Wallet Report v2 Reveals a Rapidly Maturing, Multi‑Chain Wallet Landscape

By [Your Name] – March 3 2026

Dune Analytics released its second edition of the “Wallet Report” on Tuesday, offering the most detailed, data‑driven look to date at how crypto wallets are being used across the ecosystem. The update expands the data set, adds new methodologies for measuring on‑chain swap activity, and introduces several previously uncovered wallet categories—from smart‑contract accounts to specialised gaming wallets. The findings point to a sector that is no longer a simple key‑management layer but an increasingly modular, application‑oriented infrastructure.

What’s new in version 2?

• Richer swap‑activity data – The team refined its approach to tracing token swaps that originate inside externally‑owned accounts (EOAs). Router addresses are now filtered per chain, duplicated events are removed, and a “transaction‑level” query captures swaps that do not generate a direct token‑transfer event.
• Coverage of emerging products – New sections cover Phantom’s Solana‑focused wallet, Uniswap’s native wallet and its upcoming smart‑wallet, Meteor (NEAR), and the gaming‑centric Ronin wallet.
• Smart‑wallet depth – The report now tracks the early adoption of EIP‑7702, adds a dedicated look at Biconomy’s modular stack, and highlights Dynamic’s hybrid infrastructure.
• Geographic breakdown – Using Addressable’s on‑chain‑to‑off‑chain linkage, the analysis now shows how wallet usage differs between user counts and capital held across regions.

1. EOAs: Swaps Are Becoming Core Activity

The “embedded swap” metric—which follows token transfers to known router contracts used by wallet apps—shows an unmistakable upward trend. Weekly swap‑transfer counts rose from roughly one million at the height of the 2021 bull run to almost 50 million by May 2025. Swap volume followed a similar trajectory, breaking the $1.5 billion weekly barrier after a quiet 2022‑23 period and peaking at $27 billion in a single week for Binance Wallet in late May 2025.

Key drivers

• Zero‑fee swap campaigns – Binance’s fee‑free swap promotion launched in March 2025 explains the sharp surge in both transaction count and volume.
• Feature roll‑outs – OKX’s temporary aggregator suspension in March 2025 caused a brief dip, while new “Alpha” token‑discovery tools on Binance and upgraded swapping interfaces on Bitget and Coinbase contributed to renewed growth.
• MetaMask’s evolution – The extension remains the market‑share leader (15‑20 % of swaps) but is transitioning toward a hybrid model that blends EOAs with account‑abstraction components after its acquisition of Web3Auth.

The data also reveal a shift in chain distribution. BNB Chain now accounts for the majority of swap activity, driven largely by Binance’s wallet, while Ethereum continues to dominate in terms of dollar value despite a declining share of transaction counts. Base, Polygon, and Arbitrum maintain healthy contributions, reflecting the increasingly multichain nature of wallet usage.

2. Solana’s Flagship: Phantom

Phantom is the only Solana wallet for which on‑chain swap data could be reliably extracted. By tracking fee‑collection addresses and reverse‑engineering total trade volume, the report shows that Phantom’s embedded swap feature has become a primary trading conduit on Solana:

• Swap count peaked at 10 million weekly in late 2024 before settling around 3.4 million.
• Weekly volume touched $5.8 5 launch of PSOL, a native liquid‑staking token.
• Cross‑chain activity – While 97 % of swaps occur on Solana, Phantom’s bridges to Ethereum, Polygon, and Base contributed modest but growing volumes, underscoring its ambition to become a cross‑chain hub.

Phantom’s expansion into staking, its own liquid‑staking token, and an on‑chain social feed further illustrate how a “wallet” is morphing into a full‑stack DeFi and community platform.

3. DEX‑Built Wallets: Uniswap

Uniswap’s wallet is unique because it grew out of a leading decentralized exchange rather than a generic key‑manager. The product is tightly coupled with the UniswapX intent‑based order system, which enables gas‑less, MEV‑resistant trades. Recent metrics show:

• Orders filled consistently above 40 k per week, with peaks in June 2024, January 2025, and May 2025.
• Active swappers hovering around 15 k‑22 k weekly, while “fillers” (agents that execute the intent orders) have reached a stable 60‑70 participants.
• Chain shift – Ethereum still hosts the most volume, but Base now leads in transaction counts, signalling the migration of high‑throughput, low‑fee activity to newer L2s.

Uniswap is also preparing a “Smart Wallet” that blends EIP‑7702 temporary delegation with ERC‑4337 account abstraction, offering features such as batched approvals, gas sponsorship and passkey login. This hybrid strategy mirrors the broader industry trend of moving users from simple address holders to programmable accounts without forcing a full migration.

4. Specialized Wallets

Each of these products demonstrates a distinct path to user acquisition: gaming incentives (Ronin), native cross‑chain bridges (Meteor), rapid protocol integration (Gem), or gamified feature roll‑outs (Ambire).

5. Regional Adoption Patterns

Leveraging Addressable’s geolocation data (≈15 million sampled users), the report paints a nuanced picture of where wallets are used versus where capital is stored.

• Emerging markets – Nigeria, India, Vietnam, and Indonesia lead in user counts for most non‑custodial wallets (MetaMask, Phantom, Rabby).
• Capital concentration – The United States, Germany, France, and Canada dominate the balance side, even for wallets that have a large user base in developing regions.
• Country‑specific splits – In Brazil, MetaMask commands most users while Trust Wallet holds the bulk of assets; in Germany, MetaMask drives adoption but Trust Wallet secures the majority of balances.

The analysis suggests that wallets act as onboarding tools in emerging economies, while established financial ecosystems retain the bulk of on‑chain wealth.

6. Smart‑Contract (Account‑Abstraction) Wallets

Deployment & Usage Trends

• Deployments peaked at over 1 million in a single week (July 2024) before settling to ~120 k weekly. Polygon led early deployments; Base now accounts for roughly two‑thirds of new smart‑account creations.
• UserOperations (UserOps)—the transaction type introduced by ERC‑4337—have risen from 0.8 M per week (April 2023) to over 4 M (April 2025). Base processes more than 85 % of weekly UserOps, confirming its role as the default execution layer for account‑abstraction wallets.

Factory Competition

• Biconomy – Over 1.9 M smart accounts across three versions (V1, V2, Nexus); Nexus, launched in April 2025, is already generating strong early activity on Base.
• Safe – Gained market share in 2024 and now leads in deployment volume.
• Zerodev, Stackup, Coinbase – Each briefly topped weekly deployment charts, illustrating a highly fragmented factory market.

New Metrics

The report distinguishes between Total Value Locked (TVL) and Total Value Processed (TVP). For Biconomy, TVP exceeds $520 M (mostly on V2 accounts) while TVL remains modest at $1.1 M, highlighting that many smart‑account use‑cases (e.g., one‑click orchestration) involve high throughput without long‑term capital custody.

7. Infrastructure Layer: From SDKs to “Universal” Wallets

• Reown (WalletConnect) – Integrated Safe’s smart‑account framework into its Universal Wallet, delivering a plug‑and‑play experience across browsers and mobile. Base now handles >40 % of its transaction volume, while Optimism and Polygon retain niche shares.
• Privy – Provides embedded wallet provisioning at Web2‑scale speeds (<200 ms for creation, <20 ms for signature). Over 180 M signatures have been processed YTD, primarily through email and social logins.
• Dynamic – Supplies a single SDK that supports both embedded wallets and external EOAs. Embedded wallets on Dynamic have grown three‑fold faster than traditional EOAs, and now represent 40 % of connected apps, underlining the shift toward hybrid onboarding solutions.

These platforms illustrate the industry’s move from a “wallet‑first” mindset to a “wallet‑layer” architecture where developers can seamlessly choose the most appropriate on‑chain identity model for each user.

8. Dune’s Next Step: Sim

To further lower the barrier for wallet‑centric product development, Dune launched “Sim,” a multichain developer platform that delivers real‑time, structured wallet data via six ready‑to‑integrate endpoints. Sim aims to become the de‑facto backend for portfolio trackers, on‑chain gaming, and any application that needs granular wallet activity without building its own data pipeline.

Key Takeaways

1. Wallets are now primary swap venues – Embedded swap counts and volumes have grown dramatically, especially after fee‑free campaigns and the rise of smart‑account wallets.
2. Geography drives a split between adoption and capital – Emerging markets fuel user growth, while wealth remains concentrated in North America and Europe.
3. User experience is converging on frictionless login, gas sponsorship, and modular abstraction – Passkeys, social recovery and batch transactions are quickly becoming baseline features.
4. Wallets are evolving into “super‑apps” – Features such as staking, native tokens, social feeds and cross‑chain bridges are blurring the line between a simple key manager and a full‑stack DeFi platform.
5. Modular, plug‑and‑play infrastructure is the new norm – Solutions like Privy, Reown and Dynamic enable developers to embed wallet functionality without exposing the underlying complexity.
6. Base has emerged as the leading execution environment for smart‑account activity – It now processes the majority of UserOps and a sizable share of swap volume, positioning it as the test‑bed for future wallet innovations.
7. Data services remain a critical catalyst – Dune’s expanded analytics, its Sim API, and the broader push for real‑time wallet metrics are essential for both developers and investors seeking insight into the rapidly changing wallet ecosystem.

The Wallet Report v2 confirms that the wallet is no longer a peripheral component of the crypto stack. It is a decisive, data‑rich layer that orchestrates trading, bridging, social interaction and identity across multiple chains. As smart‑account standards mature and modular infrastructure proliferates, the next wave of wallet innovation is likely to focus less on custody and more on programmable, user‑friendly experiences that can serve as the backbone of the broader Web3 economy.

Source: https://dune.com/crypto-wallets