Eowyn Chen discusses the evolution of crypto wallets, the challenges of profitability, and her vision for a streamlined Web3 experience.
Key Takeaways:
- Trust Wallet envisions seamless dApp-integrated wallets.
- Most wallets aren’t profitable, except a few like MetaMask.
- Multi-chain support helps retain users, not attract new ones.
- EIP-7702 enhances wallet usability.
- Trust Wallet takes a conservative regulatory approach.
- Supporting multiple chains consistently is a challenge.
The Future of Crypto Wallets: “Amazon Web3”
Eowyn Chen, CEO of Trust Wallet, envisions a revolutionary future for the crypto wallet industry. In an exclusive interview, she introduced her concept of the “Amazon Web3” future—where crypto wallets will function as a one-stop hub for decentralized applications (dApps), removing the need for multiple interfaces or external wallets.
Chen predicts a seamless user experience where wallet functionality will be embedded directly into dApps, similar to how Amazon integrates various services into one platform. She believes this could eventually make web extension wallets obsolete, simplifying interactions within the decentralized ecosystem.
The Crypto Wallet Industry’s Profitability Struggle
Despite the increasing adoption of cryptocurrencies and blockchain technology, Chen revealed a significant challenge for crypto wallets: profitability. Most crypto wallets are not making money, with only a few like MetaMask and Coinbase Wallet potentially turning a profit. According to Chen, the majority of wallet providers rely on external funding or support from larger companies to survive.
“Wallet as a business model is not easy to sustain,” she noted. “Many wallets either have a ‘sugar daddy’ to fund them or they struggle to remain viable on their own.” The profitability challenge is compounded by the complexity of supporting multiple blockchain networks, as Trust Wallet now supports over 105 chains, including both EVM (Ethereum Virtual Machine) and non-EVM blockchains.
Why “New Chains” Aren’t Driving Growth Anymore
Initially, the integration of new blockchains helped drive user growth for crypto wallets. However, Chen highlighted a new trend: multi-chain compatibility no longer attracts new users. “There haven’t been any recent chain integrations that significantly increased our user base,” she explained.
Instead, Trust Wallet’s strategy has shifted towards retaining existing users. By offering a one-stop solution that supports multiple chains, they aim to reduce the need for users to maintain several wallets for different blockchains. This focus on user retention reflects the broader market dynamic, where new chains are less of a draw than they once were.
Innovations in User Experience: EIP-7702 and Smart Contracts
As part of its future growth strategy, Trust Wallet is exploring new features that enhance the user experience. One of these is the implementation of EIP-7702, an Ethereum Improvement Proposal aimed at upgrading Externally Owned Accounts (EOA) with smart contract functionality.
“Smart contracts can simplify and improve the user experience,” Chen said, adding that integrating them into wallets could offer smarter, more efficient transactions. The goal is to create wallets that are not only secure but also easy to use, addressing a common pain point in the crypto space.
Navigating Regulatory Challenges: Trust Wallet’s Conservative Approach
Based in Dubai after having previously operated in the United States, Chen acknowledges the regulatory hurdles facing the crypto industry, particularly in the U.S. Trust Wallet has thus far avoided direct regulatory scrutiny from authorities like the SEC, but Chen is cautious. She emphasized that Trust Wallet takes a conservative approach, partly informed by her time at Binance – One of the best crypto trading platform, where she witnessed firsthand the consequences of regulatory missteps.
“We are more conservative than many of our competitors,” she said, noting that Trust Wallet prioritizes compliance and sustainability over aggressive growth.
Scaling Multi-Chain Wallets: A Complex Challenge
Chen also identified scalability as a major challenge for wallets supporting multiple blockchains. Offering users a gasless experience or creating an interface that abstracts the complexities of different chains—particularly non-EVM chains—requires significant technical innovation.
“It’s very difficult to design both from a product and a technical standpoint,” Chen explained. This challenge is further compounded by the lack of uniform standards across blockchain networks, making it hard to provide a consistent and smooth experience for users.
Trust Wallet’s Mission: Integrity and Long-Term Vision
At the core of Chen’s leadership philosophy is a commitment to building a company that survives beyond its founders. She draws inspiration from her namesake, Éowyn—a character from Lord of the Rings—whose journey reflects the importance of selflessness and mission-driven leadership.
“The crypto industry has lots of temptations—fame, money, power,” she said. “I remind myself to not be tempted by the ring, to focus on building something that outlasts me.”
Chen instills this philosophy within her team, emphasizing that integrity and mission-focus should drive their efforts, even as they move on to other ventures within the industry.
The Future: Wallet-as-a-Service and Embedded Functionality
Looking ahead, Chen envisions two significant shifts in the wallet industry. First, the rise of Wallet-as-a-Service (WaaS) could see wallets becoming a B2B offering, integrated into various platforms as a backend service. Second, the move toward embedded wallet functionality within dApps could dramatically simplify user experiences, making crypto transactions as intuitive as traditional online shopping.
In this future, Chen believes that Web3 wallets could evolve into platforms as influential and widely used as Amazon in e-commerce, driving mass adoption through simplicity and utility.
Conclusion: The Road to Mass Adoption
Eowyn Chen’s vision for Trust Wallet and the broader crypto wallet industry points toward a future where decentralized finance (DeFi) becomes more accessible, secure, and user-friendly. By addressing the current challenges of profitability, scalability, and user retention, Chen is positioning Trust Wallet as a pioneer in the next phase of Web3 innovation. As the industry evolves, the concept of an “Amazon Web3” could play a pivotal role in shaping how users interact with blockchain technology in the future.
Source: beincrypto.com
