Wallets Have Moved Beyond Holding Crypto: Dune Analytics

Wallets aren’t just for holding crypto anymore. That’s a conclusion of Dune Analytics’ “Crypto Wallets 2025: An Anthology” report.

Arguing that wallets are becoming “self-contained superapps,” the report looks at more than a dozen top wallets like MetaMask, Phantom, and Binance Wallet, used on seven major blockchains, including Ethereum and Solana.

“Wallets are no longer just key managers,” Dune notes. “They are becoming full-fledged platforms that onboard users, abstract complexity, and orchestrate nearly every onchain action: swapping, staking, bridging, governance, and even social coordination… wallets are no longer passive interfaces —they’re where much of crypto’s daily action happens.”

Features like passkeys, gas sponsorship and chain abstraction that let users interact with different blockchains through a single, unified interface eliminate the need to manage multiple wallets and learn different transaction processes.

What’s happening, Dune Analytics argues, is that instead of simply storing users’ assets, wallets “connect, curate, route, and increasingly own the user journey—blurring the line between tool and platform.”

Smart Wallet Growth

This trend is set to accelerate with the rollout of EIP-7702, which was introduced in Ethereum’s Pectra upgrade on May 7. This feature enables the creation of smart contract-capable wallets — known as account abstraction — with user-friendly features like sponsored transactions, allowing a third party like a dApp to pay a user’s transaction fees.

Smart wallet account creation began in early 2023, but exploded in the summer of 2024, with the vast majority deployed on Polygon and, to a lesser extent, Base, the Ethereum Layer 2 network developed by Coinbase. In two weeks that summer, there were more than one million deployments.

But it has slowed significantly since then, with Base and Arbitrum dominating a more limited number of deployments. Base now accounts for 65% of deployments, although Arbitrum saw a brief but notable spike in March. There are now roughly 120,000 deployments each week.