After the Bitget trading platform increased its investment in the Web3 multi-chain wallet BitKeep at the beginning of the year, BitKeep completed the brand upgrade in August and changed its name to Bitget Wallet. It proposed a new vision of faster transactions, better assets and is committed to becoming the most usable Web3 Trading wallet.
This article is an exchange and sharing by Karry, CEO of Bitget Wallet (formerly BitKeep Wallet). From the perspective of the helmsman of Bitget Web3 Wallet, Karry systematically sorted out the structure and positioning of the current wallet business, demonstrated the results of the product on the road of innovation, and discussed the wallet The structural challenges that the track is facing and its future prospects.
The Web3 wallet is like a ship sailing on the sea. Where is the Bitget Wallet ship sailing? Is the sea ahead choppy, as calm as a mirror, or filled with glaciers? Where are we going in the future, and what kind of powerful power system do we need to support us getting there better and faster?
Current location: Web3 transaction wallet with 12 million users worldwide
After completing the transition from BitKeep toBitget WalletAfter the brand upgrade, our business line is currently divided into four parts: mobile APP, browser plug-in, web page, and the built-in Web3 service of Bitget exchange under development. Four ports allow users to easily use Web3 services in different scenarios.
According to the most popular crypto hot wallet list released by CoinGecko last month, Bitget Wallet has more than 1.1 million downloads on Google Play and Chrome plug-ins, ranking seventh. Combining data from multiple platforms such as iOS and Android APK, our current total number of users is more than 12 million.
Core positioning: transaction wallet
We position trading as our current core business, and our goal is to become the most useful trading wallet in Web3, or a decentralized trading platform. Why did you choose this positioning?
In the era of mobile Internet, we judge that each DApp will become an independent App in the future and is unlikely to rely on external wallets, but will have its own wallet function. Based on this competitive landscape, we decided to focus on asset trading and decentralized trading, and be the best in this field. At the transaction level, who is the best wallet to use? Bitget Wallet. In the future, when users need to realize transactions and preserve value in any scenario, such as GameFi and SocialFi, to obtain income, they can first consider our services. In the future, wallets will no longer be an independent product, but will become more and more like infrastructure, basic tools or account systems that help users manage and add value to their assets.
Our transaction penetration rate has always been very high. According to DappRadar data, Bitget Wallets Swap transaction volume often ranks in the top ten among all DeFi projects, basically the same as MetaMask, and often exceeds MetaMask. This is also the reward for our continued investment in trading wallets in the past. In community feedback, Swap trading is also the most popular and commonly used function among users, and the smooth trading experience has received many praises.
Time dimension in the figure: 7 days
In recent industry observations, one obvious change that can be felt is that the industry narrative has begun to transition from a capital narrative to a community narrative. The rise of meme coins is a symbol. In fact, many of the transaction experiences in our wallet are oriented towards meme coins and community coins. , long-tail coins, and has done a lot of optimization of the trading experience, which has obvious advantages in this area.
Growth engine in the past two years: Swap product innovation
The Bitget Swap product has done a lot of innovation in the past two years.
We were the first in the wallet industry to create K-line market based on full-chain DEX transaction data, providing users with accurate multi-chain asset market, popular lists and other functions. We have won wide acclaim and made important contributions to user growth.
At the same time, we have integrated the liquidity of hundreds of DEXs and cross-chain bridges to achieve the goal of seamless cross-chain transactions. Our product concept is that as long as two tokens have value, users can freely trade between them, whether on the same chain or across chains.
In addition, we also took the lead in launching a Gas-free trading experience, and implemented innovations that allow transactions without Gas coins on nearly 10 chains, including BNB chain, Polygon, TRON, etc. Recently, this function has also been supported on the Ethereum chain, and gas fees can be quickly obtained during transactions. We also pioneered the GASU subsidy, which is equivalent to a gas fee coupon, automatically helping users deduct various gas fees in the app.
The automatic slippage function is also our first launch. Many users have burn rates when trading meme coins and Dogecoins. We will comprehensively consider the two indicators of slippage and token burn rate and automatically set a level for users that can just complete the transaction. Slippage to reduce transaction friction.
Some time ago, we saw the launch of the UniswapX beta version. Several main features, including aggregation of DEX liquidity, gas-free transactions, MEV prevention, etc., were all functions we implemented half a year to a year ago. It can be seen that Bitget Swap product innovation has made great strides in the industry. Inside is far ahead.
Powerful, one wallet connects the entire Web3
In addition to multi-chain Swap products, we also provide wallet users with a full range of on-chain services and DeFi solutions, including non-custodial wallet management, NFT trading market, DApp browser, Launchpad, ETH staking, etc.
We support more than 90 mainstream public chains and more emerging chains, including EVM and heterogeneous chains, and automatically aggregate assets and transaction records of multiple chains. Users do not need to fill in any parameters when adding a custom mainnet. We also support connecting hardware wallets, are developing MPC and AA wallets, and have now implemented AA smart contract wallets in Starknet.
In terms of Swap products, in addition to the powerful liquidity aggregation and some smooth transaction experiences mentioned above, we are developing smart quotes to help users discover them earlier through smart money, or through a better list system on the chain. Investment Opportunities. At the same time, access to Bitget futures contracts is also a supplement to the trading system. For global users, we provide Quick Buy service, integrating 6 third-party channels such as MoonPay and Alchemy Pay. We are also connected to Bitget P2P to provide quick currency purchase services for users in emerging markets with low credit card penetration rates, including Southeast Asia. Help users access Web3 without any barriers.
At the application level, the NFT market is the first trading market in the entire network that supports the purchase of NFTs with any currency. It occupies the top two transaction volumes on multiple main chains, second only to OpenSea; the DApp browser includes tens of thousands of DApps and is a project The first choice for interaction, we will also launch some interactive airdrop tools in the future. We also support project distribution through Launchpad.
Our support for each public chain is comprehensive, covering basic interactive capabilities, including test network airdrop collection, K-line market conditions, Swap transactions, DApp interactive experience, token and NFT display... allowing users to use one wallet. Can connect every corner of the entire Web3 industry.
Bitget Wallet official website: https://web3.bitget.com/
Basic judgment on wallet track
Wallets need clear market positioning
We cannot stop at the vague “Web3 portal” positioning. If the wallet really wants to become the entrance to Web3, it will only be possible when the industry develops greatly and attracts a large influx of users. The most likely entrance to Web3 is more likely to come from the system level, such as wallets on iOS and Android systems. If Apple Pay directly integrates public and private keys, it can be associated with the wallet. It is unlikely that independent wallet products will become the entrance.
Therefore, we need to find a more specific and focused positioning, such as the transaction-focused wallet mentioned above, which can better highlight product features.
In addition, judging from the current situation, exchanges are still the main entrance to the industry, with low barriers to entry. The exchanges built-in Web3 service can provide some Web3 experiences for existing users. This is what we are doing, as mentioned above.
Transactions are the best entry point to capture value
The core value of the industry is mainly focused on asset issuance and asset trading. We are positioned as a trading wallet because, as a bridge connecting asset circulation, trading can create value by providing liquidity, achieving price discovery, improving asset availability, etc., and is the best entry point for capturing value.
Focusing on transactions can reach a wider user group and capture various values generated in transaction activities. Decentralized transactions have great potential. From the perspective of future development, as technology advances and user experience continues to be optimized, and the industry as a whole matures, decentralized transactions will become a mainstream choice, and payment will be a key application scenario for wallets.
Technology must serve real needs
Designing and launching products based solely on technical concepts may not necessarily truly attract users. The positioning of the wallet should be from the users perspective. Technology can solve problems, but the concept of technology is not what users care about. For example, MPC and AA technologies can solve some problems, but if a wallet is launched and its main positioning is MPC wallet or AA wallet, it may not achieve the expected success in the market. Users don’t care what the underlying technology is, but care more about what problems the product solves.
Everyone always thinks that MPC or AA wallets can lower the barriers to entry for users, but I think they are at most just a facility for entry barriers. Other things are needed to really attract users, such as GameFi, or Bitcoin rising to $100,000. Just because of a breakthrough in technology does not allow a large number of users to pour in.
However, AA wallet also provides us with new possibilities. For example, Gas abstraction can completely separate payers and transaction users. We can become a Gas fee operator, such as 20 U or 50 U Gas fee per month. Permissions can also be managed according to different scenarios, such as signature-free or single signature for small-amount payments, and multi-signature settings for large amounts. These can all be designed in smart contract wallets, which is currently difficult to achieve with EOA accounts.
Exchanges enter the wallet war, competition, challenges and opportunities
In addition to us at Bitget, many exchanges in the industry are foreseeing that decentralized asset management and trading may become mainstream in the future, and they have chosen to make arrangements in advance and launch their own wallets. Competition has intensified, and innovation has begun to roll out at the functional and interactive levels. Maintaining a dominant position no longer relies on local innovation, but requires longer-term thinking and layout to achieve systematic improvement.
The future Ethereum Cancun upgrade may further reduce Layer 2 fees. Gas fees are getting lower and lower, TPS is getting higher and higher, and decentralized transactions are getting closer to centralization. OPStack has drastically reduced the cost of issuing Layer 2 chains, ushering in a battle between hundreds of Layer 2 chains. The rise of new public chains and new interactive airdrop opportunities are all bringing growth momentum to wallets.
The launch of Uniswap V4 and UniswapX will further unleash the power of aggregated liquidity and improve the decentralized trading experience, which will make DEX more prosperous and provide us with opportunities. If we do intelligent routing and pursue the optimal price strategy, there will be further progress. Room to play.
Future direction: Dare to innovate, otherwise you will fall into mediocrity
We need to maintain a balance between product innovation and infrastructure construction. Recently, I have a deep feeling. After Musk took over Twitter, the product iteration speed has been unprecedentedly fast. More new features have been launched in the most recent quarter than in the past three years, such as paid subscriptions, blue V, etc. Although some features exist Problems or lack of use, but I think that if a product wants to be successful, it needs a lot of attempts and output, otherwise it will easily fall into mediocrity and lose the motivation to innovate.
It is very important to maintain an entrepreneurial mentality. Simply focusing on infrastructure will easily lead to inertia, while neglecting the basics will make it difficult to support rapid innovation. On the premise of ensuring basic quality, it is also necessary to stimulate the innovation potential of the team and find product breakthroughs through continuous attempts. This requires continuous investment and persistence, but it can keep products at the forefront and create greater value for users.
Continue to invest, iterate quickly, try boldly, and be friends with time.