Research Summary
The report presents an interview with the heads of OKX Wallet, Kyle and Jason Wang, discussing their journey in the crypto industry, the growth of OKX Wallet, and their views on the future of the Bitcoin ecosystem. They also discuss the challenges and opportunities in the inscription market and their strategies to compete with wallets like MetaMask.
Key Takeaways
OKX Wallet’s Growth and Market Position
- Team Expansion: The OKX Wallet team has grown to several hundred people, although the exact number is not confirmed. The team has expanded to meet the needs of business development.
- Market Initiative: OKX Wallet’s ability to seize the market initiative is based on continuous development and infrastructure building over the past few years. The team has built a set of efficient methods in user interaction and technical architecture.
Future Development of the Inscription Track
- Market Share: OKX Wallet currently holds 80% to 90% of the market share in the trading market and the entire wallet ecosystem. They are open to collaborations to advance the industry’s development.
- Long-term Value: OKX Wallet aims to invest in projects with long-term value and sustainability. They are exploring various potential tracks in the Bitcoin ecosystem, including second-layer networks and asset issuance protocols.
Challenges and Opportunities in the Wallet Market
- Competing with MetaMask: OKX Wallet aims to challenge the monopolistic position of wallets like MetaMask. They focus on user volume and believe that the Web3 wallet will be the key entry point for crypto users into Web3.
- Unique Path: OKX Wallet aims to create a unique path in the wallet market. They support over 80 public chains, which should be the most among all wallets. They also aim to ensure that more top Dapps directly support their wallet.
Future of the Bitcoin Ecosystem
- Optimistic View: Both Kyle and Jason Wang hold an optimistic view of Bitcoin’s future market. They believe that opportunities always come to those who are prepared and that the Bitcoin miner community has long-term development potential.
Actionable Insights
- Explore the Inscription Market: Given the growth and potential of the inscription market, businesses in the crypto industry should explore opportunities in this area. They should also monitor the development of the Bitcoin ecosystem and invest in projects with long-term value and sustainability.
- Focus on User Volume: Crypto businesses should focus on increasing user volume rather than just profits. They should aim to attract more users to participate in their ecosystem and use their products and services.
- Monitor the Development of the Lightning Network: The Lightning Network has been developing for many years and is a sustainable track. Businesses should monitor these areas to ensure their products and services provide the best experience for users.
