Binance Wallet Gobbles 96% of Transaction Volume—$6M Daily Haul Sparks Centralization Fears

Another day, another crypto monopoly dressed as decentralization. Binance’s wallet now commands a staggering 96% of all transaction volumes—processing nearly $6 million daily while the competition scrambles for scraps.

Who needs antitrust regulators when the ’free market’ consolidates itself? The exchange’s iron grip tightens as traders willingly hand over the keys—efficiency trumps ideology, even in crypto’s libertarian playground.

Funny how the ’bankless future’ still funnels through a single chokepoint. Maybe next they’ll offer FDIC insurance—just don’t call it a bank.

This milestone came just one day after the app first surpassed $5 million in daily volume. At the same time, Binance Wallet maintained a dominant position, accounting for more than 95% of total wallet transaction volume.

What’s Behind the surge in Binance Wallet transactions?

According to Binance, the spike in activity has been fueled by Binance Alpha—a platform integrated into Binance Wallet that allows users to interact with early-stage projects and potentially benefit from airdrops.

“The rise of Binance Wallet signals more than just volume — it reflects a shift in how users want to engage with Web3, Winson Liu,” Global Lead of Binance Wallet.

For one, Binance Alpha enables users to discover tokens before they are listed on the Binance exchange. While this listing is not guaranteed, Binance points out that 18 tokens already made it from Binance Alpha to the exchange.

In addition, user demand for airdrops and token generation events has fueled activity. Binance noted that since the beginning of May, Binance Alpha has distributed eight airdrops. Based on day-one closing prices, their cumulative value totaled $1,076 per user.

Still, the platform’s high rewards have generated some controversy. Critics have argued that Binance Alpha users are disproportionately rewarded at the expense of other early holders. Despite this, Binance appears to be using competitive incentives to drive adoption, with expectations that reward levels may decrease once the wallet secures a dominant position.