Web3 users hit 10M in Q2, MetaMask to enhance security: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

This past week in DeFi saw Web3 users reach a new all-time high of 10 million in the second quarter, and Consensys has integrated Wallet Guard to boost MetaMask’s security. The integration will involve the Wallet Guard team joining the MetaMask Product Safety Team to ensure a smooth transition.

Web3 users reached an all-time high of 10 million in Q2: DappRadar

According to a July 4 report from blockchain analytics platform DappRadar, the number of users using Web3 applications reached a record high in the second quarter. The number of daily unique active wallets (dUAW) was approximately 10 million over the course of the quarter, a 40% increase from the first quarter and the highest number ever reached.

According to the report, “[e]ach sector of the DApp [decentralized application] industry has experienced notable growth, contributing to an overall bullish trajectory.”

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Consensys acquires Wallet Guard to enhance MetaMask security

Consensys announced it has acquired Wallet Guard, a security tool for protecting digital assets and data from theft, scams and fraud. The acquisition aims to integrate Wallet Guard’s advanced security features into MetaMask to improve user protection within Web3.

With Wallet Guard’s background in transaction validation and client-side heuristics, MetaMask users can expect improved security capabilities such as scam and drainer detection.

The integration will involve the Wallet Guard team joining Consensys within the MetaMask Product Safety 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, to improve the blockchain’s security and performance. EIP-7732 responds to the growing demand for efficiency on the Ethereum blockchain and follows Ethereum co-founder Vitalik Buterin’s push for faster transaction confirmation times.

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Crypto hacks down by 54.2% in June, $176 million lost in a month

According to data from the crypto analytics firm PeckShield, approximately 20 hacking incidents were reported in the crypto space in June, leading to a net loss of nearly $176 million. This is a significant decrease of 54.2% from May when hackers made off with $385 million.

The BtcTurk crypto exchange exploit was the biggest hack in June, and according to PeckShield data, the hackers stole over $100 million in crypto assets.

Early estimates from onchain sleuth 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 was on DeFi lending protocol UwU Lend, which suffered a $19.4 million loss.

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DeFi market overview

Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a mixed week. Most traded in the red on the weekly charts, and the total value locked in DeFi protocols fell below $90 billion.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.