Binance Wallet has increased its Web3 Tools category advantage and benefits from a combination of DEX trading and special events. The wallet expanded to an 81.2% market share, and was shot far ahead of its rival Coinbase wallet.
Binance wallets promote the expansion of the entire ecosystem. This wallet has become an important tool for Web3 activities and adoption of new assets.
In May, wallets continued to expand their control, reaching a market share of 81.2%, surpassing all other exchange-based and Web3 wallets. Binance Wallet has the advantage of having a native chain and not relying on third-party services.
Vinanence wallets continued to increase by the zero fee period and increase trading activity. |Source: Dune Analytics
The main reasons behind expanding wallet services are Zero Fee The campaign will start in March and run until September. The campaign has already produced significant results in trading volumes through native wallets with daily users of the BNB chain.
Binance Wallet reaches peak trading volume
On May 7th, daily trading volumes for Binance wallets reached an all-time high $574 million. Daily results reflect months of growth driven primarily by wallet-based swaps and DEX activities.
The wallet has flipped the Metamask as its go-to wallet for fast swaps, especially after the Zero Fee campaign. Over that period, MetaMask had significant routing fees and worse swap prices compared to other wallets.
The low-cost policy appears to work for Binance with a new plan to further reduce gasoline costs for traders and token users. Binance Smart Chain may go through another Fees reductionincreasing the amount of use on the chain.
Binance’s Web3 Wallet is also a new token sales hub for all accounts that hold 3 bnbs in their wallets. Regular new TGE events and airdrops, as well as daily Binance Alpha Curation Tokens, reflect the demands of new assets and loyal communities.
Binance Smart Chain Increases DEX Activity
Binance Smart Chain showed rapid growth of DEX activity. Over the past week, the volume has grown by 18.8%, reaching a total of $209 million. At this activity level, Binance Smart Chain is trapped in Solana, with Dex trading volumes of $28.9 billion each week.
Chains routinely surpass and achieve Ethereum $17.9 billion With weekly DEX activities.
BSC growth is driven by the Pancakeswap market, which has increased by more than 23% in a week. BSC DEX activity began to recover in April as daily volumes were consistently destroyed over $1 billion. In the first week of May, BSC posted its highest outlaydex volume since March.
BSC DEX activity peaked around January 22nd, totaling $4.4 billion. BSC has achieved consistent growth despite not breaking the 2021-2022 trading records. The current increase in activity tracks the performance of top BSC versions of Meme tokens like wrapped BTC, Stablecoin, and Pepe, as well as native memes in 4.meme.
Native BNB tokens have expanded to a one-month peak as a result of renewed interest and demand for swaps. BNB traded at $614.59, setting expectations for a more significant breakout.
