Web3 Users Hit 10M in Q2, MetaMask to Improve Security: Finance Redefined
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
Last week, Web3 users in DeFi reached a new all-time high of 10 million in the second quarter, and Consensys integrated Wallet Guard to enhance MetaMask's security. The integration includes merging the Wallet Guard team with the Metamask product security team to ensure a smooth transition.
Web3 users reached an all-time high of 10 million in Q2: DappRadar
In the year According to a report by blockchain analytics platform Dapradar released on July 4, the number of users using Web3 applications reached a record high in the second quarter. Daily Uniquely Activated Wallets (dUAW) were nearly 10 million in the quarter, a 40% increase from the first quarter and the highest number ever.
According to the report[e]The DApp sector [decentralized application] The industry has seen significant growth, contributing to the overall bullish trend.
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MetaMask gets a Wallet Guard agreement to improve security
Consensys announced the acquisition of Wallet Guard, a security tool to protect digital assets and data from theft, fraud and fraud. The acquisition aims to integrate Wallet Guard's advanced security features into MetaMask to improve user protection in Web3.
With Wallet Guard's background in transaction authentication and client-side heuristics, MetaMask users can expect enhanced security capabilities such as anti-spoofing and anti-spoofing.
The integration includes the integration of the Wallet Guard team into MetaMask's product security team to ensure a smooth transition.
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Vitalik Buterin chooses fast Ethereum, promises EIP-7732
Ethereum developers have introduced a new Ethereum update proposal EIP-7732 that aims to revamp the block verification process and speed up the blockchain.
The proposal introduces significant changes to improve blockchain security and performance, block proof, and separate the process into consensus and execution. The EIP-7732 responds to the growing need for efficiency on the Ethereum blockchain and follows Ethereum founder Vitalik Buterin's fast transaction confirmation times.
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Crypto Hacking Drops 54.2% in June, $176 Million Lost in Month
According to data from crypto analytics firm PeckShield, around 20 hacking incidents were reported in the crypto space in June, resulting in losses of around $176 million. That's a 54.2 percent decrease from May to $385 million in hackers.
The exploit of the BtcTurk crypto exchange was the biggest hack in June, with hackers stealing more than $100 million worth of crypto assets, according to PeckShield.
An early estimate by Onchain sleuth ZachXBT put the loss at around $55 million. The second largest exploit involved centralized exchange Lykke, with a loss of $22 million. The third biggest exploit was DeFi lending protocol UwU Lend, which suffered a loss of $19.4 million.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, the DeFi top 100 tokens in the market had a mixed week. Most were trading in the red on weekly charts, and the total value locked in DeFi protocols dropped below $90 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
