Coinspeaker DeBank Unveils Credit, New Authentication Tool for Web3 Users

DeBank, a cryptocurrency portfolio tracker, has introduced a new authentication system aimed at assessing the authenticity, activity, and value of Web3 users across multiple platforms. In a recent announcement on X, DeBank announced that this tool, named Credit, is now accessible directly on their platform. The Credit verification system allows users to validate their “real user” status, which includes confirming their identity and on-chain net worth.

1/4 Excited to introduce our new feature, Credit, a comprehensive system to measure the authenticity, activity and value of Web3 users. Read on!👇 pic.twitter.com/DWAbtTtL7j

— DeBank (@DeBankDeFi) May 20, 2024

This initiative is designed to boost transparency and foster trust among Web3 users who rely on the platform’s wide range of supported decentralized finance (DeFi) protocols.

DeBank Enhances Web3 Presence

DeBank has been instrumental in the crypto industry, particularly in portfolio tracking. With the launch of Credit, the company aims to further cement its position and expand its reach across different areas of the crypto economy. In 2021, the platform extended its offerings by introducing Rabby, a wallet extension tailored for DeFi users.

Rabby is capable of automatically switching between different blockchains based on user activity, such as toggling between Ethereum and Binance Smart Chain contracts.

A few years later, DeBank embarked on developing its own blockchain protocol with the goal of transforming social interactions through a new Asset Layer for Social Networks. The test phase of this blockchain was rolled out in August 2023, with plans to launch the Mainnet within this year, though the specific date has not been disclosed.

The new blockchain, built on the OP Stack Foundation, was designed to achieve three main objectives: reducing gas costs, creating an Account-Abstraction-like experience, and ensuring the safety of Layer 1 (L1) assets, all while maintaining high security standards.

DeBank has also integrated this Testnet into the Rabby Wallet, which includes a built-in gas faucet, allowing users to actively participate in the Testnet.

Web3 Economy Expected to Hit $178 Billion by 2033

Meanwhile, the launch of the authentication tool by DeBank comes at a time when interest in Web3 has dramatically improved due to market resurgence after two years of crypto winter.

In January this year, Market.us disclosed that the projected valuation of the global Web3 market in 2023 was around $4.6 billion. The market is expected to continue on this trajectory with an expected growth of $177.58 billion by the end of 2033.

According to the report, the market is poised for a remarkable surge, with a projected Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period from 2024 to 2033.

In a separate report, the Web3 gaming sector recorded massive growth in the first quarter of 2024. Investments in this category stood at around $288 million.

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DeBank Unveils Credit, New Authentication Tool for Web3 Users