DeBank Unveils Credit, New Authentication Tool for Web3 Users

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As a seasoned crypto investor with a keen interest in DeFi and Web3 technologies, I’m thrilled to see DeBank’s latest initiative with the Credit verification system. This innovative tool is a game-changer in the realm of transparency and trust within the Web3 community.

DeBank, a cryptocurrency portfolio tracker, has unveiled a new authentication system called “Credit” for evaluating the legitimacy, engagement, and wealth of Web3 users across various channels. In a recent update on X, DeBank disclosed that this feature is now readily available on their platform. The Credit verification process empowers users to authenticate their “real identity” and on-chain net worth.

Delighted to unveil our latest addition, Credit – an intricate evaluation tool designed to assess the legitimacy, engagement, and worth of Web3 community members in a clear and concise manner. Keep reading below! 😊

— DeBank (@DeBankDeFi) May 20, 2024

“This project aims to increase clarity and build confidence among Web3 users by supporting a diverse array of decentralized finance (DeFi) protocols, thereby promoting greater transparency within the platform.”

DeBank Enhances Web3 Presence

DeBank plays a significant role in the crypto sector, especially when it comes to portfolio monitoring. The introduction of Credit is a strategic move by the company to strengthen its presence and broaden its influence within various sectors of the digital currency economy. In the year 2021, Rabby, an extension for DeFi users, was added to their platform as an additional offering.

Rabby has the ability to seamlessly transition between various blockchains in response to user actions, allowing for the execution of contracts on platforms like Ethereum and Binance Smart Chain.

Approximately a few years after its inception, DeBank initiated the development of its unique blockchain protocol aimed at revolutionizing social interactions via a novel Asset Layer for Social Networks. The beta testing stage of this blockchain commenced in August 2023, with intentions to release the Mainnet by the end of the year, although the exact launch date remains undisclosed.

The OP Stack Foundation’s latest blockchain innovation aims to accomplish three primary goals: minimizing gas expenses, providing an Account-Abstraction-like user interface, and safeguarding Layer 1 (L1) assets without compromising robust security measures.

DeBank has added the Testnet to Rabby Wallet, featuring a gas faucet inside, enabling users to engage in the Testnet more interactively.

Web3 Economy Expected to Hit $178 Billion by 2033

As a researcher studying the latest developments in the blockchain and cryptocurrency space, I’ve noticed an intriguing turn of events: The recent introduction of DeBank’s authentication tool coincides with renewed enthusiasm for Web3 technology. This surge in interest can be attributed to the market rebound following two long years of crypto winter.

This year in January, Market.us revealed that the anticipated value of the global Web3 market in 2023 was approximately $4.6 billion. The market is projected to carry on this trend, reaching an estimated size of $177.58 billion by the end of 2033.

Based on the findings in the report, the market is anticipated to experience significant expansion, reaching a CAGR of 44.1% between 2024 and 2033 according to the forecast.

In a different document, the Web3 gaming industry experienced significant expansion during the initial quarter of 2024, with investments reaching approximately $288 million.

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2024-05-21 15:40