Crypto Wallets in 2025: 7 Insights That Actually Matter

Few protocols truly track wallet behavior.

And even fewer understand what that behavior actually means.

That’s why Dune and Addressable teamed up to shed light on wallet behavior through insights you can only unlock with Addressable’s off-chain intelligence.

This report breaks down smart wallets, geo usage, capital flow, and the signals that matter for builders.

Didn’t read the whole thing? Don’t worry.

We pulled the 7 insights that matter for founders, growth teams, and anyone building in Web3.

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1. Embedded Swaps Took Over

In May 2025 alone:

→ 33M embedded swaps

→ $9B+ in volume

→ All routed directly through wallets

OKX hit 7M swaps and $4B in volume per week before a brief pause. Phantom owns Solana. MetaMask is still everywhere.

Trading no longer starts at a DEX. It happens inside wallets, fewer clicks, higher intent.

Wallets are the new trading UI.

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2. One Wallet ≠ One Country

User base and capital base are two different maps.

→ Vietnam: 9% of wallet users, but just 0.1% of funds

→ US: 4% of users, but 50% of wallet capital

You don’t just market to where users are, you market to where the money is.Install metrics ≠ revenue. Balance flows tell the real story. If you’re optimizing for CPW, aim for Vietnam.

If you’re optimizing for LTV, aim for New York, Paris, Singapore.

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3. MetaMask Still Leads — But Not Everywhere

In the US:

→ MetaMask owns 60% of wallets

→ OKX and Trust wallet fight for second place

In Asia:

→ Bitget and Phantom are are gaining share

→ Coinbase Wallet barely cracks the top 3

You can’t run global campaigns around one wallet anymore. Wallet diversity is real, and it directly affects targeting efficiency and CPW.

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4. Smart Wallet Growth in 2025

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Account abstraction is here.

→ 4M+ ERC-4337 UserOps per week

→ 7× growth for Coinbase’s smart wallet

→ Layer3: 42K smart wallets deployed

→ Safe: 43M wallets, $50B in assets secured

Seed phrases? Out.

Smart wallets handle transactions, pay gas, and streamline UX.

They’ve quietly gone from niche to default.

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5. Vertical Integration = Retention Loops

Wallets that double as apps are winning.

→ Phantom dominates the Solana loop

→ Ronin drives 55K+ swaps/week via gaming-native UX

→ Layer3 blends wallet, missions, and rewards in one UI

Onboarding, tradin and loyalty in one loop.

Users don’t bounce when they never leave.

Own onboarding, own the funnel.

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6. Wallet Infra Went Invisible

You won’t always see the wallet and that’s the point.

→ Privy powers 180M+ transactions via embedded wallets

→ Most logins now look like Web2: email + social

→ Farcaster-style social IDs are bridging the UX gap

Many apps now spin up wallets behind the scenes. Users log in with email/Twitter and get a wallet under the hood. No jargon, no friction. 

Infra is abstracted. Wallets are vanishing behind the product UI.

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7. Wallet Data Became the Growth Engine

The biggest shift? Wallet data isn’t just analytics anymore.

It’s how you:

→ Retarget bounced traffic

→ Segment high-value wallets

→ Launch by region, by chain, by protocol

→ Run lookalikes that actually convert

Clicks were the old metric.

Now growth teams use wallet actions to measure CPW, LTV, and ROI.

This is where Addressable came in, powering the off-chain to on-chain targeting loop behind the data.

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Final Thought:

Don’t just chase installs. Build loops.

You need wallets that swap, stake, and stick.

→ Target by real behavior

→ Optimize spend by chain and region

→ Retarget wallets, not just eyeballs

This is the wallet-first growth loop.

And it’s already live.

Read the full Dune × Addressable report or book a free demo with our amazing team to see wallet-first growth loops in action.

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