Wallets

This paper examines *Vibe Coding, a* programming practice driven by natural language intent and characterized by rapid trial-and-error and outcome-oriented validation and systematically analyzes its efficiency gains and security risks in blockchain application development. Empirical evidence based on multi-source data shows that development practices associated with Vibe Coding can significantly shorten development cycles, increase output per unit of labor, and to some extent alleviate the high entry barriers and long development timelines typical of blockchain projects, thereby confirming the practical efficiency benefits of AI-driven development.

This report systematically traces the evolution of crypto wallets from private key management tools in the Bitcoin era to becoming the central gateway to on-chain finance. It reviews how successive waves — including DeFi Summer, inscriptions, memes, and on-chain derivatives — have continuously expanded the functional boundaries of wallets, driving their transformation from passive asset management tools into All-In-One on-chain platforms resembling CEXs. The report also analyzes the breakthroughs in wallet monetization across asset issuance, trading, and distribution scenarios.

Wallets serve as the gateway for users into the blockchain world, yet they are not receiving the capital attention that matches their strategic importance. The financing in the wallet sector has been declining year-on-year, which adds to the industry's challenges. Given the mix of opportunities and challenges, it's crucial to analyze the current state and future trends of crypto wallets. This report will explore the driving factors and potential changes in the sector through comprehensive market research.