7M swaps a week. $4B in volume.
Sounds like a growth fairy-tale, until you look under the hood.

OKX wallet rockets to 40% of all embedded swaps and 47% of swap volume by March 2025.
Dominance? Only if you ignore where those swaps come from and where that money parks.

Geo breakdown (from Addressable data):

→ Users: Singapore 13%, Vietnam 9%, Hong Kong 8%
→ Capital: US 49.8%, France 12%, Indonesia 11%
→ Vietnam = 9% of heads, 0.1% of funds.
→ US = 4% of heads, half the pot.

That’s the adoption–liquidity split most teams miss:

Emerging markets birth adoption.
Developed markets bring liquidity.
You get impressive install curves, but far less liquidity.
If you optimise for value moved, you aim every retargeting pixel at New York, Paris, and some whales in Singapore & Jakarta.

Most teams miss the split and wonder why volume lags hype.

Same story across stacks:

• MetaMask owns 60 % of US users.
• Coinbase rules North America installs, yet hasn’t yet cracked
top-three balances in Asia.
• Bitget eats Indonesia user share while Phantom prints Solana volume in Japan.

User count flips founders into fundraising mode.
Balance flow flips protocols into revenue mode.
Different KPIs, different campaigns, different survival odds.

So ask yourself:

Are you buying users or buying wallets worth more than gas fees?
Do you measure installs or CPW?
Is your geo budget pointed at eyeballs or balance sheets?

Because embedded swaps can hit 7M a week and still leave revenue flat if balances sit elsewhere.

Data isn’t here to congratulate you.
Data is here to expose the gap between adoption and value, and force you to build for both.

We gave @Dune the geo wallet data.
They mapped the user–capital divide across 100+ chains.
Grab the report, adjust the target, stop paying for noise.

Users hype launches.
Wallets pay the bills.
Full report in the first reply.