Market Analysis

Decentralized Wallets Market Research

Overview

In order to gain a better understanding of the current state of decentralized wallets and where the industry is headed, let's explore five of the top decentralized wallets available today.

Research was done on 20/02/2023

Competitor Breakdown

Zerion

Zerion is an intuitive mobile-first web3 social wallet and investing tool that enables anyone to manage their DeFi and NFT portfolios.

Features and Capabilities

• Non-custodial decentralized finance interface.

• Track and manage DeFi tokens.

• Lend, borrow, and invest digital assets.

• Web3 wallet.

• User-friendly website.

• No KYC.

• 13 fiat currencies supported.

• Mobile app available for iOS and Android users.

• SDK available for advanced traders.

• 60+ DeFi protocols supported.

• 200,000+ Monthly active users.

• Minimal invasive approach.

• Push notifications and real-time price updates.

• Transaction History

• Token Deposit: The Save tab allows customers to deposit tokens through Compound. With the feature, users can lend tokens and earn interest. The platform lists every supported token along with its interest rate. Currently, traders can lend BAT, XRP, USDC, REP, ETH, DAI, WBTC, and ZRX.

• Buy and Sell Cryptocurrencies

• Liquidity Adder

• Live Price Chart

• Manage your DeFi and NFT portfolios, trade across 10+ networks, and connect to any decentralized application with one wallet.

• Track your entire crypto portfolio across every wallet you own

• Real-time market tracking: Top gainers, Losers, Marketcap, Pools, Trending NFTs for 24h.

• Multi wallet, Multichain trading on Polygon, Avalanche, BSC, Fantom & more

• Automatically scan every DEX to get the best deal each time you trade

• Find the cheapest and fastest bridge to 10+ networks in seconds

• You can keep track of your favorite tokens by adding stars, all will be displayed in the Favorites tab.

• Support connection with Ledger Nano

• XDapp browser

• Security: Password; Sign in with fingerprint; Hide balance with flip (beta); Hide balance when entering app

• Lens Protocol Integration: creates new revenue opportunities for content creators and allows them to build communities without a centralized authority

• The Zerion API

Pros

• The user interface is clean and simple

• The user interface is clean and simple

• 60+ DeFi protocols supported

• Quick registration process

• Supports six wallets

• 13 fiat currencies supported

• Live chat available

• Accepted Payment Method: Direct bank transfer, Debit cards, Credit cards, Cryptocurrencies, Ethereum Wallet

• Available on IOS & macOS, google play, APK

• Integrates with MetaMask and a lot of other wallets

• SDK available for advanced traders.

Cons

• Complex for beginners

• No app on windows

• No backup key

Statistics

• App store: 4.7-star rating

• Google Play: Trust wallet has a 4.7-star rating on Google Play and 100k+ downloads. 4.09k reviews

• Traffic

• Over the past three months, zerion.io's global ranking has dropped from 85,373 to 61,383

• zerion.io: traffic has increased by 20.51% compared to last month (desktop)

• Last month, the country: United States, was the top country sending desktop traffic to zerion.io

• zerion.io's audience is 67.92% male and 32.08% female. The most active age group among visitors is 25 - 34 (desktop)

Coinbase

Coinbase wallet is considered one of the safest cryptocurrency wallets in the world. Due to its incorporation with the Coinbase exchange platform, investors and crypto-enthusiasts feel safe storing their digital assets in this wallet.

Features.

• This wallet has some high-performance features that make it the best wallet for crypto. The wallet is packed with robust security and makes sure that its “hot wallet” status does not lead to hacking incidents.

• It is a hot wallet compatible with a hardware wallet, such as KeepKey, Ledger, and Trezor. The wallet is not used as a centralized brokerage or exchange; however, it is used for sending and receiving these exchanges.

• Coinbase Wallet can be connected to crypto-friendly bank accounts, also with major fiat currencies such as the US Dollars.

• The wallet has high compliance features, where certain KYC rules are implemented in the company’s policies.

• A key feature of the wallet is helping users store digital collectibles, and also helps in buying and selling these NFTs across the internet.

• The wallet offers secure storage services, such as Private keys and public keys being tightly protected on the wallet, also with biometric authentication.

• The optional cloud backups of the wallet are also quite useful for recovering lost private keys and crypto assets.

Pros.

• Easy download and setup.

• Simplified app layout.

• Supports a huge number of cryptocurrencies.

• Users can utilize usernames as a substitute for addresses to receive and send cryptos and NFTs.

• Multi-signature and two-factor authentication support.

• Backed by a reputable trading platform that is able to recoup lost or stolen assets.

Cons.

• Poor customer support.

• High transaction fees.

• Limited support for NFTs.

• Hardware wallets are not supported.

Statistics.

• App store: 4.6-star rating.

• Google Play: Coinbase wallet has a 4.3-star rating on Google Play and 5M+ downloads. 61k reviews.

• The number of new users has increased in the last 3 months, and the number of old users is also more active.

• Trading volume reached ATH in November 2021 and then gradually decreased. Currently increasing gradually in the last 3 months.

• Coinbase swap revenue per week is on average 1/9 of metamask ( on the Ethereum chain).

Coinbase Wallet Extension:

• Testnet Faucets

• Dedicated testnet asset views

• Redesigned network management

• Multi-wallet

• Advanced Settings

MetaMask

MetaMask was launched in 2016 by blockchain technology company ConsenSys. The MetaMask wallet allows you to connect your browser to the Ethereum blockchain for buying, selling, and trading Ether, Ethereum Request for Comment 20 (ERC-20) tokens, and NFTs. It also simplifies access to decentralized applications (dApps), decentralized finance (DeFi) assets, online gaming platforms, and decentralized exchanges (DEXs).

MetaMask enables Ethereum transactions and makes it easier, allowing users to send and receive funds within minutes

Dapp. Portfolio: Metamask allows users to track their portfolio including assets like tokens, NFTs, Exchanges

Exchange Tokens from Anywhere, Anytime – Users with MetaMask accounts can exchange any token directly from their mobile or desktop wallet. This swap feature ensures the best price with the lowest network or gas fees. MetaMask was developed with privacy in mind first. The platform empowers users to store, exchange, and access tokens

Adjustable gas fees – MetaMask users, unlike other hardware wallets, can set transaction fees according to their requirements. The wallet provides the ability to fix gas fees at a granular level.

Supported Networks – Users are limited to using only Ethereum, but can communicate with other networks such as:

• Main Ethereum Network

• Kovan Test Network

• Goerli. test network

• Ropsten test network

• Rinkeby Test Network

EIP-1559 – The introduction of EIP-1559 modified Ethereum's market mechanism, replacing it with fixed-price selling. The user who submits the transaction will not have to calculate the amount of gas, as the fee is included in it. When you want to prioritize transactions, you can add fees to make it faster.

• Buy crypto through fiat:

• Card payments: Visa and Mastercard.

• Digital wallets: Apple Pay, Google Pay, and PayPal (where available).

• Bank transfer: ACH transfer in the USA and SEPA in Europe.

• Pros

• Availability: MetaMask is available in the AppStore, Google Play, and also on supported browsers, including Google Chrome, Firefox, Brave, and Edge.

• High level of security: Due to encryption, the password needed to log in to your wallet, a Secret Backup phrase, and many more details, MetaMask is very safe to use. MetaMask doesn't control your private keys, it's an open-source wallet so it's harder to hack and there are always several developers making the latest updates.

• Easy-to-use interface and design: all buttons are very clear. Each action, such as sending ETH or other tokens, swapping to another token, managing account keys, or changing account settings. MetaMasks dApp access finds an Ethereum-based dApp and connects it to your personal MetaMask wallet. MetaMask dApp access is also very convenient, as you can buy ETH with your credit card and spend it on dApps through your MetaMask wallet:

• Integration with ledger devices

• Cons

• It's an online wallet: While this is a good feature in many ways, it can also be hacked, especially if the browser is hacked. Also, MetaMask does not have access to your information, but unfortunately, the browser you are accessing does. This is a serious issue regarding user privacy. Everything online is more dangerous than offline, such as hardware programs.

• Sometimes transactions are too slow: While using MetaMask, what slows it down a bit is that sometimes it takes a while to confirm a transaction. This leads to higher fees as well. One reason for slow transactions is that sometimes the network gets overloaded (especially at specific times)

• Support of ERC 20 and Ethereum tokens only

• No desktop app

• Absence of 24/7 live customer support.

• Do not integrate dapps in the wallet

• No backup

• Statistics

• Google Play: Metamask has a 4.4-star rating on Google Play and 10M+ downloads. 198k reviews

• Metamask.io Traffic.

• Over the last three months, metamask.io's global ranking has increased from 16,879 to 13,279.

• Metamask.io traffic increased by 4.45% month-on-month

• Last month the United States was the top country sending desktop traffic to metamask.io

• Metamask.io's audience is 73.46% male and 26.54% female. The largest age group of visitors is 25 - 34 years old.

• Metamask Monthly Revenue

Monthly revenue grew the most in November 2021. Currently, revenue is growing steadily at $8 million per month.

• Metamask Swap monthly active user.

The number of daily traders remains stable at 8k per day.

• Metamask Swap Daily Volume $

The daily trading volume gradually decreased as the market entered the bear market. However, the daily trading volume for the past half year has remained at 50M USD. Especially, the trading volume on March 11 reached 400M USD. That's an impressive number.

• Metamask Swap Daily Fees $

The transaction fee is proportional to the transaction volume, the average transaction fee in the last 7 months is $250k per day

• Innovations Metamask has brought and will bring to the market

• MetaMask Institutional Launches DeFi and Web3-focused Dashboard for Organizations

• MetaMask Institutional Launches NFT Tracking within its DeFi and Web3- focused Dashboard for Organizations

• EIP-1559

• Metamask Bridge (Cross-chain) Metamask Staking

• Metamask Learn

• Multi wallet

• Buy crypto through fiat

Trust Wallet

Trust Wallet Summary

• Trust Wallet is a widely recognized software wallet.

• Binance acquired Trust Wallet in June 2018

• Supports a lot of cryptocurrencies for trading.

• Provide multiple crypto assets for staking (Trust Wallet tokens)

• Free Trust Wallet to register.

• There are more than 5 million active users worldwide.

Features.

• Easy to use interface – Simple interface and easy to download and install on your mobile device. This already has over 5 million active users.

• Free download. Initial fee or registration fee.

• Privacy and Security – While Trust Wallet, by its nature (a software wallet), cannot guarantee the same strong security measures as a hardware wallet, it ensures that customers' funds are safe. whole. It audits regularly through the leading security company Stateful.

• The app also uses pin or fingerprint scanning for an extra layer of security. Users activate this measure manually by customizing the “Settings” function and during registration.

• No User Information Stored – Trust Wallet allows users to store wallet keys on their personal computers. This puts the user in charge of storing the private key securely.

• Does not require users to confirm KYC.

• Staking Allowed – Trust Wallet allows staking Tron TRX, XTZ, VET, CLO, ATOM, KAVA, IOTX, TOMO, ALGO. ETH and ADA will also be added to the list soon.

• Built-in Charts – Trust Wallet App with Cryptocurrency Price Tracking Charts.

• Trust Wallet's partnership with Binance Smart Chain helps attract more users, which drives growth.

• Easy Backups – Trust Wallet incorporates a 12-word recovery phrase at the time a user sets up the wallet on their mobile device. Users are required to write down these phrases and keep them.

Pros.

• Free and easy download: The fee you pay is the blockchain network fee. Transaction fees are charged by the blockchain network itself.

• A large number of assets are supported: when you invest in multiple cryptocurrencies, Trust Wallet is a great choice. It supports more than 50 blockchains and over 1 million cryptocurrencies.

• NFT Storage: Trust Wallet allows you to store NFT minted on ETH or Binance Smart Chain.

• DApp Browser: Trust Wallet has a browser that you can use to interact with any dApp on ETH or BSC. Trust Wallet regularly tests and optimizes dApps to bring them into the mainstream wallet market.

• Buy cryptocurrency in your wallet: Trust Wallet also allows you to buy and sell. Cryptocurrency purchases in Trust Wallet are made through Ramp.

• US customers can only buy crypto on Ramp with debit or credit card payments and fees can be expensive. So you're better off buying through one of the top crypto exchanges. However, it would be nice to have this option in Trust Wallet.

• Store a large amount of cryptocurrency.

• Allows staking and earning interest on multiple digital assets held.

• The user retains control over the private keys; the private key is not stored in the wallet's server.

• Compatible with both iOS and Android devices.

• Notification of token price change.

• Can buy many cryptocurrencies not available in Coinbase or Binance using Trust Wallet.

• Cloud backup.

• Support Ledger – add an extra layer of security to your cryptocurrency.

Cons.

• There is no asset bridge between multi chains (There is no asset bridge between multi chains)

• No display of NFT transactions on wallet yet.

• Multiple NFT types are not supported yet, showing only some NFT collections.

• No desktop application.

• No 2-factor confirmation.

Statistics.

• App store: 4.7-star rating

• Google Play: Trust wallet has a 4.8-star rating on Google Play and 10M+ downloads. 1.42M reviews

Traffic.

• Over the past three months, trustwallet.com's global ranking has fallen from 22,917 to 23,744

• Traffic is down 10.60% from last month (desktop).

• Last month, country: Russia, was the top country sending desktop traffic to trustwallet.com

• Trustwallet.com's audience is 72.39% male and 27.61% female. The most active age group among visitors is 25 - 34 (desktop).

• Transaction volume on the BNB Chain network is average, but the number of users on this network through Trust Wallet is the highest, with average active users of 5.2k/7 days.

• Transaction volume on Polygon is still quite low, but the average number of users is about 1.9k per week.

• The transaction volume on ETH is very high averaging about $25m per week, the number of users on this network is at an average of 1.1k per week.

=> Conclusion: The majority of users use Trust Wallet on the BNB Chain network, which is heavily backed by Binance. With the strong growth of BNB Chain in the past 2 years, Trust Wallet has become more known and is one of the most used dex wallets on mobile.

The innovations that Trust Wallet has brought to the market.

• Bet on wallet

• Cloud backup available for mobile

• Token Swap

• Ledger support on Trust Wallet Browser Extension (works on Trust Wallet Mobile App)

• Multichain support (ETH, Solana, Aptos...)

• Token price announcement.

• NFT storage.

• Trust wallet browser extension.

• Buy e-money via bank card.

• Trust wallet desktop app (coming soon).

• Bridge, cross-chain (to).

• Coinbase Payments are Now Available for Apple iOS and Android Devices device (works on Browser Extensions).