"I want to take back everything that belongs to us!" - This sentence from He Yi is probably the most inspiring declaration when Binance Wallet is revised in 2024🔥.
As the world's largest exchange, Binance obviously does not want to be just the "big brother" of CEX, but also wants to be the "king" in the DEX and Web3 wallet track. The new version of Binance wallet focuses on the "airdrop platform" strategy, with the goal of connecting 200 million users with on-chain project parties.
But the reality is: while airdrop users are shouting “It’s really good”, they are complaining that the interactive experience of Binance Wallet is like a “level-breaking game” - the first level cannot connect to the wallet and the cache must be cleared, the second level cannot exchange tokens, and the third level claims the reward and finds that the gas fee seems to be the same as the reward🤦…
Therefore, as a product manager who has expanded from Web2 to Web3 (and a senior airdrop hunter), I decided to use a "dual identity" to analyze Binance Wallet and make some small suggestions - be both a user and a Builder!
Advantages: Binance Wallet’s “Three Axes”
1️⃣ Celebrity airdrop support: the joy of making money while lying down 🌟
First, let's look at the advantages. Binance Wallet feels like it was born with a golden key. What is the golden key? It is the airdrop of star projects.
The airdrop portal created by Binance Wallet is simply a "good news for lazy people"! From Megadrop to financial staking, users only need to hold $BNB , complete tasks and click buttons, and the airdrop tokens of the star project will be transferred to their wallet account.
For example, I participated in the MyShell TGE issuance some time ago. I used the BNB in my wallet to participate in the new issuance and immediately made a profit of nearly 30%. Afterwards, the myshell project team also airdropped 110 tokens (35$) to each Binance wallet user who participated in the new issuance. This is a model of airdrop for star projects!
The "Reward Center" mentioned by Winson (head of Binance Wallet) also turns airdrop management into a "fully automatic assembly line" - no more Excel notebooks! The rewards for receiving goods are directly accumulated for you, allowing you to see the power of time (money).
2️⃣ Interface design: from "straight science and engineering guy" to "fresh boy" 🎨
The revised Binance Wallet has finally bid farewell to the "densely packed" buttons. The main interface focuses on the three core functions of "Airdrop", "Alpha" and "Wealth Management", and the novice guidance also has a "nanny-level tutorial".
In general, the new version of the wallet has a cleaner and simpler interface design than the old version, and the product experience also has more guidance. It has a beautiful interface and a good basic product design experience.
3️⃣ User stickiness: The wealth effect is the hard truth 💰
Binance also understands the psychology of users well - airdrop parties want to make money with zero threshold, large investors want stable financial returns (for example, staking BNB in the wallet can also get Launchpool), and Meme players want to follow hot spots (Binance Alpha); all of these can be met by the Binance wallet. With the support of Binance, there will be a wealth effect, and with the wealth effect, there will be strong user stickiness.
Pain Points: The Seven Deadly Sins Complained by Users
OK, now that we have talked about the advantages of Binance Wallet and Golden Key, let’s face the problem and talk about the problems that users are complaining about. Since I am both an in-depth user and a product manager, I will give you some feedback on details and functional design as follows:
1️⃣ Functional design suggestions:
Single currency page is missing! Click on any currency asset in Binance Wallet, only balance, address, transaction and send buttons are displayed, which is a bit too simple. To be honest, even the very important function of transaction history needs to be clicked to see.
Comparing this with the single-currency asset display page of a competitor's wallet, you can find that the recent transaction history can basically be seen when entering. In addition, the three major functions such as sending, receiving, and trading currencies are relatively high-frequency, and they can be emphasized in button design and interaction.
At the same time, if you want to support BNB and the on-chain ecosystem, you can provide guidance on financial management or staking here. After all, users don’t want the money in their wallets to sit idle; and for project parties, this is also a good entry point.
Another aspect involves transactions. In fact, wallet transactions are the core scenario. Binance Wallet separates single-chain transactions from cross-chain transactions. In my opinion, the future trend is to combine chain abstraction and intent recognition into one, which is also a relative improvement in user experience.
In addition, when entering the transaction amount in BG wallet, there are several levels: 25%, 50%, and 75%, which correspond to the positions of coins held. It is very practical.
2️⃣ Collecting Gas Fees to Dissuade Small Players from Playing:
It is a good thing to keep records of airdrop rewards. As everyone watches the rewards slowly accumulate, they will feel the satisfaction of working hard and getting rewards. However, sometimes, the 2u rewards still require gas fees to claim, which is very discouraging.
A classic example is the Bitlayer project. Gas is expensive to begin with. You have to spend gas once when you participate, and you have to spend gas again when you claim the reward. It is like planting a small acre of crops. Before planting, I have to ask professionals to sow the seeds, and when the crops are ripe, I have to ask a harvester to harvest them. The key is that the profit from this small acre of crops is not as much as the total consumption, so users will definitely not do it.
If we look at it from the user's perspective, it is definitely better to distribute it directly. Moreover, those who participate in such interactive activities are probably small and medium-sized players, who are more sensitive to gas fee consumption.
3️⃣ Liquidity matching problem:
Myshell's airdrop is indeed an event that has made Binance Wallet's reputation explode, but it also exposed the problem of underlying liquidity and matching. I exchanged relatively late, and half an hour has passed since I started to receive it, and I found that there is still no liquidity pool to exchange. I searched on Binance Square and Twitter and found that those who exchanged quickly went to OKX wallet. This...
4️⃣ Defi asset display issues
In fact, Binance Wallet has cooperated with many DeFi and staking projects in airdrops. Some of these projects are converted into DeFi or staking tokens, which will not be displayed on the asset page. Therefore, the wallet assets are often less than the actual assets. I often open Debank to check this.
In fact, I have another demand here. I wonder how difficult it is to achieve it technically? I think all wallets on the market have not met this demand, but exchanges can already do it - that is, to convert small amounts of currency into fixed currencies with one click, such as converting more than 10 small amounts of meme coins into SOL. This is quite a demand. Manually @Wallet Product Manager
Ending: The "sea of stars" of Binance Wallet ✨
He Yi said: "The industry needs to create real value, not just share the air." And as a product manager, I would like to add: "What users need is a smooth experience, not education costs."
Admittedly, Binance Wallet still has some shortcomings in terms of product functions and user experience, but I and my colleagues at Binance are actively facing the problems and working hard to solve them, and you can clearly see the progress of Binance Wallet.
I believe that in time, when Binance Wallet can make up for its shortcomings and combine "wealth portal" with "user-friendliness", Web3's "super application" may be just around the corner 🌍
