On May 20, 2025, #BinanceWallet the cryptocurrency wallet of the world's largest exchange, Binance, reached a new record with a daily trading volume exceeding 5.9 billion USD, according to Dune Analytics. This is the sixth consecutive day that this wallet has peaked, far ahead of its competitor OKX Wallet, which only had 48.7 million USD. With a growth rate of 2500% from 193 million USD (May 2) to 5.9 billion USD (May 20), Binance Wallet holds 98.6% of the cryptocurrency wallet market share, surpassing major names like MetaMask and Phantom. The number of active traders also hit 105,000, confirming the platform's strong attraction.
The main driving force behind this success is the Binance Alpha feature, launched in December 2024, which allows users to explore emerging crypto projects to "catch trends" early. Initially, Binance Alpha faced criticism for listing memecoins and encountering pump-and-dump issues when the team mistakenly listed a Telegram channel just one day after launch. However, a turning point came in April 2025 with the introduction of Alpha Points - a scoring system based on asset balances and the trading volume of Alpha tokens over 15 days. This score determines the eligibility to participate in TGE events and receive Alpha token airdrops.
Since its launch, #AlphaPoints has encouraged users to "grind" trading on Binance Wallet to hunt for rewards. From May 5 to May 15, 8 projects conducted airdrops with an average value of 1,076 USD per person, notably the NXPC token of Nexpace with 520 USD per person. In the context of traditional airdrop campaigns losing their appeal, the Alpha Points model has become a significant boost, helping Binance Wallet not only dominate the wallet market but also make an impact in the crypto community.
The success of Binance Wallet has also spread to the BNB Chain ecosystem. According to DefiLlama, the DEX trading volume on BNB Chain increased by 65% in the past week, reaching 27.7 billion USD, surpassing Solana (24.9 billion USD) and Ethereum (15.7 billion USD). Binance Alpha and Alpha Points not only benefit users but also strengthen the position of BNB Chain in the DeFi market.
In summary, the explosion of Binance Wallet is the result of a smart strategy with #BinanceAlpha and Alpha Points, creating a significant incentive for users and driving the BNB Chain ecosystem. With this growth momentum, Binance continues to reaffirm its leading position in the cryptocurrency industry.