21 May

DeBank, a cryptocurrency portfolio tracker, has launched a new authentication system called Credit, which is geared towards evaluating the legitimacy, engagement, and wealth of Web3 users across various platforms. In a recent update on X, DeBank revealed that Credit is now integrated directly into their platform. This system enables users to verify their "real user" status by confirming their identity and on-chain net worth.

The introduction of Credit is intended to enhance transparency and build confidence among Web3 users who utilize the platform's extensive array of supported decentralized finance (DeFi) protocols.

DeBank Improves Web3 Presence

DeBank has made significant contributions to the cryptocurrency market, particularly in portfolio tracking. With the launch of Credit, the company hopes to strengthen its position and broaden its reach across many sectors of the crypto economy. In 2021, the network expanded its options by introducing Rabby, a wallet extension designed just for DeFi users.

Rabby can dynamically switch between blockchains based on user activity, such as Ethereum and Binance Smart Chain contracts.

A few years later, DeBank began building its own blockchain technology with the purpose of revolutionizing social interactions by introducing a new Asset Layer for Social Networks. In August 2023, the test phase of a new blockchain was initiated, with intentions to unveil the Mainnet within the same year, although the exact date remains undisclosed.

Constructed on the OP Stack Foundation, this blockchain was engineered with three primary goals in mind: diminishing gas expenses, providing an Account-Abstraction-like user experience, and safeguarding Layer 1 (L1) assets, all while upholding stringent security measures.

Furthermore, DeBank has seamlessly integrated this Testnet into the Rabby Wallet, featuring a built-in gas faucet, enabling users to actively engage with the Testnet.

The Web3 economy is expected to reach $178 billion by 2033

Meanwhile, DeBank's launch of the authentication tool coincides with a significant increase in interest in Web3 as a result of the market's revival following two years of crypto winter.

industry.us said in January of this year that the global Web3 industry is expected to be worth roughly $4.6 billion by 2023. The market is predicted to increase by $177.58 billion by the end of 2033, continuing on its current trajectory.

According to the analysis, the industry is positioned for a significant increase, with a projected Compound Annual Growth Rate (CAGR) of 44.1% between 2024 and 2033.

May 2024, Cryptoniteuae

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