Dune’s “Wallet Report v2” Maps the Rapid Evolution of Crypto‑On‑Chain Access
July 2025 – Decrypt Daily
The latest edition of Dune Analytics’ Wallet Report, now in its second version, presents a granular, data‑driven portrait of how digital wallets are reshaping the crypto ecosystem. By stitching together on‑chain activity, transaction‑level signals and a growing body of labeled contracts, the report shows that wallets have moved beyond simple key‑stores to become the core execution layer for a wide range of DeFi, NFT and gaming interactions.
Why a Wallet‑Centric Report Matters
Crypto wallets are the entry point for almost every on‑chain action—whether a user is swapping tokens, minting an NFT, or voting in a DAO. Yet the landscape is fragmented: custodial services (e.g., Binance, Coinbase) leave little trace on the blockchain, while non‑custodial solutions generate a multitude of signals that are scattered across external‑account (EOA) addresses, smart‑account contracts, and emerging standards such as ERC‑4337 or EIP‑7702.
Dune’s analysts therefore opted for an “anthology” format, presenting a series of self‑contained dashboards that together reflect the heterogeneity of wallet architectures, the modularity of modern stacks, and the pace at which new features are being deployed.
What’s New in Version 2?
The v2 release expands the underlying data set and refines the methodology used to capture embedded swap activity. Highlights include:
- Broader coverage of EOA‑based swaps – a more accurate detection of router‑address transfers and transaction‑level routing, with deduplication to avoid double‑counting.
- New wallet case studies – deeper analysis of Phantom (including its cross‑chain support), Uniswap Wallet, and Meteor, alongside updated metrics for the latest Phantom features.
- Smart‑wallet stack updates – inclusion of Biconomy’s evolving infrastructure and Abstract Global Wallet’s chain‑native design.
- Early‑stage EIP‑7702 adoption metrics, tracking the first month of on‑chain activity for this delegation standard.
- Dynamic infrastructure – a dedicated look at Dynamic, a hybrid platform that supports both EOAs and embedded smart wallets through a single SDK.
Key Findings & Market‑Level Takeaways
| Insight | What the Data Shows | Why It Matters |
|---|---|---|
| Overall wallet activity is accelerating | Embedded swap transfers and UserOperations have risen across almost every metric, signaling that wallets are now the primary venue for daily on‑chain actions. | Indicates a shift from wallets as passive key‑stores to active transaction hubs, expanding the addressable market for DeFi services. |
| Geographic diversification of adoption | Emerging economies—Nigeria, India, Vietnam, Indonesia—consistently rank among the top users for many wallets. | Demonstrates wallets’ role as low‑cost, accessible financial gateways in regions where traditional banking is under‑served. |
| User‑experience convergence | Passkey logins, gas sponsorship, and chain abstraction are becoming baseline features across major wallets. | Lower friction encourages mainstream onboarding and reduces the technical barrier for first‑time crypto users. |
| Wallets evolving into vertical “super‑apps” | Many wallets now bundle swaps, staking, quests, bridging, and even game discovery within a single interface. | Creates a closed‑loop user journey, increasing lock‑up rates and enabling new monetisation models (e.g., in‑app fees, quests). |
| Infrastructure is increasingly modular | Plug‑and‑play layers such as Privy, Reown’s AppKit and Dynamic abstract wallet logic away from the end‑user. | Allows dApp developers to embed wallet capabilities without deep cryptographic knowledge, fostering a “wallet‑as‑service” economy. |
| Dune’s data platform is becoming core to wallet innovation | Real‑time on‑chain data is leveraged both for analytics and as a backend for wallet‑powered products; Dune’s new Sim platform expands API access. | Empowers developers to build richer, data‑driven experiences while standardising the way wallet metrics are consumed. |
| Hardware vs. software vs. custodial usage | Hardware wallets (Ledger, Trezor) remain niche, software wallets (MetaMask, Phantom) dominate daily swaps, and custodial solutions (Binance, Coinbase) still command large user bases in Asia. | Highlights the coexistence of security‑focused and convenience‑focused solutions, each serving distinct user segments. |
| Smart‑wallet adoption outpaces new account creation | While weekly smart‑account deployments have fallen from a 2024 peak of over 1 M to roughly 120 k, the volume of UserOperations continues to climb, especially on Base and BNB Chain. | Suggests that a stable core of users is deepening engagement, with smart‑wallets becoming the preferred execution layer for complex DeFi flows. |
| Swap volume vs. swap count decoupling | Weekly swap count peaked at 10 M in late 2024 and settled near 3.4 M by May 2025, whereas swap volume peaked at $5.7 B in Jan 2025 and now hovers around $700‑800 M. | A larger, more retail‑oriented user base is generating more frequent, lower‑value trades, indicating broader market participation. |
| Chain‑specific dynamics | Ethereum still accounts for ~70 % of swap value but only ~10 % of swap count; BNB Chain and Base dominate the high‑frequency, low‑fee swap segment. | Shows that cheaper L2/alternative chains are becoming the go‑to environment for everyday trading, while Ethereum remains the “value” layer for larger trades. |
Regional and Wallet‑Specific Snapshots
- MetaMask remains the dominant player in most countries in terms of user counts (e.g., 87 % of Chinese users). However, OKX often holds a larger share of balances, reflecting a concentration of capital among fewer high‑value accounts.
- Phantom continues to dominate the Solana ecosystem—97 % of its embedded swap activity occurs on Solana—even after adding Ethereum, Polygon and Base support.
- Binance Wallet experienced a dramatic surge after launching a zero‑fee swap campaign on March 17 2025, briefly reaching 44 M weekly swaps and $27 B in volume, accounting for >90 % of activity on BNB Chain.
- Uniswap Wallet takes a DEX‑first approach, integrating UniswapX for gasless, MEV‑resistant swaps and planning a “smart wallet” rollout that blends EOAs with account‑abstraction features.
- Ronin Wallet maintains a focused user base (~400 K weekly) with strong spikes tied to meme‑coin events, underscoring the power of niche, community‑driven ecosystems.
The Rise of Modular Smart‑Account Factories
The report tracks the competitive landscape of smart‑account “factories” that deploy and manage abstracted wallets:
- Biconomy held the lead throughout 2023, leveraging its multi‑chain stack.
- Safe (Gnosis) gained momentum in early 2024 and now commands the highest deployment volume.
- ZeroDev briefly eclipsed others in October 2024, while Coinbase’s in‑house factory entered the top‑five in 2025.
On the execution side, Base has become the primary chain for UserOperations, handling roughly two‑thirds of weekly UserOps in April 2025, followed by Optimism (~20 %) and Arbitrum/Polygon (single‑digit shares).
These shifts illustrate how ecosystem investment (e.g., Coinbase’s backing of AA infrastructure) directly drives on‑chain activity patterns.
Dune’s Next‑Generation Developer Platform: Sim
On May 20 2025 Dune unveiled Sim, a multichain backend designed to serve as the data layer for any wallet, portfolio tracker or on‑chain app. Sim offers six ready‑made endpoints that deliver structured, near‑real‑time wallet data for:
- Address‑level balance snapshots
- Embedded swap event streams
- UserOperation aggregates
- Smart‑account deployment metrics
- Transaction‑level routing analytics
- Cross‑chain activity feeds
By exposing these APIs, Dune aims to reduce the engineering overhead for developers building wallet‑centric experiences and to promote a more data‑rich, interoperable ecosystem.
Analyst Commentary
“The wallet space is no longer a peripheral utility; it is the new operating system for crypto,” says Alsi Liu, lead analyst at Dune. “Version 2 of our report underlines how modularity, seamless UX and regional diversification are converging to make wallets the primary conduit for everyday on‑chain value transfer.”
The report also calls on wallet providers, researchers and analysts to share additional data, noting that a more complete labeling of router contracts and cross‑chain address mappings would improve future editions’ accuracy.
Bottom Line
- Wallets are now the central hub for on‑chain activity, with embedded swaps and smart‑account operations outpacing traditional DEX traffic.
- Geographic diversification signals that wallets are crucial for financial inclusion in emerging markets.
- Modular, plug‑and‑play infrastructure is lowering the barrier for developers to embed wallet logic, turning wallets into a service layer rather than a siloed product.
- Data platforms like Dune’s Sim will likely become the backbone for the next wave of wallet‑powered applications, fostering richer analytics and faster innovation.
As the ecosystem continues to mature, the line between “wallet” and “app” will blur further, positioning wallet providers as both custodians of user keys and orchestrators of complex DeFi flows. Stakeholders who can leverage the new data infrastructure while delivering frictionless UX will be best positioned to capture the growing share of on‑chain activity.
For detailed charts, methodology notes and to request inclusion in future reports, readers can reach out to [email protected] or contact Dune on Telegram @alsieliu.
Disclaimer: The analysis reflects the views of Dune Analytics at the time of publication and does not constitute financial advice.
Source: https://dune.com/blog/wallet-report-v2
