Wallets Now Handle 10x More Swaps Than in 2021: Dune Analytics Report

As crypto wallets become more user-friendly, activity and adoption trends change, a new report by analytics platform Dune shows. In a 70-page report, Dune emphasizes increased wallet activity and use cases beyond asset storage that include embed swaps, staking, bridges, quests, and more. 

At the same time, infrastructure changes. Due to the growth of smart accounts, complex functionalities become invisible to end users, with interactions feeling more familiar. 

Weekly Swap Activity Has Increased 10 Times Compared to 2021

Data shows that weekly transfer activity through crypto wallets has hit a new high, surpassing 20 million swaps, 10 times higher than the weekly swap count during the 2021 bull run.

Binance Wallet has set new growth records, handling 33 million weekly swaps and $9 billion in volume in early May. 

It leads all wallet providers, accounting for about 80% of tracked swap activity by count and 74% by volume. 

Other top providers in the swap market include:

• Trust Wallet, 
• Rabby, 
• TokenPocket, 
• MetaMask.

Despite the growth in activity, the average trade size has decreased, indicating that adoption is growing faster than the amount of capital involved.

Ethereum continues to lead in high-value swaps, handling 40% of the total volume in this category.

Emerging Markets Lead Crypto Wallet User Bases

Countries like Nigeria, India, Vietnam, and Indonesia are consistently among the top users of various wallets. This trend, according to Dune Analytics, shows how wallets are becoming key financial tools in areas that lack strong traditional banking systems.

Some wallets, like OKX and Bitget, are especially popular in specific regions, mainly across Asia. Coinbase Wallet, on the other hand, leads in North America and parts of Europe.

MetaMask continues to be the most popular crypto wallet. 

• More than 12% of MetaMask users are based in Nigeria, followed by Indonesia, India, the U.S., and Germany.
• However, wallet users in the U.S., South Korea, France, and Portugal hold the largest share of total wallet balances – 12%, 7%, 5%, and 4%, respectively.
• In contrast, Nigeria, despite having a large number of users, accounts for only 0.1% of the total balance. This shows that MetaMask is more often used as an onboarding tool in the country rather than a capital store. 

An analysis of wallet users and capital across providers shows a clear difference: while many users come from emerging markets, most of the capital is still concentrated in developed countries.

User Interactions With Smart Contract Wallets Are Growing

On-chain actions are being made by smart contract wallets using account abstraction (like ERC-4337). Instead of relying on traditional externally owned accounts (EOAs), users interact through smart contract wallets, which can bundle and automate transactions in more flexible ways.

Despite fewer new smart contract wallets being created compared to the peak in summer 2024, the total number of smart contract transactions continues to rise. 

• The number of weekly user operations reached 4 million in April 2025, up from 800,000 in the same period of 2023.
• The all-time high for UserOperations was 5 million in a week, reached in July 2024.

In the second half of April 2025: 

• Base handled over 3 million UserOps per week, making up 87% of the total weekly operations.
• Polygon had more than 90% of the market share until April 2024, but this dropped to 60% by July as Base grew in popularity. 
• Arbitrum ranks 3rd. The chain showed increased activity in Q4 2024 and March 2025. 

Meanwhile, Safe dominates smart contract activity, handling 73% of all smart account transactions.