In the Web3 world built on blockchain, a Web3 wallet is your digital asset hub. It is not just a tool for storing cryptocurrencies; it is the core gateway for accessing decentralized applications (DApps), participating in DeFi (decentralized finance), buying and selling NFTs (non-fungible tokens), and even participating in DAO (decentralized autonomous organization) governance.
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Differences between Web3 wallets and hot wallets: Web3 wallets are developed by exchanges, emphasizing a smooth user experience for "one-stop integration of decentralized ecosystems"; hot wallets are mostly developed by project teams, offering freedom of operation but requiring custom settings, making them harder to use.
Comparison of the three major Web3 wallets: Bitget supports the most chains (100+), the most DApps (20,000+); OKX provides a social backup mechanism and strong cross-chain integration; Binance has the most intuitive and convenient interface, making it the best choice for beginners.
How to choose a Web3 wallet: Since Web3 supports multiple chains and DApp connections, you can choose a wallet based on the exchange you usually use and your needs for DApp usage, focusing on the "most convenient and user-friendly" Web3 wallet.
What is a Web3 wallet? A comparative analysis of the three major popular crypto Web3 wallets.
What is a Web3 wallet?
By delving into the history of blockchain and Bitcoin, we can see that blockchain technology has always developed with "decentralization" as its core concept, continuing to this day. Now, if we want to balance self-custody of digital assets with high usability (such as interoperability with centralized platforms), the most representative tool that embodies this concept is the Web3 wallet we are introducing today.
A Web3 wallet is not just a tool for accessing cryptocurrencies; it represents users' anonymous identity on the blockchain, wallet keys (private keys), and the interface for interacting with projects. We need it to log into decentralized applications (DApps), participate in DeFi operations, collect and trade NFTs, and even vote in DAO governance.
In simple terms, if we want to explore the Web3 world in depth, we cannot do without such a digital wallet.
What are the differences between Web3 wallets and hot wallets?
Under the category of cryptocurrency wallets, the differences between "Web3 wallets" and "hot wallets" initially were more about naming. However, in recent times, under different definitions from various project teams, the distinctions between the two in terms of developer background, application paths, and ecosystem integration have become clearer.
Below, we have organized common Web3 wallets and hot wallets, along with their differences:
Web3 Wallet: An Extension of Exchange Ecosystems
The so-called Web3 wallet has gradually been positioned by many cryptocurrency exchanges in recent years as a "self-custody wallet that is highly integrated with the exchange ecosystem."
Web3 wallets are usually developed by cryptocurrency exchanges themselves, capable of managing assets across different chains and supporting cross-chain operations. In addition, Web3 wallets often integrate with the services of the exchanges themselves, such as exclusive airdrops, event tasks, and more. Common Web3 wallets include: Binance Web3 Wallet: developed by Binance exchange (official download and registration) OKX Web3 Wallet: developed by OKX exchange (official download and registration) Bitget Wallet: assisted by Bitget exchange (formerly BitKeep)
Web3 wallets typically have the following four characteristics: Exchange ecosystem support: can be used directly to participate in exchange Launchpad, airdrop tasks, staking activities, etc. Multi-chain support: natively supports multiple mainstream public chains (such as Ethereum, Polygon, BNB Chain, etc.), without needing to manually add blockchains (RPC) in the wallet interface. One-click login / one-stop interaction: can log into the Web3 wallet directly from the exchange app or official website, connecting to its own DeFi, NFT, GameFi ecosystems, lowering the participation and learning threshold. Built-in DApp exploration page: allows users to browse and operate mainstream DApps or activities in one place within the wallet.
Overall, the Web3 wallet is a product launched by "centralized" cryptocurrency exchanges to provide users with more "decentralized" services.
They simplify the process of transitioning users to Web3 and enrich the application functions that the wallet can directly interact with, deeply integrating with their own ecosystems, allowing users to "feel like they are using an exchange" and quickly get started with the Web3 wallet.
Hot Wallet: Decentralized Applications Not from Exchanges
In contrast, hot wallets are developed by non-exchange project teams, so from the outset, their design focuses more on "how to integrate with specific blockchain ecosystems" rather than on user experience.
Common hot wallets include: MetaMask Wallet: developed by the Consensys team, supports Ethereum and all EVM-compatible chains (such as Polygon, Arbitrum, etc.), and is one of the most widely used hot wallets. Phantom Wallet: developed by the Phantom Labs team, supports the Solana blockchain, and has since expanded to support Ethereum, making it the primary hot wallet for the Solana ecosystem. Keplr Wallet: developed by the Chainapsis team, is the native hot wallet for the Cosmos ecosystem, supporting IBC cross-chain functionality and most chains based on the Cosmos SDK (such as Osmosis, Juno, etc.).
Hot wallets typically have the following three characteristics: Specialized for specific chains: most hot wallets focus on specific chains or protocols, with a simple design and quick startup. Customizable features: suitable for users familiar with the on-chain environment, allowing manual addition of networks, custom Gas Fees, and signing smart contracts. High scalability: many hot wallets are open-source tools, allowing users and communities to supplement functionality through plugins and extended code.
In short, hot wallets are cryptocurrency wallets developed by non-exchange project teams and can be seen as "the native entry point for decentralized applications on the blockchain," while Web3 wallets are more like "decentralized entry points created by exchanges for users."
Web3 Wallets vs. Hot Wallets
As mentioned above, we have highlighted many differences between Web3 wallets and hot wallets. Here is a table for easy comparison: Project Web3 Wallet Hot Wallet Development Background launched by exchanges (such as Binance, OKX, Bitget), extending platform ecosystem services mostly developed by decentralized projects (such as MetaMask, Phantom, Keplr) Supported Chains multi-chain, cross-chain native support, no manual blockchain settings mostly single-chain design, requires manual addition of blockchain settings Operation Threshold simple interface, can register with exchange accounts, suitable for beginners requires familiarity with on-chain operations and wallet security concepts, higher learning curve Asset Control Users manage their own mnemonic phrases and private keys (self-custody); some do not require mnemonic backup creation Users manage their own mnemonic phrases and private keys (self-custody) Suitable for Exchange users, beginners familiar with on-chain ecosystems experienced players
Differences between Web3 Wallets and Hot Wallets
As for how to choose between a Web3 wallet or a hot wallet, since both have the characteristic of "decentralization," users can manage their own assets, and you can choose based on your own needs. Web3 wallets are more suitable for cryptocurrency beginners, providing a more intuitive way to enter the on-chain world of Web3. Hot wallets are more suitable for players who are familiar with the blockchain ecosystem, allowing for a more free and extensible way to participate in on-chain projects.
Three Major Popular Web3 Wallet Features and Highlights
Next, let's take a closer look at different Web3 wallets and what features they each have to help you choose the most suitable Web3 wallet for yourself!
Binance Web3 Wallet: Binance Web3 Wallet
As the world's largest cryptocurrency exchange, Binance has actively laid out the Web3 ecosystem in recent years and integrated its own Binance Web3 Wallet, allowing users to directly connect to the Binance exchange's web and app interfaces to conveniently manage assets, applications, and governance in the decentralized world.
The Binance Web3 Wallet is built into the Binance app, requiring no additional installation or switching to another browser to set up an account. Just open the app, click a few times, and you can have a decentralized wallet supporting Ethereum, BNB Chain, Polygon, and over 60 public chains.
Binance Web3 Wallet has the following four highlights:
- Multi-chain asset management and cross-chain
The wallet supports over 60 mainstream blockchains (Ethereum, Binance ecosystem BNB Chain, Polygon, Arbitrum, Avalanche, etc.), supporting horizontal transfers of on-chain assets, saving beginners from the cumbersome process of manually adding RPCs. - "No private key" wallet creation
The Binance Web3 Wallet is preset to use "no private key" wallet creation, meaning there is no need to back up mnemonic phrases during the creation process. It uses secure multi-party computation (MPC) technology to automatically split the private key into three segments, stored separately on the user's device, in the cloud, and in Binance's backend, reducing the risk of single-point theft.
Even if the user's device is lost, assets can be quickly recovered through the set "recovery password" and identity verification. Additionally, since at least two segments of the private key are needed to restore full access, even if Binance is hacked, the assets of Web3 wallet users remain secure. - Supports DApp exploration and one-stop operation
The Binance wallet has a built-in DApp exploration entry, allowing users to interact directly with decentralized exchanges like PancakeSwap or mainstream projects like the OpenSea NFT platform after security checks. - Integrated ecosystem experience
Users can open the Web3 wallet with one click from the Binance app, seamlessly connecting to trading, staking, NFT marketplaces, airdrop tasks, and other services without needing to download a separate application or switch browsers.
OKX Web3 Wallet: OKX Wallet
When it comes to combining "security," "cross-chain," and "multi-application integration" in one Web3 wallet, the OKX Wallet launched by the globally renowned cryptocurrency exchange OKX is equally impressive. This wallet, launched in June 2022, a year before Binance's, offers a richer on-chain ecosystem integration.
OKX Web3 Wallet has the following three highlights:
- "More" multi-chain asset management features
Not only Ethereum, Polygon, and BSC, but the OKX Web3 Wallet also supports 70 popular public chains like zkSync, Starknet, Aptos, and Cosmos. Users do not need to open different wallets for different chains; one OKX Web3 Wallet covers it all. - MPC and social backup protection for private keys
The OKX Web3 Wallet also uses MPC technology, which means the private key is "sharded" and stored, with users, devices, and OKX each holding a part, making it impossible for any single party to unlock the wallet alone.
Additionally, you can designate trusted contacts to help back up the private key. If the private key is lost in the future, you can safely regain wallet ownership with the help of trusted contacts for verification. - Supports DApp exploration
The OKX Web3 Wallet also has a built-in DApp browser, allowing interaction with DeFi, GameFi, decentralized exchanges, and other on-chain ecosystems without switching apps.
Bitget Web3 Wallet: Bitget Wallet
Bitget Wallet (formerly BitKeep Wallet) is launched by Bitget, the world's leading derivatives trading cryptocurrency platform. According to the official website, it supports over 100 public chains and 20,000 DApps, making it one of the most versatile Web3 wallets currently available.
Bitget Web3 Wallet has the following three highlights:
- The most multi-chain asset management
The Bitget Web3 Wallet supports over 100 public chains, including EVM-compatible chains, Layer 2, and non-EVM public chains (such as Solana, Sui, Aptos, Tron), suitable for deep players and users with multi-chain operation needs. - MPC, risk fund, and auditing
The Bitget Web3 Wallet also uses MPC security technology to protect users' private keys. Additionally, Bitget provides a $300 million risk fund for wallet users and engages security companies like Certik and SlowMist to audit contracts, safeguarding every user operation. - Extensive DApp support
According to the official website, the Bitget Web3 Wallet can directly connect to over 20,000 DApps, including well-known projects like Galxe, Curve, Lido, and Magic Eden, providing a one-stop experience without the need to switch.
Three Major Popular Web3 Wallets "Super Comparison" Feature Highlights
Binance Web3 Wallet OKX Web3 Wallet Bitget Web3 Wallet Multi-chain asset management supports 60+ blockchains supports 70+ blockchains supports 100+ blockchains User security protection MPC technology + no need for mnemonic backup creation MPC technology + social backup MPC technology + security auditing + risk protection fund DApp ecosystem support integrated DApp entry fewer (officially shows 35+), but users can seamlessly connect to staking, airdrop tasks, etc. supports 1000+ DApps, operation requires no switching supports 20,000+ DApps, including mainstream platforms like Curve, Lido, Magic Eden
Although from a hardware specification perspective, the Bitget Web3 Wallet indeed excels in "number of supported chains," "number of DApp integrations," and "investment in security resources," in practical usage scenarios, more is not always better. The number of public chains that most cryptocurrency investors actually operate typically does not exceed 5 to 10, and the number of DApps they use daily usually does not exceed 20.
Therefore, based on the exchanges you most frequently use and the user experience of their Web3 wallet interfaces, it is recommended to choose a Web3 wallet accordingly.
For example, the seamless integrated interface of the Binance Web3 Wallet is extremely friendly for beginners, while the multi-device synchronization and smooth operation of the OKX Web3 Wallet are favored by many veterans. Of course, if you are an experienced on-chain player, the Bitget Web3 Wallet will naturally be one of your choices.
Conclusion
A Web3 wallet is not just a tool for storing assets; it is an excellent entry point for exploring the decentralized world. From cross-chain asset management to NFT collection and DeFi, it has gradually become an essential infrastructure for cryptocurrency users to enter the Web3 world.
In fact, whether you choose the Web3 wallet from Binance, OKX, or Bitget, it can cover most mainstream needs, just like choosing a "physical wallet" or "credit card"; there is no absolute best, only the one that suits you best.