Welcome to Finance Redefined, your weekly source of vital decentralized finance (DeFi) insights – a newsletter designed to bring you the most important updates from the previous week.
In the realm of DeFi, Web3 users have hit a new milestone with a record-breaking 10 million users in the second quarter, while Consensys has taken a step to enhance MetaMask’s security by integrating Wallet Guard. This integration will see the Wallet Guard team merge with the MetaMask Product Safety Team to ensure a seamless transition.
A recent report from blockchain analytics platform DappRadar on July 4 revealed that Web3 application users reached an unprecedented 10 million in the second quarter. Daily unique active wallets (dUAW) saw a 40% increase from the first quarter, marking the highest number ever recorded.
Consensys has acquired Wallet Guard, a security tool focused on safeguarding digital assets and data from theft and scams. This acquisition aims to bolster MetaMask’s security features with Wallet Guard’s expertise in transaction validation and client-side heuristics.
Ethereum developers have introduced EIP-7732, a new proposal aimed at revamping the block validation process to speed up the blockchain. This initiative responds to the demand for increased efficiency on the Ethereum network, aligning with Vitalik Buterin’s call for faster transaction confirmation times.
Crypto hacks in June decreased by 54.2%, with approximately $176 million lost due to 20 reported hacking incidents. The largest hack involved the BtcTurk exchange, resulting in over $100 million in losses, followed by centralized exchange Lykke with $22 million in losses and DeFi lending protocol UwU Lend with a $19.4 million loss.
In the DeFi market, the top 100 tokens by market capitalization had a mixed week with most trading in the red on weekly charts. The total value locked in DeFi protocols also dropped below $90 billion.
Thank you for exploring the highlights of this week’s DeFi updates with us. Join us next Friday for more stories, insights, and knowledge about this rapidly evolving space.