Binance Wallet Peaks After OKX DEX Aggregator Suspension

Binance Wallet, one of the widely used Web3 services, reached peak volumes on Wednesday, taking over traffic after OKX suspended its DEX aggregator service.

Binance Wallet’s Surge in Popularity

Binance Wallet became the most popular Web3 interaction tool, with daily volumes surpassing $90M. Following the announcement by OKX, Binance Wallet captured 54% of the market share, which increased to 66% the next day.

Its influence grew after adding new liquidity features.

Usage also coincided with a general rise in BNB Smart Chain activity and DEX activity on PancakeSwap. The rise may be temporary, as OKX aims to improve compliance measures. Additionally, the recent launch of the Bubblemaps (BMT) token boosted wallet activity.

A special bonus period with no additional trading fees incentivized users to engage with the wallet, solidifying its leading position. The wallet’s native chain gives it an edge over other Web3 wallets.

> 🚀 Enjoy zero trading fees on all swaps in #Binance Wallet for the next 6 months!
> Start trading now! 🔥
> — Binance Wallet (@BinanceWallet) March 17, 2025

OKX’s Traffic Decline

OKX’s Web3 wallet, which once carried up to 50% of traffic, saw its share plummet to 3.6% after the aggregator’s removal. The wallet had been used anonymously, and recent associations with illicit activities have led OKX to enhance compliance measures. It will implement new protocols for tracking and securing funds.

Binance’s Strategic Moves in Web3

The spike in activity might also relate to a feature allowing Binance exchange users to bid directly on decentralized tokens. The launch of Binance Alpha 2.0 for Chinese-speaking regions contributed to the surge during Asian trading hours.

The BNB Smart Chain generated $1.63M in fees within 24 hours, exceeding those of TRON (TRX). Despite a slow altcoin season, liquidity hubs and accessible infrastructure remain key to retaining on-chain activity.

Binance and Coinbase are the only centralized exchanges with active native chains, enabling crossover between centralized and Web3 activity. Following peak usage, BNB’s price slightly declined to $618.84, maintaining stability above $600 due to new meme token demand.

Binance continues to integrate meme tokens and offers a broader selection than other exchanges.