The time has finally come – MetaMask has another serious competitor. DeBank, a crypto data analysis platform, has released a new browser wallet specifically for DeFi.
DeFi is back and both the Total Value Locked (TVL) and the prices of most DeFi tokens have seen gains in the past seven days. On a weekly basis, over 10 billion US dollars flowed into the smart contracts of the young sector. At press time, the TVL was $ 114.69 billion.
In addition, the “DeFi ETF token” DeFi Pulse Index (DPI) from Index Coop rose by almost eight percent in the same period. Compared to Bitcoin and Ethereum, the growth of the DeFi sector this week turned out to be significantly worse – BTC rose by almost 20 percent within the last week, while ETH gained more than 15 percent.
THORChain (RUNE) reports back
After the cross-chain swaps platform THORChain (RUNE) fell victim to a DeFi exploit several times in July, it has now made a strong comeback. On Friday, RUNE, the native token of the DeFi project, was one of the top performers of the trading day and grew by over 35 percent.
Some have probably already lost faith in the cross-chain swaps platform and are now surprised. But the network was lucky. Because in the second exploit, the attacker turned out to be a “white hat”. A “white hat” is a so-called hacker who tests systems with “good intentions” for their weak points and then points them out.
As a result, THORChain announced that it had entered into more than 20 partnerships with external security companies to put the code of the cross-chain swaps platform through its paces. In a large-scale “code walkthrough” round, in which the communities of the various security companies were also involved, they are currently looking for vulnerabilities in the network together.
Investors seem to have rewarded these measures with substantial acquisitions. How effectively the crypto collective can close the security gaps remains to be seen. At the moment, however, there are many indications that THORChain was able to win back the trust of the community. At press time, THORChain is trading at $ 5.25.
After years of monopoly, MetaMask is facing increasing competition. DeBank, previously known primarily as the DeFi data platform, has launched Rabby, a new multi-chain browser wallet specifically aimed at DeFi users brought the market. For example, the wallet can automatically switch between the chains of different blockchains. In practice, this means that if a DeFi user has opened two tabs – one on the Ethereum exchange SushiSwap and one on the Binance Smart Chain exchange PancakeSwap – Rabby recognizes this and switches between the blockchains accordingly both decentralized applications.
Rabby also wants to show its users more details about transactions that they need to confirm.
Many DeFi users blindly sign transactions that they don’t really understand.
Medium contribution from Rabby
Rabby is also introducing a new transaction risk check designed to warn users when they are making potentially risky transactions. For example, if a smart contract has already been hacked, users receive a notification before they interact with it.
DeBank’s wallet is already gaining some popularity, especially in the DeFi community. Haseeb Qureshi, Managing Director at Dragonfly Capital, tweetedthat the MetaMask competitor looked promising and asked:
Why did it take so long for someone to create a human readable transaction signature?
The xDai sidechain project also made an impact Twitter and praised Rabby as “a wallet developed for the DeFi era”.