من الأدوات إلى بوابة النظام البيئي: إعادة توزيع السلطة بين المحافظ والبورصات

【Chain Article】The role of wallets is quietly undergoing dramatic transformation. From Bitcoin era’s cold key management tools to becoming an essential gateway for on-chain finance today, this shift took over a decade. DeFi Summer was the turning point—wallets suddenly transformed from low-frequency asset storage boxes into mandatory gateways for dApp users. Later, All-In-One wallet solutions gradually became mainstream, and amid successive waves of inscriptions and meme hype, these wallets completed their capability validation, holding increasingly more transaction pathways and traffic distribution rights.

But the winds are changing. The wealth effects of VC coins have faded, and new on-chain assets and high-yield opportunities continue to overflow outward. Users are no longer content to stay dormant on exchanges for extended periods. This pressure forces exchanges to accelerate their on-chain layout, moving toward embedded wallet solutions—extending compliance, fiat channels, and massive user bases together into the on-chain ecosystem.

Gate Web3’s exploration is highly representative. The on-chainification of CEX is not simply replicating non-custodial wallet logic, but rather combining exchange account systems, trading capabilities, and on-chain applications closely on the basis of protecting user asset sovereignty. The purpose is straightforward: keep assets longer and increase user lifetime value.

Ultimately, the entire industry is undergoing functional reorganization. Financial capabilities that can be on-chained and modularized are continuously flowing toward wallets, while exchanges defend their eroding boundaries through on-chainification and ecosystem binding. This is not merely technological evolution, but a gradual reshaping of power and traffic flows.