Road to One Billion

On-chain Users
june 2024

Joshua Wong
‭Table of Contents‬
‭Key Takeaways‬ ‭2‬
‭Introduction‬ ‭3‬
‭The Current State of Crypto Adoption‬ ‭4‬
‭Institutions‬ ‭7‬
‭Institutional Custody‬ ‭8‬
‭Fireblocks‬ ‭11‬
‭Ceffu‬ ‭11‬
‭Transactions and chain abstraction‬ ‭12‬
‭Axelar‬ ‭12‬
‭Project Guardian‬ ‭14‬
‭Retail‬ ‭16‬
‭Account management‬ ‭17‬
‭Binance Web3 Wallet‬ ‭17‬
‭Accessible on/off-ramps‬ ‭18‬
‭Moonpay‬ ‭18‬
‭Gnosis Pay‬ ‭19‬
‭Crypto Skeptics‬ ‭21‬
‭Increase Transparency‬ ‭21‬
‭Binance Proof-of-Reserves‬ ‭21‬
‭Education‬ ‭23‬
‭Binance Academy‬ ‭23‬
‭Binance Research‬ ‭24‬
‭Closing Thoughts‬ ‭25‬
‭References‬ ‭26‬
‭New Binance Research Reports‬ ‭27‬
‭About Binance Research‬ ‭28‬
‭Resources‬ ‭29‬

‭Road to One Billion On-Chain Users‬ ‭1‬

 ‭Key Takeaways‬
‭◆‬ T
‭ he rate of adoption of blockchain networks has been significantly slower than‬
‭the rate of adoption of social media networks. Since the launch of Bitcoin in‬
‭2009, the total cryptocurrency users has reached approximately 560 million as‬
‭of today. TikTok and Facebook only took 5 and 8 years respectively to reach 1‬
‭billion users each.‬

‭◆‬ D
‭ ecentralized systems are by nature more complex than centralized systems.‬
‭Multiple decentralized systems embodied by the multi-chain world we live in‬
‭scales complexity exponentially from the end user’s perspective. Improving‬
‭blockchain UI/UX and cross-chain interoperability is the next step to onboarding‬
‭the masses, whether institutional or retail.‬

‭◆‬ M
‭ any blockchain projects today are focused on creating decentralized‬
‭alternatives to existing centralized products and services. The DeFi summer of‬
‭2020 gave us the basic building blocks for on-chain financial systems. For‬
‭decentralized applications (“dApps”) to gain significant market share from their‬
‭centralized counterparts, they must at least be as convenient, user friendly, and‬
‭easy to use, if not more so.‬

‭◆‬ T
‭ his report will look at three categories of future users: (1) Institutions, (2)‬
‭Retail Users, and (3) Crypto Skeptics. It will analyze the various‬
‭infrastructure-related obstacles each group faces in adopting decentralized‬
‭systems, and dive into prominent projects addressing some of these user pain‬
‭points. These infrastructure pieces are essential building blocks which will pave‬
‭the road to one billion on-chain users.‬

‭Road to One Billion On-Chain Users‬ ‭2‬

 ‭Introduction‬
‭ lockchain technology allows for the existence of trustless, verifiable digital‬
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‭ownership.‬‭This has the potential to revolutionize‬‭the way the Internet works. As the‬
‭Internet becomes ever more intertwined with industry and commerce, the demand for‬
‭verifiable digital scarcity and ownership enabled by blockchain technology will likely‬
‭continue to grow.‬

I‭ n order for blockchain technology and the concept of ‘digital ownership’ to reach mass‬
‭adoption and usage on a global scale, two things are required:‬

◆‭ ‬ F‭ irst, there must be on-chain applications that people want to use.‬

◆‭ ‬ ‭Second,‬‭people must be able to understand and easily‬‭access these applications.‬
‭ he advancements sprouting from the‬‭DeFi summer of‬‭2020 gave us the basic building‬
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‭blocks for on-chain financial systems‬‭- the beginnings‬‭of on-chain applications that‬
‭people want to use. Moving forward towards a world where blockchain usage is globally‬
‭widespread, the blockchain industry must now‬‭create‬‭the additional tools, rules, and‬
‭technology required to make digital ownership convenient, safe, and accessible to the‬
‭masses.‬‭These infrastructure pieces are essential‬‭building blocks which will pave the road‬
‭towards the onboarding of the next billion on-chain users, and will be the focus of this‬
‭report.‬

‭ he idea of ‘ownership’ is fundamental to the modern world of commerce and industry. In‬
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‭the physical world, we created laws, houses, locks, safes, trusts, and all other manner of‬
‭inventions to make ownership possible, feasible, and enforceable. If ‘digital ownership’ is to‬
‭come into existence and be widely adopted,‬‭the blockchain‬‭industry will need to invent‬
‭the digital equivalents of these locks, safes, trusts etcetera‬‭- tools which make‬
‭ownership in the physical world readily available to the masses. This report will focus on‬
‭some of the most prominent technological and ideological hindrances to the mass adoption‬
‭of digital on-chain ownership, and how the crypto industry is working to address them on‬
‭its road to mass adoption.‬

‭ lease note that the mention of specific projects in this report does not constitute an‬
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‭endorsement or recommendation by Binance. Instead, the projects cited are merely used‬
‭for the purpose of illustrating the aforementioned concepts. Additional due diligence‬
‭should be taken to better understand the projects and associated risks‬

‭Road to One Billion On-Chain Users‬ ‭3‬

 ‭ he Current State of Crypto‬
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‭Adoption‬
‭ he modern world can be described as being in the‬‭Exponential Age‬‭of technology. New‬
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‭technology is being adopted at faster rates than ever before. OpenAI’s ChatGPT became‬
‭the fastest growing application to ever launch, with the web application reaching 1 billion‬
‭monthly visitors just 3 months after launch. TikTok launched in 2016 and reached 1 billion‬
‭users in just 5 years by 2021. Facebook, which launched in 2004, took 8 years to reach 1‬
‭billion users in 2012. The Internet itself became available for public use in 1993 and only‬
‭crossed the 1 billion user mark in 2005, taking 12 years. There is no doubt that new‬
‭technology is being adopted and proliferated at a faster rate than ever before.‬

‭ hile the rate of crypto adoption has not matched that of the social media giants or‬
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‭ChatGPT’s, its growth has certainly been nothing to sneeze at. Fifteen years since the‬
‭launch of Bitcoin in 2009,‬‭we currently sit at around‬‭560 million crypto owners‬
‭worldwide.‬‭1‬ ‭This is an exponentially faster rate of‬‭growth than that experienced by the‬
‭largest traditional payment networks in the past five years.‬

‭ igure 1: Number of Crypto Owners Compared to Traditional Payment Networks in‬

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‭Logarithmic Scale‬

‭Source: Triple-A, Binance Research, as of May 2024‬

‭ his 560 million figure however is inclusive of a large proportion of users who hold their‬
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‭assets on centralized exchanges or other digital asset custodians. Looking at on-chain‬

‭Road to One Billion On-Chain Users‬ ‭4‬

‭ etrics, the combined monthly active users across the top 20 Layer 1 blockchains‬‭adds up‬
m
‭to only just above 75 million on-chain users‬‭as of‬‭2024.‬

‭Figure 2: Monthly active users of the top 20 Layer 1 blockchains‬

‭Source: Token Terminal, Binance Research, as of June 20, 2024‬

‭ ven if we add active addresses across the most popular Layer 2 chains (which total just‬
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‭under 20 million monthly active users), we would have a grand total of only around‬‭100‬
‭million on-chain users across all the major Layer 1 and Layer 2 chains combined‬‭. This‬
‭100 million figure may also be inflated, as many crypto users use multiple addresses which‬
‭could lead to a significant degree of double counting, particularly between the Ethereum‬
‭and Ethereum Layer 2 active user addresses.‬

‭Road to One Billion On-Chain Users‬ ‭5‬

‭Figure 3: Monthly active users of the top 7 Ethereum Layer 2‬

‭Source: Token Terminal, Binance Research, as of 20 June 2024‬

‭ hile the familiar user experience offered by centralized exchanges (“CEXes”) makes it‬
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‭simple for new users to purchase crypto assets,‬‭this‬‭intuitive experience is still lacking in‬
‭on-chain applications‬‭, creating more friction for‬‭new users to bring their funds on-chain.‬
‭While centralized crypto solutions undeniably play an important role in the ecosystem,‬
‭bringing users on-chain is of crucial importance and is key to unlocking the full potential of‬
‭blockchain technology. As the popular maxim goes: “not your keys, not your coins”.‬

‭ ne plausible explanation for the slower rate of growth of blockchain adoption when‬
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‭compared to that of social media networks could be the‬‭relative lack of useability that‬
‭on-chain crypto applications and blockchains suffer from‬‭. This would also explain why‬
‭more crypto owners still choose to custody their assets on CEXes, rather than bring them‬
‭into on-chain self-custody.‬‭Setting up a Facebook‬‭or CEX account using an email address‬
‭is much simpler than setting up a self-custodial wallet.‬‭As the crypto industry continues‬
‭its march towards global adoption, it will need to develop infrastructure and tooling that‬
‭allow people and institutions to onboard onto blockchains just as easily as they might‬
‭create an Instagram account.‬

‭ his report will look at some of the most prominent pain points which hinder mass‬
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‭adoption of blockchains, categorized into those faced by three main categories of potential‬
‭future users:‬

‭ .‬ I‭ nstitutions‬
1
‭2.‬ ‭Retail‬
‭3.‬ ‭Crypto Skeptics‬

‭ e will also highlight several projects as case studies, to illustrate how some teams are‬
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‭working on improving the on-chain experience, and in driving on-chain adoption.‬

‭Road to One Billion On-Chain Users‬ ‭6‬

 ‭Institutions‬
‭ uch like the early days of the Internet,‬‭crypto adoption‬‭was largely driven by retail‬
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‭users during its early days‬‭following the launch of‬‭Bitcoin in 2009. Since then, blockchain‬
‭technology and the crypto asset class has taken large steps towards global recognition and‬
‭adoption, garnering significant interest from the largest institutions in the world.‬

‭ prominent recent development was‬‭BlackRock’s foray‬‭into the tokenized U.S. treasury‬

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‭space‬‭, with the launch of its BlackRock USD Institutional‬‭Digital Liquidity Fund (“BUIDL”)‬
‭fund in March of this year. BUIDL is available to KYC-ed institutions for investment through‬
‭Securitize, a tokenized real world asset platform built on Ethereum.‬

‭Figure 4: Market capitalization of tokenized US treasury products‬

‭Source: rwa.xyz, Binance Research, as of 20 June 2024‬

‭ he growth of BUIDL has outstripped other tokenized treasury products, overtaking‬

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‭Franklin Templeton’s Franklin on-chain U.S. Government Money Market Fund’s total market‬
‭capitalization (“FOBXX”) within just a few months of its launch. The total on-chain market‬
‭capitalization of such‬‭tokenized U.S Treasury products‬‭now sits at over US$1.5B.‬

‭ part from tokenized real-world assets (“RWAs”), institutions have also demonstrated their‬
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‭appetite for native digital assets, namely Bitcoin and Ethereum. Inflows to the BTC and ETH‬
‭ETFs have been consistent, with the‬‭combined market‬‭capitalization of each ETF sitting‬
‭at‬‭US$80B and US$269M‬‭respectively. In 2024, two publicly‬‭traded companies,‬‭Semler‬
‭Scientific and DeFi Technologies followed in Microstrategy’s footsteps, adopting Bitcoin as‬
‭their companies’ primary treasury asset.‬

‭Road to One Billion On-Chain Users‬ ‭7‬

I‭ nstitutions are beginning to recognize the potential and value blockchains bring with their‬
‭ability to provide a trustless and global environment to custody and transact tokenized real‬
‭world value. There is also a growing institutional movement towards recognizing the value‬
‭of digitally native assets like BTC and ETH. However, in order to achieve widespread‬
‭institutional adoption the crypto industry will need to ensure‬‭the necessary tools‬‭are made‬
‭available to institutions to‬‭allow for convenient‬‭and low risk custody, and management‬
‭of digital assets and tokens.‬‭The useability of on-chain‬‭accounts must be improved to‬
‭match the convenience offered by banks.‬

‭ o achieve widespread institutional adoption, the crypto industry must address these two‬
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‭fundamental functions of institutional-grade on-chain usage:‬

‭1. Institutional custody‬

I‭ nstitutional-grade custody solutions are crucial to onboarding institutions‬

‭en-masse onto blockchains. The majority of the traditional finance and banking‬
‭world is built to service institutions. For institutions to feel comfortable moving even‬
‭part of their assets or business onto distributed ledgers, the on-chain products and‬
‭services available must be equally robust, if not more so.‬

‭2. Transactions and chain abstraction‬

‭ iquidity fragmentation across the current multi-chain world is a significant‬

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‭hindrance to institutional adoption. Multiple distributed ledgers written in multiple‬
‭coding languages accessed by multiple wallets is also far too complex for the‬
‭majority of institutions looking to adopt distributed ledgers at scale. Improving‬
‭on-chain abstraction capabilities and cross-chain interoperability will make it‬
‭significantly less costly and resource intensive for institutions to adopt blockchain‬
‭technology.‬

‭Institutional Custody‬
‭ s more institutions invest in digital assets and tokens, the institutional demand for‬
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‭on-chain functionality will naturally increase, as will the demand for custody solutions that‬
‭offer greater security and greater flexibility. Blockchains have the unique capability over‬
‭traditional financial systems of having inherent interoperability. For example, once an‬
‭institution obtains on-chain custody of the Blackrock-issued BUIDL tokens, they could‬
‭theoretically‬‭trade or borrow against those tokens‬‭via another Ethereum smart-contract‬
‭application (eg. Uniswap or Aave)‬‭without the need‬‭to engage any additional‬
‭intermediaries.‬

‭ he native interoperability and seamless global settlement environment that blockchains‬

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‭offer open up a new world of possibilities for the institutional management of their digital‬
‭financial assets. To access these capabilities however, institutions must be brought‬

‭Road to One Billion On-Chain Users‬ ‭8‬

‭ n-chain and granted convenient and secure self-custody of their digital assets. Digital‬
o
‭asset storage solutions should‬‭allow institutions‬‭to benefit from the interoperability of‬
‭holding their assets on-chain, whilst not compromising on security.‬

‭ ome of the most widely used wallet and self-custody solutions (eg. MetaMask, Phantom,‬
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‭Ledger etc.) may work well for the average retail user, but institutional users who typically‬
‭deal with much larger asset valuations will likely require greater levels of security.‬

‭ roadly speaking , there are three ways to manage an on-chain account and its associated‬
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‭private key.‬

‭1.‬ S
‭ ingle signer systems‬‭are used in many of the most‬‭popular retail-targeted crypto‬
‭wallets like Metamask or Phantom.‬‭They allow anyone‬‭with possession of a given‬
‭private key full access to any funds stored in its associated on-chain account.‬

‭2.‬ M
‭ ulti-signer (“Multi-Sig”) systems‬‭are used by many‬‭DAO treasuries, most‬
‭popularly through the Gnosis Safe decentralized application.‬‭A Multi-Sig wallet is‬
‭an on-chain smart contract‬‭that acts as a collaborative‬‭escrow account.‬‭It‬
‭requires the signature of x/n whitelisted private keys in order to execute‬
‭transactions using the assets stored inside it.‬

‭3.‬ M
‭ ulti-party computation (“MPC”) systems‬‭were designed‬‭with institutional use‬
‭cases in mind, intended to offer improved flexibility over Multi-Sigs. An MPC wallet‬
‭exists on-chain as a single wallet address with a single private key. That‬‭private key‬
‭is broken up into shares, encrypted, and divided off-chain among multiple‬
‭parties.‬

‭Figure 5: Comparing Single, Multi-Sig, and MPC Systems‬

‭Single‬ ‭Multi-Sig‬ ‭MPC‬

‭ emoves single point of compromise for‬

R
‭private key‬ ‭✘‬ ‭✔‬ ‭✔‬
‭Multi User Approval‬ ‭✘‬ ‭✔‬ ‭✔‬
‭Protocol Agnostic‬ ‭✘‬ ‭✘‬ ‭✔‬
‭ odify quorums without creating new‬
M
‭address‬ ‭✘‬ ‭✘‬ ‭✔‬
‭Source: Binance Research‬

‭Road to One Billion On-Chain Users‬ ‭9‬

‭ hile single-signer wallets may serve retail users well. Institutions which generally require‬
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‭a greater level of security often opt for Multi-Sig wallets, or in more recent times MPC‬
‭wallets.‬

‭ PC wallets possess certain capabilities over Multi-Sig wallets which are particularly‬
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‭useful for institutions.‬‭As shown in the figure above,‬‭MPC wallets are protocol agnostic.‬
‭MPC wallets divide the private key off-chain rather than using smart contracts like the‬
‭Multi-Sig wallet. Multi-party computation works on the standardized cryptographic‬
‭signature algorithm (ECDSA or EdDSA) that is used across most blockchains. This means‬
‭that‬‭institutions using MPC can quickly bring new‬‭cryptocurrencies and blockchains‬
‭onto their systems,‬‭without needing to ensure the‬‭new blockchain or wallet supports‬
‭multi-sig smart contracts.‬

‭ his is crucial towards widespread institutional adoption of blockchains in a multi-chain‬

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‭world, where institutions are reluctant to commit resources to integrate with a single‬
‭blockchain, when there is the risk that they will need to switch blockchains in the future.‬
‭We will touch more on this topic and chain abstraction in the next section.‬

‭ part from being chain agnostic,‬‭MPC technology allows‬‭for greater operational‬

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‭flexibility for institutions compared to Multi-Sig wallets.‬‭Multi-Sig wallets are pre-set‬
‭smart contracts. Once a Multi-Sig wallet is created, the ‘M of N’ transaction approval‬
‭structure is fixed. If a new employee is hired and an institution wants to change the‬
‭signature of a Multi-Sig wallet from ‘3 of 4’ to ‘3 of 5’, for example, an institution would‬
‭need to:‬

‭ .‬ C
1 ‭ reate a new Multi-sig wallet‬‭with the new configuration‬
‭2.‬ ‭Move all their assets‬‭from the old to the new wallet‬
‭3.‬ ‭Notify all counterparties‬‭that their wallet address‬‭has changed‬

‭ tep (3) is extremely challenging and costly,‬‭especially‬‭for institutions with numerous‬

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‭counterparties. It is also risky as counterparties could accidentally send funds to the old‬
‭deposit address, where those funds could be lost forever.‬

I‭ n contrast, MPC wallets enable ongoing modification and maintenance of the signature‬
‭scheme. For instance, changing from a ‘3 of 4’ configuration to a different set-up would‬
‭require the current shareholders’ agreement on the new distributed computation and the‬
‭inclusion of a new user share. Throughout this process the blockchain wallet address‬
‭(deposit address) is maintained, so that:‬

‭1.‬ ‭Institutions do not need to create a new wallet‬

‭2.‬ ‭Institutions do not need to move any funds‬

‭3.‬ ‭Their counterparties can continue to use the existing address‬

‭ e‬‭covered the topic of crypto custody in our previous‬‭report “‬‭Wallets: A Deep Dive into‬
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‭Crypto Custody‬‭”. Check it out for a more detailed‬‭dive into the world of crypto wallets.‬

‭Road to One Billion On-Chain Users‬ ‭10‬

‭Fireblocks‬
‭ ireblocks is one of the companies pushing the forefront of institutional-grade custody. In‬
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‭2020, they released MPC-CMP, an open-source, free to use MPC protocol developed by the‬
‭Fireblocks R&D team.‬‭The MPC-CMP, while based on its‬‭predecessor Gennaro and‬
‭Goldfeder’s MPC, allows for transactions to be signed up to 800% faster.‬

I‭ n MPC algorithms, the primary factor that slows down signing is the communication‬
‭latency between the devices holding the key shares. Every communication round‬
‭introduces additional latency. By using non-interactive signing and pre-processing,‬
‭Fireblocks’ MPC-CMP reduces the signing process to just 1 round‬‭. This is a significant‬
‭improvement in the time it takes to complete the signing process compared to the previous‬
‭algorithms such as Gennaro and Goldfeder (9 rounds), Lindell et al. (8 rounds), and Doerner‬
‭et al. (6 rounds).‬

‭Figure 6: Comparing MPC Algorithms‬

‭ old‬
C
‭Transaction‬ ‭Universally‬ ‭ eer-‬
P ‭ pen-‬
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‭Algorithm‬ ‭Storage‬
‭Rounds‬ ‭ omposable‬
C ‭ eviewed‬
R ‭Source‬
‭ ompatible‬
C

‭ ennaro and‬
G
‭Goldfeder‬ ‭9‬ ‭✘‬ ‭✘‬ ‭✔‬ ‭✔‬
‭Lindell et al.‬ ‭8‬ ‭✘‬ ‭✘‬ ‭✔‬ ‭✘‬
‭Doerner et al.‬ ‭6‬ ‭✘‬ ‭✘‬ ‭✔‬ ‭✘‬
‭MPC-CMP‬ ‭1‬ ‭✔‬ ‭✔‬ ‭✔‬ ‭✔‬
‭Source: Fireblocks, Binance Research‬

‭Ceffu‬
‭ effu is another player in the institutional digital asset custody space. Ceffu also makes use‬
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‭of MPC algorithms to ensure the safety of their clients’ funds. With cold, warm and hot‬
‭wallets,‬‭Ceffu offers a variety of solutions to suit‬‭a wide range of institutional customer‬
‭needs‬‭including cold storage staking as well as liquid‬‭staking through its hot and cold‬
‭wallet solutions,‬‭allowing institutions to generate‬‭yield on their treasury assets.‬

‭ effu also offers‬‭off-exchange settlement through‬‭its partnership with Binance‬

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‭Exchange‬‭. Ceffu’s MirrorX solution allows its institutional‬‭clients to delegate a specified‬
‭amount of their assets held in Ceffu’s custody to a designated Binance sub-account‬

‭Road to One Billion On-Chain Users‬ ‭11‬

i‭nstantaneously. Through MirrorX, institutions can‬‭trade on the world’s largest crypto‬
‭exchange by volume, whilst retaining the full security offered by Ceffu’s custody‬
‭solution.‬‭Ethena, the project behind the USDe synthetic‬‭dollar,‬‭announced its partnership‬
‭with Ceffu‬‭in March 2024, making use of MirrorX to‬‭manage its collateral whilst retaining‬
‭maximum security.‬

‭ ransactions and chain‬

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‭abstraction‬
‭ onsidering their scale and volume, institutions require deep liquidity‬‭in order to‬
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‭execute transactions in an effective and capital efficient manner.‬‭The multi-chain world‬
‭we currently live in results in liquidity being fragmented across multiple siloed‬
‭distributed ledgers and Layer2s.‬‭This reduces accessibility‬‭for institutions looking to‬
‭adopt blockchains. The lack of blockchain interoperability also necessitates that‬
‭institutions decide on a specific blockchain ecosystem to adopt.‬‭This requires a high‬
‭set-up cost which also siloes that institution into the initially chosen blockchain‬
‭ecosystem.‬‭Institutions may be reluctant to put in‬‭the time and money to integrate with a‬
‭specific blockchain, when it remains unclear whether they will still want to utilize that‬
‭blockchain down the line, or move to a different one, which would require significant‬
‭re-investment.‬

‭ or these reasons,‬‭chain abstraction has become an‬‭important development in the‬

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‭journey to bring institutions on-chain‬‭. Projects focused‬‭on chain abstraction are building‬
‭the necessary infrastructure to‬‭unify multi-chain‬‭asset and account management‬‭. This‬
‭would allow users to more easily and conveniently access decentralized applications and‬
‭assets that exist across the multitude of distributed ledgers currently in existence.‬
‭Currently, users need to set up and maintain a separate account and private key for‬
‭accounts on different blockchains.‬‭Chain abstraction‬‭has the potential to allow users to‬
‭control accounts and assets held on multiple blockchains using a single private key.‬
‭This creates a much more attractive and easily adoptable on-chain environment for‬
‭institutions to integrate with.‬

‭Axelar‬
‭ xelar, developed using the Cosmos SDK by the team at Interop Labs, is a Proof-of-Stake‬
A
‭(“PoS”) network that acts as a communications layer for decentralized applications to‬
‭interact across both the EVM and Cosmos ecosystems.‬‭It enables the transfer of tokens,‬
‭smart contract calls, and general messaging, all overseen by a network of validators.‬
‭These validators operate nodes to monitor the state of the network, authenticate‬
‭transactions, and manage cross-chain communication. As of today, Axelar connects over‬
‭50 blockchains via its secure, scalable network.‬

‭Road to One Billion On-Chain Users‬ ‭12‬

‭ e covered Axelar alongside some of the other prominent cross-chain interoperability‬
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‭projects in one of our previous articles‬‭‘Decoding‬‭cross-chain interoperability’‬‭.‬

‭ otably, Axelar has witnessed some initial success in partnering with institutions to drive‬
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‭blockchain developments:‬

‭◆‬ I‭ n May 2024, Deutsche Bank announced their partnership with Interop Labs, the‬
‭team behind the Axelar Network Project. Interop Labs will support Deutsche Bank’s‬
‭effort as it joins Project Guardian, the initiative to test asset tokenization in a‬
‭regulated environment, led by the Monetary Authority of Singapore (MAS). Within‬
‭the Project Guardian framework,‬‭Deutsche Bank aims‬‭to explore the‬
‭functionalities of an open architecture and interoperable blockchain platform.‬

‭◆‬ I‭ n November 2023, the Axelar team also made headlines with their successful‬
‭proof-of-concept collaboration with Onyx, J.P Morgan’s blockchain platform. This‬
‭collaboration was also part of Project Guardian. As part of the proof-of-concept,‬
‭Onyx leveraged Axelar’s cross-chain technology to enable interoperability with‬
‭a private and permissioned blockchain‬‭, allowing for‬‭the introduction of‬
‭composability and programmability into cross-chain portfolio management.‬

‭ ince its involvement with Project Guardian, the Axelar network has experienced a‬
S
‭consistent growth in its daily active addresses as well as daily transactions.‬

‭Figure 7: Axelar Daily Transactions‬

‭Source: Artemis, Binance Research, as of June 20, 2024‬

‭Road to One Billion On-Chain Users‬ ‭13‬

‭Figure 8: Axelar Daily Active Addresses‬

‭Source: Artemis, Binance Research, as of June 20, 2024‬

‭Project Guardian‬
‭ nother notable initiative that has the potential to drive institutional adoption is Project‬
A
‭Guardian.‬‭Project Guardian is an initiative to test‬‭asset tokenization in a regulated‬
‭environment‬‭, led by the Monetary Authority of Singapore (MAS). As stated on their‬‭official‬
‭website‬‭, the objectives of Project Guardian are to:‬

‭1.‬ ‭Formulate industry standards‬‭for asset tokenisation‬‭on a commercial scale.‬

‭2.‬ E
‭ stablish policy guidelines and frameworks‬‭. Define‬‭acceptable governance model‬
‭or accountability; Technical standards for digital assets.‬

‭3.‬ T
‭ o develop a sound and sustainable digital asset ecosystem‬‭with commercial‬
‭use-cases, guided by policy considerations and frameworks‬

I‭ t has the following‬‭Focus Areas‬‭, with open and interoperable‬‭networks being first on the‬
‭list:‬

‭1.‬ ‭Open and Interoperable Networks‬

‭ xplore open, interoperable networks that enable digital assets to be traded across‬
E
‭platforms and liquidity pools‬

‭2.‬ ‭Trust Anchors‬

‭ stablish a trusted environment through a common trust layer of independent trust‬

E
‭anchors with risk management discipline to screen and onboard entities‬

‭Road to One Billion On-Chain Users‬ ‭14‬

 ‭3.‬ ‭Asset Tokenization‬

‭ xamine the representation of securities in the form of digital bearer assets and‬
E
‭tokenized deposits issued by financial institutions.‬

‭4.‬ ‭Institutional Grade Financial Protocols‬

‭ tudy the introduction of regulatory safeguards and controls into financial protocols‬
S
‭to mitigate against market manipulation and operational risk.‬

‭ s of 2024, Project Guardian has attracted an impressive amount of support and‬

A
‭participation from some of the largest financial institutions around the world -‬‭strong‬
‭indication of the growing institutional interest in both tokenization as well as building‬
‭open, global, interoperable distributed ledger networks.‬

‭Figure 9: Logos of financial institutions involved in Project Guardian‬

‭Source: Project Guardian, Binance Research‬

‭Road to One Billion On-Chain Users‬ ‭15‬

 ‭Retail‬
‭ n a whole, retail users would benefit from the same improvements that institutions would,‬
O
‭namely greater convenience and greater security. Compared to institutions, the average‬
‭retail user often prioritizes convenience, but it is essential to ensure that user-friendly‬
‭solutions do not compromise on security.‬

‭ or retail users in particular,‬‭building intuitive‬‭mobile-enabled applications UI/UX is‬

F
‭crucial‬‭. As of 2023,‬‭nearly 98 percent of internet‬‭users aged 16 to 64 worldwide owned‬
‭a mobile phone‬‭. Whereas only approximately 58 percent‬‭of the global population aged 16‬
‭to 64 and using the internet possessed a laptop or desktop computer.‬‭2‬‭The growing trend in‬
‭people accessing the Internet via mobile device is strong. Today, the most popular Web3‬
‭wallets allow users to browse and access other dApps directly within the mobile‬
‭application (eg. Binance Web3 Wallet, Metamask, Phantom).‬

‭ rypto software built for retail users needs to be intuitive to use, and widely‬
C
‭accessible.‬‭This report will focus on two key pieces‬‭of crypto infrastructure that are‬
‭essential for mass adoption of blockchains by retail users:‬

‭1. Account management‬

‭ ith the rise of fintech and neobanks, retail users have become used to easily‬
W
‭accessing their finances via mobile applications. At the current stage, many crypto‬
‭wallets still have significant room to improve. For example, requiring the user to‬
‭manage their own seed phrase is difficult for many as it is an entirely alien concept‬
‭to a large part of the population. The crypto industry must continue to innovate on‬
‭user UI/UX, particularly on the mobile front, in order to build intuitive applications‬
‭that are easy to pick up and use right away.‬

‭2. Accessible on/off-ramps‬

‭ uccessfully onboarding a billion on-chain users requires ensuring that average‬

S
‭users can transfer funds on-chain both cheaply and quickly. Fiat on/off-ramps are‬
‭the bridge between the massive world of traditional finance, and the comparatively‬
‭tiny but blossoming on-chain world. For the on-chain world to flower, it needs a‬
‭constant supply of liquidity to flow to it from traditional finance rails. Globally‬
‭accessible and affordable fiat on-ramps are crucial to getting more retail users‬
‭on-chain en masse.‬

‭Road to One Billion On-Chain Users‬ ‭16‬

 ‭Account management‬
‭ n-chain account management, and the management of seed phrases in particular, is a‬
O
‭significant pain point hindering the widespread retail adoption of blockchains. Retail‬
‭banking services have accustomed the general public to ‘digital-ownership-as-a-service’.‬
‭Banks provide services such as customer support lines and password recovery‬
‭mechanisms.‬‭They also maintain a centralized mobile‬‭application that allows customers to‬
‭view and spend their balances of digitally-represented money. While these exact services‬
‭cannot exist in the decentralized on-chain space as they do in traditional banking, some‬
‭Web3 projects are taking the steps to bridge the gap. To make users’ transition to‬
‭self-custody as painless as possible,‬‭the industry‬‭must build products which offer‬
‭familiar and intuitive user interfaces that allow for self-custody without sacrificing‬
‭security.‬‭Many Web3 companies have taken reference‬‭from the fintech and digital banking‬
‭revolution that has occurred, building sleek and intuitive crypto mobile wallets which allow‬
‭for seamless access into the on-chain world.‬

‭Binance Web3 Wallet‬

‭ he Binance Web3 Wallet, which launched in November 2023, is a self-custody crypto‬
T
‭wallet built as an extension to the Binance mobile application.‬‭Housing the Web3 Wallet‬
‭within the existing Binance application makes it easy for Binance’s existing ~200‬
‭million users to transition into on-chain self-custody.‬‭The Binance Web3 Wallet allows‬
‭users to access the on-chain world of dApps via a familiar centralized exchange login and‬
‭mobile application.‬

‭ igure 10: Binance Web3 Wallet accessible within the existing Binance mobile‬
F
‭application‬

‭Source: Binance‬

‭Road to One Billion On-Chain Users‬ ‭17‬

‭ he Binance Web3 Wallet‬‭removes the need for seed phrase management‬‭via its use of‬
T
‭multi-party computation. Binance Web3 Wallet is‬‭secured‬‭by three key-shares and a‬
‭recovery password‬‭chosen by the user. These key-shares‬‭are automatically generated‬
‭when a new wallet is created and stored in three different locations for added security:‬

‭Share 1:‬‭Secured by Binance‬

‭Share 2:‬‭Stored on the user’s device‬

‭ hare 3:‬‭Encrypted using the user’s chosen recovery‬‭password and backed up to‬
S
‭the user’s personal cloud storage (iCloud or Google Drive)‬

‭To access the wallet, the‬‭user must have at least‬‭two of the three key shares.‬

‭Accessible on/off-ramps‬
‭ idely accessible fiat-to-crypto on and off-ramps are crucial to mass adoption of‬
W
‭blockchains.‬‭Retail users need to be able to exchange fiat from their traditional bank‬
‭accounts for digital assets on-chain.‬‭Per-transaction‬‭fees also cannot be prohibitively‬
‭expensive, as individual retail users generally would be exchanging much lower amounts‬
‭than institutions.‬

‭ he world is currently in a transition phase‬‭between‬‭the traditional finance model of‬

T
‭centralized custody, and the blockchain-enabled model of decentralized digital ownership.‬
‭It is highly likely that for the foreseeable future, most crucial financial operations such as‬
‭day to day payments, receiving of salary, paying of health insurance etc. will continue to‬
‭occur on traditional finance rails. As the blockchain environment continues to evolve and‬
‭build out a purportedly more transparent, decentralized, and secure financial environment,‬
‭fiat on/off bridges will be crucial to allow users to make use of both blockchains and‬
‭traditional finance systems for their various needs.‬

‭ entralized exchanges currently serve as some of the most widely used fiat on/off-ramps‬
C
‭access points for retail users. However, this report will focus on two projects that facilitate‬
‭the direct interaction between fiat and on-chain wallets. The first, Moonpay, allows for the‬
‭purchase of crypto using fiat, which is then directly deposited into the user’s on-chain‬
‭wallet. The second, Gnosis Pay allows users to spend funds directly from an on-chain‬
‭wallet using a Visa card.‬

‭Moonpay‬
‭ oonpay allows users from over 160 countries (including most US states) to purchase and‬
M
‭deposit crypto directly into their self-custody wallet using their debit or credit card.‬
‭Moonpay has integrated with over 250 crypto wallets, exchanges, and applications‬‭to‬
‭allow their users to purchase crypto with fiat without needing to navigate to a different site.‬

‭Road to One Billion On-Chain Users‬ ‭18‬

‭ oonpay also supports selling of crypto directly from a self-custody wallet, and will deposit‬
M
‭fiat from the sale into a bank account provided by the user.‬

‭Figure 11: Comparison of crypto on-ramp fees‬

‭Platform‬ ‭Fees‬ ‭Supported Cryptocurrencies‬

‭4.5% (Card Payments)‬

‭Moonpay‬ ‭1% (Bank Transfers)‬ ‭100+‬

‭Binance‬ ‭0.65-3.3%‬ ‭350+‬

‭Gemini‬ ‭1.49%‬ ‭90+‬

‭Ramp Network‬ ‭1.99-3.9%‬ ‭50+‬

‭Source: Chaindebrief, Binance Research‬

‭ oonpay will also charge a‬‭network fee‬‭for each transaction.‬‭This fee covers the costs‬
M
‭associated with asset transfer, and may vary depending on a number of factors, such as‬
‭blockchain network congestion and operational costs.‬

‭ lthough Moonpay charges relatively high fees,‬‭the business network they have built has‬
A
‭proven valuable for allowing users from a wide range of countries to purchase crypto.‬
‭Moonpay serves users from these countries as a valuable alternative bridge between‬
‭traditional finance and blockchains. In August 2023, Binance U.S partnered with Moonpay‬
‭to give its U.S customers the option of buying USDT using their debit cards, Apple pay, or‬
‭Google pay. This allowed Binance U.S customers to continue to bridge fiat over to crypto‬
‭despite Binance U.S’ loss of its support from its U.S banking partners. The loss of banking‬
‭support occurred during a period of regulatory scrutiny faced by the exchange.‬

‭Gnosis Pay‬
‭ nosis Pay, developed by the team behind widely popular Gnosis Safe multi-sig (now‬
G
‭known as Safe),‬‭allows users to spend assets held‬‭in self-custody directly using a Visa‬
‭card.‬‭Gnosis Pay is built on top of Gnosis Chain,‬‭a zkEVM-based proof-of-stake Layer1‬
‭network, operated by a diverse set of over 200,000 validators around the world. The Gnosis‬
‭Chain underpins the Gnosis ecosystem, which is a collective of aligned projects‬
‭revolutionizing payments infrastructure to make decentralized financial tools accessible‬
‭and usable for all. The Gnosis Pay Card is the latest addition to the Gnosis product suite.‬

‭Road to One Billion On-Chain Users‬ ‭19‬

‭ nosis Pay also provides a set of developer tools‬‭that allow crypto wallets to create a‬
G
‭version of their Gnosis Card for users without having to jump through all the hoops of‬
‭building an online payments system. For instance,‬‭MetaMask could issue a MetaMask card‬
‭with relative ease by utilizing Gnosis Pay’s APIs and toolings.‬

‭Figure 12: Gnosis Pay High-Level Architecture‬

‭Source: Gnosis, Binance Research‬

‭ solution like Gnosis pay helps to lower the bar in terms of initial set-up cost for projects‬
A
‭to enter the decentralized fintech field. This opens the door for more innovation as the‬
‭lowered barrier to entry allows more new players to enter the on-to-off-chain payments‬
‭space.‬‭As more players enter, accessibility of on/off-ramps‬‭to retail users should‬
‭increase, and prices should decrease.‬

‭Road to One Billion On-Chain Users‬ ‭20‬

 ‭Crypto Skeptics‬
‭ hile acceptance of new crypto technology and the industry is growing, some skepticism‬
W
‭remains, partly due to past incidents involving certain centralized exchanges and projects‬
‭that have attracted negative attention.‬‭However, the‬‭industry is making significant‬
‭strides to enhance transparency, security, and reliability‬‭to build trust and confidence‬
‭among users.‬

‭ here are two significant ways the crypto industry has begun to utilize to combat some of‬
T
‭the skepticism as distrust directed at the industry:‬

‭1. Increase Transparency‬

‭ he crypto industry must continue to put in place systems and processes that‬
T
‭promote fairness and transparency,‬‭allowing users‬‭to verify information‬
‭independently without relying or trusting a third party.‬

‭2. Education‬

‭ ducation and knowledge-sharing is crucial‬‭to the‬‭global adoption of blockchain‬

E
‭technology. As more people begin to understand how the technology works and the‬
‭benefits of decentralization, more demand and more innovation will spring forth.‬

‭Increase Transparency‬
‭ he collapse of FTX as well as Terra UST has resulted in significant losses for investors.‬
T
‭Customers have reportedly lost access to nearly US$8B in assets as a result of the FTX‬
‭collapse, and investors in the Terra ecosystem are estimated to have lost almost US$40B.‬

‭ ast instances of unsustainable business practices, and fraud have contributed to distrust‬
P
‭for the crypto industry among blockchain skeptics. Die-hard blockchain enthusiasts might‬
‭say ‘don’t trust, verify’, but the reality is that most of the general public do not possess the‬
‭technical know-how to verify the legitimacy of and assess the risks associated with‬
‭on-chain applications for themselves. To onboard the next billion users to crypto, the‬
‭industry must continue improving and to put in place the necessary conventions and‬
‭systems to increase transparency and accessibility for the general public.‬

‭Binance Proof-of-Reserves‬
‭ roof-of-reserves is a good example of how the crypto industry has increased transparency‬
P
‭and created new conventions in the wake of FTX’s collapse.‬‭Proof-of-reserves allow‬
‭crypto users to verify the amount of assets that centralized exchanges or other crypto‬

‭Road to One Billion On-Chain Users‬ ‭21‬

‭ ustodians have.‬‭Immediately following the crash of FTX, many crypto exchanges‬
c
‭committed to the implementation of proof-of-reserves.‬

‭ he move on the part of centralized exchange to implement proof-of-reserves is a great‬

T
‭example of how crypto companies can improve to bring greater transparency and a better‬
‭overall experience to users. In the long run,‬‭striving‬‭to make the industry more‬
‭transparent to users should go a long way towards building widespread public goodwill‬
‭towards blockchain technology and blockchain companies.‬

‭ roadly, there are two ways an exchange could implement proof-of-reserves. The first‬
B
‭would simply be to have a trusted third party attest that the exchange has custody over‬
‭sufficient assets to cover client deposits. This method still requires trust to be placed in the‬
‭legitimacy of the third party attestor, and offers little in the way of additional transparency‬
‭for the end user.‬

‭ he second, which Binance utilizes for its proof-of-reserves, would be to make use of‬
T
‭Merkle Trees.‬‭A Merkle Tree is a cryptographic tool‬‭that enables the consolidation of‬
‭large amounts of data into a single hash.‬‭This single‬‭hash, called a Merkle Root, acts as a‬
‭cryptographic seal that “summarizes” all the inputted data. Merkle Trees also give users‬
‭the ability to verify specific contents that were included within a particular set of “sealed”‬
‭data. Binance uses these properties of Merkle Trees during its Proof of Reserves‬
‭assessments to verify individual user accounts are included within the liabilities report‬
‭inspected by the auditor.‬

‭Figure 13: Merkle Tree Visualization‬

‭Source: Binance Research‬

‭ ead more about how Binance implements proof-of-reserves, and how you can verify your‬
R
‭own transactions and account balances on Binance‬‭here‬‭.‬

‭Road to One Billion On-Chain Users‬ ‭22‬

 ‭Education‬
‭ ithout the invention of the Internet, there would be no blockchains. The Internet of today‬
W
‭has grown into a treasure trove of information, readily available to any curious learner with‬
‭a smartphone and an Internet connection.‬‭Open source‬‭and blockchain technology go‬
‭hand in hand.‬‭This means that much of the technical‬‭source code and documentation to be‬
‭found in the crypto industry is freely available online. As blockchain becomes a globally‬
‭relevant technology however,‬‭it becomes increasingly‬‭important that online educational‬
‭resources catered to non-technical users are readily available.‬‭As of 2024, there are‬
‭only 28.7 million software developers globally, less than 0.5% of the global population. For‬
‭blockchain technology and the concept of digital ownership to truly go mainstream, thought‬
‭leadership and education catered to the non-technical majority is essential.‬

‭Binance Academy‬
‭ inance Academy is a leading blockchain and cryptocurrency education platform featuring‬
B
‭over 800 articles and glossary entries, plus courses on blockchain, cryptocurrencies, Web3,‬
‭and more. Launched in 2018, it serves millions of learners across the world in more than 30‬
‭languages. Binance Academy’s educational initiatives also include Learn and Earn, the‬
‭University Outreach Program, Student Ambassador Program, as well as partnerships with‬
‭top online learning platforms, professional associations, and industry alliances.‬

‭The free courses are designed by the Binance Academy team and currently include:‬

‭◆‬ ‭Beginner Track (consisting of 6 fixed courses);‬

‭◆‬ ‭Intermediate Track (consisting of 6 fixed courses); and‬

‭◆‬ ‭Specialization Track (consisting of various specialized courses).‬

‭ hile the free courses are comprehensive and cover a wide variety of topics, users can also‬
W
‭choose to enroll in paid courses to further develop their crypto knowledge. The paid‬
‭courses are university courses curated and accredited by leading educational institutions.‬

‭Road to One Billion On-Chain Users‬ ‭23‬

‭Figure 14: Binance Academy Courses‬

‭Source: Binance Academy‬

‭Binance Research‬
‭ inance Research is an initiative launched by Binance in order to enhance online‬
B
‭educational resources for the general public. As of today, Binance Research has published‬
‭over 150 in-depth reports, spanning a wide range of topics across the entire crypto industry‬
‭from DeFi, to Infrastructure, to Gaming and NFTs.‬

‭ ach Binance Research article is crafted to be useful and educational for any reader, be‬
E
‭they institutional, retail, or crypto skeptic.‬

‭Road to One Billion On-Chain Users‬ ‭24‬

 ‭Closing Thoughts‬
‭ he Internet revolutionized the world by enabling the borderless digital exchange of‬
T
‭information. Initially, the global public was skeptical of the Internet’s potential, and much‬
‭of the early content was undervalued. Today, the Internet is a valuable source of‬
‭information for people around the globe.‬

‭ uilding on the foundation of borderless exchange of information that is the Internet,‬

B
‭blockchains enable borderless, permissionless, verifiable, digital ownership.‬‭In the‬
‭recent past, many deemed blockchains as a niche technological development. The types of‬
‭digital assets stored on distributed ledgers in the past have been labeled as non-serious‬
‭and merely speculative. Today, Blackrock, the largest asset manager in the world, is‬
‭tokenizing assets on Ethereum.‬

I‭ n order for blockchain technology to reach mass adoption and usage on a global scale, two‬
‭things are required. Firstly, there must be on-chain applications that people want to use.‬
‭Secondly,‬‭people must be able to understand and easily‬‭access these applications.‬‭The‬
‭DeFi summer of 2020 saw a Cambrian explosion of new on-chain applications, many of‬
‭which found product-market fit, and are still being widely used to this day (eg. Uniswap,‬
‭Aave, MakerDAO). Now that the fundamental DeFi building blocks have been put in place,‬
‭some of the momentum within the blockchain industry seems to have shifted in the‬
‭direction of making on-chain applications more easily accessible and usable‬‭by the‬
‭general public.‬

‭ n its road to one billion on-chain users,‬‭the crypto‬‭industry must build the necessary‬
O
‭infrastructure, tooling, and public recognition to make the concept of ‘digital‬
‭ownership’ understandable and easily accessible‬‭to‬‭global human society.‬

‭Road to One Billion On-Chain Users‬ ‭25‬

‭References‬
‭1.‬ ‭https://triple-a.io/cryptocurrency-ownership-data/‬

‭2.‬ ‭https://www.statista.com/statistics/1380075/global-digital-device-ownership/‬

‭3.‬ h
‭ ttps://www.axelar.network/blog/jp-morgan-bridge-apollo-cross-chain-portfolio-man‬
‭agement‬

‭4.‬ h
‭ ttps://cryptoslate.com/deutsche-bank-selects-axelar-developer-as-partner-in-joining‬
‭-project-guardian-singapore/‬

‭5.‬ ‭https://www.binance.com/en/web3wallet‬

‭6.‬ ‭https://www.binance.com/en/research/analysis/wallets-deep-dive‬

‭7.‬ ‭https://www.fireblocks.com/what-is-mpc‬‭/‬

‭8.‬ ‭https://www.fireblocks.com/blog/7-reasons-why-mpc-is-the-next-generation-of-priva‬
‭te-key-security/‬
‭9.‬ ‭https://ncw-developers.fireblocks.com/docs/main-capabilities‬

‭10.‬‭https://app.rwa.xyz/treasuries‬

‭11.‬‭https://www.binance.com/en/research/analysis/institutional-custody-in-crypto‬

‭12.‬‭https://www.mas.gov.sg/schemes-and-initiatives/project-guardian‬

‭13.‬‭https://www.axelar.network/institutional-interoperability‬

‭14.‬‭https://chaindebrief.com/the-cheapest-way-to-on-ramp-funds-on-exchanges-in-2023‬

‭Road to One Billion On-Chain Users‬ ‭26‬

‭New Binance Research Reports‬

‭Navigating Crypto: Industry Map‬ ‭ onthly Market Insights - June‬

M
‭2024‬
‭ n overview of different verticals in‬
A
‭crypto‬ ‭ summary of the most important‬
A
‭market developments, interesting‬
‭charts and upcoming events‬

‭ he Future of Bitcoin #3: Scaling‬

T ‭Breakthrough DeFi Markets‬
‭Bitcoin‬
‭ n in-depth analysis of the emerging‬
A
‭ detailed and technical breakdown of‬
A ‭trends transforming DeFi‬
‭a selection of Bitcoin scalability‬
‭solutions‬

‭Road to One Billion On-Chain Users‬ ‭27‬

‭About Binance Research‬
‭ inance Research is the research arm of Binance, the world’s leading cryptocurrency‬
B
‭exchange. The team is committed to delivering objective, independent, and comprehensive‬
‭analysis and aims to be the thought leader in the crypto space. Our analysts publish‬
‭insightful thought pieces regularly on topics related but not limited to the crypto‬
‭ecosystem, blockchain technologies, and the latest market themes.‬

‭Joshua Wong‬
‭Macro Researcher‬

‭ oshua is currently working for Binance as a Macro‬

J
‭Researcher. He has been involved in the‬
‭cryptocurrency space since 2019. Prior to joining‬
‭Binance, he worked as a product manager at a Web3‬
‭fintech startup, and a market analyst at a DeFi startup.‬
‭He holds a Bachelor of Laws (LLB) from Durham‬
‭University.‬

‭Road to One Billion On-Chain Users‬ ‭28‬

‭Resources‬

‭Read more‬‭here‬ ‭Share your feedback‬‭here‬

‭ eneral Disclosure:‬‭This material is prepared by Binance Research and is not intended to be relied upon as a‬
G
‭forecast or investment advice, and is not a recommendation, offer, or solicitation to buy or sell any securities,‬
‭cryptocurrencies, or to adopt any investment strategy. The use of terminology and the views expressed are‬
‭intended to promote understanding and the responsible development of the sector and should not be‬
‭interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above‬
‭and are the opinions of the writer; they may change as subsequent conditions vary. The information and‬
‭opinions contained in this material are derived from proprietary and non-proprietary sources deemed by‬
‭Binance Research to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As‬
‭such, no warranty of accuracy or reliability is given, and no responsibility arising in any other way for errors and‬
‭omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material‬
‭may contain ‘forward-looking’ information that is not purely historical in nature. Such information may include,‬
‭among other things, projections and forecasts. There is no guarantee that any forecasts made will come to‬
‭pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended‬
‭for information purposes only and does not constitute investment advice or an offer or solicitation to purchase‬
‭or sell in any securities, cryptocurrencies, or any investment strategy, nor shall any securities or cryptocurrency‬
‭be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be‬
‭unlawful under the laws of such jurisdiction. Investment involves risks. In compliance with MiCA requirements,‬
‭unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click‬
‭here‬‭.‬

‭Road to One Billion On-Chain Users‬ ‭29‬