Binance Wallet, a self-custodial crypto storage platform within the Binance exchange app, saw $5 billion in daily swaps volume on May 19, more than solutions like MetaMask and Phantom, according to data from a Dune Analytics dashboard created by onchain observer LZ_web3.
The 24-hour trading high for Binance Wallet signaled six successive days of increased user activity. According to Dune data, the platform’s volume has jumped roughly 300% week over week and now comprises 95% of the digital asset wallet market share.
Swap trading volumes across different crypto wallets | Source: Dune Analytics (via LZ_web3)
Binance Wallet’s volume leap seemed tied to amplified fanfare on its “Alpha” section. Known as Binance Alpha and launched in December 2024, the category spotlights new projects and acts as a showroom for promising narratives. Tokens added as Alpha — a colloquial term that refers to exclusive intel that may boost profits — are sometimes listed on the Binance exchange.
Aside from pre-listing visibility, Binance hosts token trading competitions, early access to new tokens via TGEs, and airdrop rewards for Alpha users. One of the latest Alpha listings includes SOON, the native asset and governance token for the Solana Optimistic Network.
Such incentives have likely raised the active trader count on Binance Wallet above that of competitors. Dune data showed over 93,600 in “Crypto Wallet Active Trader” for Binance Wallet as of Monday, nearly triple the activity noted on Phantom and OKX, and more than 4x of MetaMask’s numbers.
The overall decentralized exchange (DEX) volume on Binance Smart Chain (BSC) has also benefited from the patronage. BSC DEX trading soared 65% in the last seven days and reached $27.7 billion, compared to Solana’s $24.9 billion and $15.7 billion on Ethereum, according to DefiLlama.
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