DeFi
Finance Redefined — TradingView News
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news—a newsletter designed to bring you the most significant developments from the past week.
Last week, the number of Web3 DeFi users reached a new all-time high of 10 million in Q2, and Consensys has integrated Wallet Guard to strengthen MetaMask’s security. The integration will involve the Wallet Guard team joining the MetaMask product security team to ensure a smooth transition.
Web3 users hit record 10 million in Q2: DappRadar
According to a July 4 report from blockchain analytics platform DappRadar, the number of users using Web3 applications hit a record high in the second quarter. The number of daily unique active wallets (dUAW) totaled approximately 10 million during the quarter, a 40% increase from the first quarter and the highest number ever.
According to the report, “[e]Each sector of the DApp [decentralized application] “The industry has seen notable growth, contributing to an overall upward trajectory.”
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Consensys Acquires Wallet Guard to Improve MetaMask Security
Consensys announced the acquisition of Wallet Guard, a security tool designed to protect digital assets and data from theft, scams and fraud. The acquisition aims to integrate Wallet Guard’s advanced security features into MetaMask to enhance user protection in Web3.
With Wallet Guard’s experience in transaction validation and client-side heuristics, MetaMask users can expect enhanced security capabilities such as scam and drainer detection.
The integration will involve the Wallet Guard team joining Consensys within the MetaMask Product Security team to ensure a smooth transition.
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Vitalik Buterin opts for faster Ethereum, EIP-7732 gives hope
Ethereum developers have introduced a new Ethereum Improvement Proposal, EIP-7732, which aims to overhaul the block validation process and speed up the blockchain.
The proposal introduces significant changes to block validation, separating the process into consensus and execution, in order to improve the security and performance of the blockchain. EIP-7732 addresses the growing demand for efficiency on the Ethereum blockchain and follows Ethereum co-founder Vitalik Buterin’s push to speed up transaction confirmation times.
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Cryptocurrency hacks down 54.2% in June, $176 million lost in one month
According to data from cryptocurrency analytics firm PeckShield, there were about 20 reported hacking incidents in the cryptocurrency sector in June, resulting in a net loss of nearly $176 million. This is a significant 54.2% decrease from May, when hackers stole $385 million.
The exploit of cryptocurrency exchange BtcTurk was the largest hack of June, and according to data from PeckShield, hackers stole more than $100 million in crypto assets.
Early estimates from blockchain expert ZachXBT put the losses at around $55 million. The second-largest exploit involved centralized exchange Lykke, with $22 million in losses. The third-largest exploit involved DeFi lending protocol UwU Lend, which suffered a loss of $19.4 million.
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DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week. Most of them traded in the red on weekly charts, and the total value locked in DeFi protocols fell below $90 billion.Cointelegraph
Thanks for reading our roundup of this week’s most notable DeFi developments. Join us next Friday for more stories, insights, and news about this ever-evolving space.