Research Summary
The report discusses the introduction of a “sell” function in the Metamask app, the rise of Friends Tech in the DeFi space, and the ongoing issues with security in the crypto market. It also highlights the importance of mobile-first approach in Web3 and the potential of social communities in the future of investing.
Key Takeaways
Metamask’s New “Sell” Function
- Introduction of Sell Function: Metamask has introduced a “sell” function, allowing users in the US, UK, and parts of Europe to convert their crypto assets back into fiat currency. This comes at a time when the crypto market is facing uncertainty.
- Impact on Stablecoins: The introduction of this function coincides with the increasing integration of stablecoins into the real world, potentially indicating a shift in the crypto market dynamics.
- Future Expansion: Metamask plans to expand to L2s to mitigate Ethereum gas fees, allowing users to swap native L2 tokens for fiat.
Security Concerns in the Crypto Market
- Increasing Attacks: The crypto market is facing increasing security threats, with platforms like Stake.com and GMBL.COMPUTER suffering significant losses due to hacker exploits.
- Community Response: Despite these attacks, the crypto community has shown resilience, with individuals like @samczsun and @cryptogle helping to identify the thief and recover some of the stolen funds.
- Long-term Implications: These security issues highlight the need for improved security measures in the crypto market to ensure its long-term viability.
Rise of Friends Tech in DeFi
- Growth Despite Market Downturn: Despite a decrease in DEX volume, Friends Tech has seen a steady increase in TVL, indicating a growing interest in its platform.
- Importance of Mobile-First Approach: Friends Tech’s success underscores the importance of a mobile-first approach in Web3, as it broadens the reach of the technology.
- Potential of Social Communities: The integration of social communities into platforms like Friends Tech could cater to the needs of future generations of investors, traders, and normies.
Actionable Insights
- Monitor Metamask’s Expansion: Keep an eye on Metamask’s expansion to L2s and its impact on Ethereum gas fees and the broader crypto market.
- Investigate Security Measures: Explore the security measures being implemented in the crypto market in response to the increasing number of attacks.
- Consider Mobile-First Approach: Consider the potential of a mobile-first approach in Web3 and its implications for the future of the crypto market.
