystem collaboration, and user feedback.

What technical measures are adopted to protect user asset security?

OKX Web3: To protect user asset security, we have implemented multi-layered technical measures to ensure users are in a secure environment. Currently, key protective measures include:

1) Malicious DApp detection. Some DApps may pose phishing or malicious trading risks, potentially leading users to unknowingly sign malicious transactions and suffer asset losses. To prevent this, the OKX Web3 Mobile Wallet has introduced a "domain risk detection" service. When users access potentially malicious DApps, the system will automatically pop up an alert window, clearly reminding users of the potential risks of the site, helping them avoid potentially dangerous operations in a timely manner.

2) Pre-sign transaction risk interception. Before users sign transactions, the OKX Web3 Mobile Wallet will automatically execute "pre-risk detection." If risks such as addresses involved in the transaction, Ethsign risk signatures, authorization of external accounts (EOA), or zero-cost purchases are detected, the system will pop up a risk warning on the signing page, alerting users to potential security threats. This effectively prevents users from unknowingly signing high-risk transactions, thereby reducing potential financial losses.

3) Risk authorization reminders. If users already have potential risk authorizations, the OKX Web3 Mobile Wallet will prominently remind users of these potential risks on the homepage. Users can follow the prompts to enter the web page to view and manage these authorizations, ensuring their assets are not at risk.

4) Risk filtering in transaction history. Users' transaction histories may be polluted by behaviors such as spam airdrops or similar address attacks, leading users to be lured into phishing transactions, resulting in asset losses. To address this issue, the OKX Web3 Mobile Wallet identifies transactions involving these risks and defaults to hiding risky transactions for users, preventing them from mistakenly clicking or executing unsafe operations, helping users reduce the risk of being maliciously guided from the source.

We hope that through these technical measures, we provide users with a safer and more reliable on-chain operating environment, effectively protecting user asset security.

Future plans for the OKX Web3 Mobile Wallet

OKX Web3: In the future, the OKX Web3 Mobile Wallet will further accelerate technological innovation and product iteration through close cooperation with the global developer community, continuously promoting wallet function upgrades. Through these innovations, we are committed to simplifying cumbersome blockchain operations, lowering the learning threshold and risk of user errors, helping new users quickly get started, and enabling every user to efficiently and conveniently utilize the powerful features of the wallet.

Additionally, the OKX Web3 Mobile Wallet aims to provide users with a one-stop Web3 entry point, aggregating diverse channels and rich display formats to provide users with accurate Web3 industry information instantly, creating a comprehensive Web3 ecosystem entry. Users will not only be able to conveniently discover the latest projects and industry trends but also gain in-depth understanding of cutting-edge trends in the blockchain ecosystem. In summary, we are committed to building a comprehensive Web3 ecosystem platform, making the OKX Web3 Mobile Wallet the preferred platform for users to explore and participate in the Web3 world.

How to view the development trends of crypto wallets

OKX Web3: A frequently discussed topic is that the Web3 world does not yet have super applications like WeChat or Alipay in Web2, but in fact, multiple projects are developing in this direction, gradually integrating various functions so that users can participate in all aspects of the Web3 ecosystem through one platform. Although the decentralized nature of Web3 makes it difficult for a single "super application" to fully replicate the Web2 model, some platforms are exploring this concept by aggregating various services and tools, gradually forming the prototype of a Web3 super application.

Among them, crypto mobile wallets have the potential to become "Web3 super applications," primarily because they serve as a key entry point to the decentralized world, achieving a one-stop solution, mobile experience anytime and anywhere, multi-chain support, cross-chain interoperability, and serving as a core hub for DeFi, thus meeting users' broad needs in the Web3 ecosystem. This comprehensive integration of functions and convenience gives them immense potential to become "Web3 super applications."

With continuous technological innovation and the expansion of daily applications, mobile wallets will become more convenient and practical, driving user growth to new heights.

Disclaimer

This content is for reference only and does not constitute or should not be regarded as (i) investment advice or recommendation, (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Digital assets (including stablecoins and NFTs) are subject to market fluctuations, involve high risks, and may depreciate or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation and risk tolerance. Please consult your legal/tax/investment professionals regarding your specific circumstances. Not all products are available in all regions. For more details, please refer to the OKX Terms of Service and Risk Disclosure & Disclaimer. The OKX Web3 Mobile Wallet and its derivative services are subject to separate terms of service. You are responsible for understanding and complying with applicable laws and regulations in your locality.