Web3 Adoption Explodes: 10 Million Users and MetaMask Bolsters Security

Welcome to Finance Redefined, your go-to source for the latest decentralized finance (DeFi) insights. This weekly newsletter is designed to keep you updated on the most significant events from the past week.

Web3 Reaches New Milestone with 10 Million Users in Q2: DappRadar

In the second quarter, Web3 user numbers soared to a new peak of 10 million, according to a July 4 report from blockchain analytics firm DappRadar. The daily unique active wallets (dUAW) rose by 40% from the previous quarter, marking the highest level recorded to date.

The report highlighted that each sector within the decentralized application (DApp) industry saw considerable growth, contributing to this positive trend.

Consensys Strengthens MetaMask Security with Wallet Guard Acquisition

Consensys recently announced its acquisition of Wallet Guard, a security tool designed to protect digital assets and data from theft, scams, and fraud. The integration of Wallet Guard’s advanced features into MetaMask is expected to significantly enhance user protection within Web3.

Wallet Guard’s expertise in transaction validation and client-side heuristics will bring enhanced security capabilities to MetaMask, including advanced scam and drainer detection. The Wallet Guard team will join the MetaMask Product Safety Team at Consensys to facilitate a seamless integration.

Vitalik Buterin Pushes for Faster Ethereum with EIP-7732

Ethereum developers have proposed a new Ethereum Improvement Proposal (EIP-7732) aimed at overhauling the block validation process to increase the blockchain's speed and efficiency.

The proposal suggests splitting block validation into two separate processes—consensus and execution—to bolster security and performance. This initiative aligns with Ethereum co-founder Vitalik Buterin’s push for quicker transaction confirmations.

Crypto Hacks Decline by 54.2% in June, with $176 Million Lost

According to data from crypto analytics firm PeckShield, June saw a notable decrease in crypto-related hacks, with around 20 incidents resulting in losses of nearly $176 million. This marks a 54.2% reduction from May when losses totaled $385 million.

The largest incident in June involved the BtcTurk crypto exchange, where hackers made off with over $100 million in assets. Early on-chain estimates from investigator ZachXBT suggested losses of about $55 million. Other significant incidents included a $22 million hack of centralized exchange Lykke and a $19.4 million exploit of DeFi lending protocol UwU Lend.

Defi Market Overview

Data from Cointelegraph Markets Pro and TradingView indicated that the top 100 DeFi tokens by market capitalization experienced mixed performance over the past week. Most tokens saw declines on the weekly charts, and the total value locked in DeFi protocols fell below $90 billion.

Thanks for following our roundup of this week’s most important DeFi developments. Be sure to join us next Friday for more updates, insights, and education in this rapidly evolving space.

Source: https://cointelegraph.com/news/web3-users-hit-10m-q2-metamask-enhances-security