2020 Crypto Wallet Industry Report

Summary

1. Wallets are the portals for crypto-asset storage. Its market activity is closely related to the performance of the cryptocurrency market. Since the arrival of the bull market in the fourth quarter of 2020, the activity of the crypto market and the price of Bitcoin have reached all-new-highs. The wallet market has also recovered due to the strong demand for asset storage and trading.

2. Among the top 10 crypto wallets data collected by TokenInsight, the total number of visits in 2020 reached 140 million times. In the second half of 2020, the number of visits increased by as much as 32%, from 22 million in July to nearly 30 million in December.

3. As the visit volume portal of users, the wallets industry keep enriching the diversity of the public chains. The connective ecosystem has gradually been built. The average number of  supported chains increased from 10 in 2019 to 25 in late 2020.

4. The crypto wallets industry also follows the step of DeFi, supporting rich of DeFi protocols in late 2020. For instance, Cash supported Uniswap protocol and Bitpay integrated DAI’s payments methods. 

5. The financial sectors are maturing in wallets market as well. It is a part of the direction of the future wallet market. AToken established its Aave’s synthetic products and Poolin launched its integrated yielding products.

6. DApp connections through ‘Wallet Connect’ became a trend in the wallet market. 

7. Staking of PoS in wallet markets shows slowing-down trend compared to 2019.

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