Author: Yue Xiaoyu
After OKX DEX suspended its services, the entire market seemed to have dropped a bombshell, and the market development became very delicate, with various forces taking the stage and beginning to compete for the vacant market share.
We need to not only focus on the impact of the current events, but also pay attention to the changes in the future situation.
A new round of wallet war has begun.
It's just that we didn't expect the second half of the wallet war to be unfolded in this way.
1. Is the position of the OKX wallet unbreakable?
The OKX wallet has always been far ahead, and it is not an exaggeration to call it the smoothest wallet in the market.
When OKX DEX could not be used, people realized how useful OKX DEX was.
Users have to go to different chains one by one to find DEXs or cross-chain bridges, as if they have gone back to the primitive society.
More importantly, many trading platforms and wallets have also been affected, and the trading experience of many products has been greatly affected.
It should be known that many trading products and wallets are built based on the OKX OS (OKX operating system).
OKX has undoubtedly become the infrastructure of the Web3 industry.
But it should be known that OKX has invested hundreds of people and years of polishing to achieve the current product experience, without sparing any cost.
However, it was unexpected that OKX's rapid development was suddenly interrupted by a hacker incident unrelated to itself, and it was forced to press the pause button.
At this time, OKX has left a brief window period for its competitors, and it remains to be seen whether the other competitors can seize the opportunity.
But in general, the position of the OKX wallet will be shaken to a certain extent, but it will not be easily overtaken, after all, it has a very deep technical foundation.
2. When a whale falls, all things are born!
When there is unsatisfied demand in the market, there will be competing products appearing.
When OKX DEX could not be used, other competitors have already seized the opportunity to promote their products extensively.
Market competition is so cruel, "taking advantage of your illness to kill you".
Everyone wants to quickly occupy the market during this window period, but this window period is uncertain and may be very short.
Therefore, everyone can make efforts, and occupy as much market as they can.
Competitors have already taken action, but who will ultimately benefit?
3. Will Binance Wallet be the ultimate beneficiary?
Binance wallet is backed by the world's largest exchange, with unlimited ammunition, and more importantly, it has a very mature public chain ecosystem BNB, controlling the asset issuance end.
The wallet is the traffic entrance, and the public chain is the asset supply.
Therefore, Binance wallet can be said to be the number one rival of OKX wallet.
Previously, Binance wallet was far behind OKX wallet, but now OKX wallet has provided market space and development window period.
Binance naturally will not miss this good opportunity, and has launched free on-chain trading, and the founder and CZ are vigorously promoting Binance wallet on Twitter.
However, Binance wallet still has a lot of homework to do in terms of on-chain infrastructure and user experience, and it remains to be seen whether it can truly retain users in the end.
4. Will Bitget Wallet be the ultimate beneficiary?
Bitget wallet is currently the second largest exchange wallet in terms of user volume and trading volume after the OKX wallet.
Bitget wallet was originally Bitkeep, which is also a veteran Web3 wallet, and was later acquired by Bitget.
Bitget wallet has always maintained an independent APP for operation, and it was previously thought that the integration with the exchange was not enough, and it could not fully draw traffic from the exchange users;
Now, it can be found that this isolation of the operating entity and the APP has avoided some compliance risks, and has become an advantage.
Bitget's style has always been to aim high, and its community promotion and brand promotion have also been very aggressive, so it is also eyeing the market share left by OKX wallet.
5. Will GMGN be the ultimate beneficiary?
GMGN's on-chain dog fighting is indeed impressive, and GMGN can be said to be the star trading product in this cycle, standing out from the meme coin craze, and now being questioned after the meme coin craze has subsided.
But it cannot be denied that GMGN has indeed amazed in the user experience of on-chain trading, and its data analysis capabilities are also deeply rooted.
However, the problem with GMGN is that its use cases are limited, and the chains it supports are also limited, mainly concentrated on Solana, and its TG Bot product custodies user private keys, which has security risks and is also criticized by everyone.
6. Will UniversalX be the ultimate beneficiary?
Here we must mention a dark horse in the trading market: UniversalX.
UniversalX is built by the Particle Network team, which previously had a relatively deep technical accumulation in the wallet service layer, and later expanded to the trading platform, with the entry point of "chain abstraction", which is also a competition from a different dimension.
This product is a "truly" cross-chain trading platform, where you can trade any assets on any chain without considering cross-chain or Gas.
OKX DEX is essentially a trading aggregator, helping users aggregate many wallets and DEXs on the market, and completing transactions in a one-stop manner on this platform.
When OKX DEX could not be used, people started to find DEXs and cross-chain bridges on various chains, and at this time UniversalX appeared, bringing users a cross-chain, Gas-free full-chain trading platform.
This is a differentiated competitive advantage in a different dimension!
Especially in the face of the hot rotation of multiple chains, UniversalX can be said to be a powerful weapon, and users no longer need to hold assets or urgently cross-chain on various chains.
7. In summary
The wallet war has entered the second half, OKX has pressed the pause button, which has also given some opportunities to competitors, and everyone is showing their skills.
Although other competitors have started to expand frantically, it is not certain that they can withstand this huge influx of traffic, the key is to see who can provide the best product experience and ultimately retain the users.
OKX is now like a big tree attracting wind, and has become the first "anti-hacker" DEX, which also has some impact on the direction of our entire industry: the compliance path of the industry will continue to move forward.
For OKX, this is both a challenge and an opportunity.
If OKX wants to become a chain-based Google-like infrastructure, it must eventually solve the compliance problem, which is a necessary step, so it should take this opportunity to clear the mines in advance.
Still the king when returning.
