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Cryptocurrencys disruptive financial value has still not allowed it to escape the reputation of being complicated to use, despite institutional and commercial adoption rising globally. Theres a blueprint for scaling this wall, though. DeFi apps like Venmo and Robinhood were among the first to make online banking and investing accessible to everyone by leveraging intuitive, educational, and community-oriented features incentivizing community-based user behavior to drive growth. This drove scalar adoption and intergenerational user acquisition in Millennial and Gen Z user groups. It made fun and social interactions within apps their standard for money transfers and small-dollar investing, not uncomfortable formal bank visits and FA calls. Doing the same with cryptocurrency and onboarding the next billion users will require similar approaches while capitalizing on novel use cases. Below, I explore ways Web3 fintech companies are breaking the mold and why now may be a watershed Web3 moment in DeFi.

The complexity and intimidation non-crypto users face when engaging with digital finance and crypto/web3 make for a significant adoption problem that hasnt been solved uniformly across blockchainsthe result: an overall low crypto adoption rate within the general public. Traditional platforms have often not been user-friendly, creating a significant barrier to entry for the average person, and hindering the widespread adoption of cryptocurrency. Engagement and trust among potential crypto users toward crypto have also been historically low. The complex nature of traditional crypto platforms set the stage early for a dogged reputation for being inaccessible, or only for the technically savvy, which has continued to slow down mainstream adoption and trust in the cryptocurrency ecosystem.

Exchanges have been refining their wallets for some time with educational resources and features incentivizing transactions at every level from users at varying levels of sophistication, converting new crypto users into more seasoned ones. Platforms that serve non-crypto users in this same way are collectively an enormous avenue to bridge this significant market gap. Offering simplicity and diversity in their range of intuitive, user-friendly design features, these crypto apps help those new to cryptocurrency learn, buy, use, and invest with minimal stress.

Coinbase is the most obvious example here, given its range of educational tools on ways to use it; buy, hold, trade cryptocurrency, and more. Simplicity in crypto means meeting users where they are, and many still experience difficulty with even Web2 apps and services. Breaking down technical barriers by fostering user-friendly environments can encourage widespread cryptocurrency adoption.

Metamask, the leading Web3 wallet, has an entire site dedicated to teaching crypto newbies about Web3 and how it factors into Metamask as a wallet. The Web3 dApp giant and leading self-custodial wallet, with 30 million monthly active users, takes painstaking measures to ensure that its users have the best understanding possible as to how to use it and leverage it as a tool for dApp creation and cryptocurrency trading with a responsive mobile UI, DEX, and swap services. Teaching novices and specialists alike results in greater usage, more varied data for model training and overall functional rounding for future innovation and development, which drives growth.

Psi Finance takes an innovative approach to spurring crypto adoption by leveraging design. By seamlessly integrating traditional TradFi app features like no-fee asset purchasing and peer-to-peer transfers and payments, theyre bringing cryptocurrency to users in a way theyre already used to banking every day. Blending common banking and payment app features with DeFi functionality like onboarding/off-ramping and native escrow, combined with a social digital wallet for seamless payments might sound like Venmo, MobilePay, and Revolut rolled into one. Still, its one app that feels like using everyday banking apps. With an open presale and live tranche, theyre open to engaging at the ground level! A gateway welcoming millions to crypto offering simplicity and user-friendliness as a Web3 bridge from TradFi to DeFi, Psi Finance is targeting a vast, untapped market for entry into a user-centric future of cryptocurrency payments and trading.

Simplifying crypto doesnt have to be hard, but the number of companies doing it right makes it look that way. Most top wallets like Coinbase, Metamask, andUniswap have educational modules that help users understand how to use them, which is one way. Meeting users where they already are with features theyre used to is another way - leveraging intuitive features to speed adoption. Check out these apps for your crypto needs today!

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Meeting Users Where They Are Drives Cryptocurrency Adoption - hackernoon.com

U.Today - Samson Mow, former Blockstream CSO and now the chief executive officer at adoption-focused company Jan3, is a radical Bitcoin maximalist.

As the deadline for the SEC to reveal its decision on spot ETFs is drawing closer, Mow began to slam Ethereum-based ETFs. In a recent tweet, this $1 million Bitcoin advocate wrote that he is expecting them to be beaten by Bitcoin-based ones.

Besides, he believes now is the last time for holders to sell Ethereum at a good price against Bitcoin.

For those who are in doubt, the Bitcoin maximalist suggested comparing demand for both BTC and ETH on other markets and said it is important to consider that Ethereum will not give staking rewards.

Mow concluded his tweet by saying that now is the last chance to sell ETH above 0.05 BTC.

In the comments to his root tweet, Samson added that he expects the news of the potential approval to become one of the biggest sell the news events this year.

When a commentator pointed out that there is no company of the scale of MicroStrategy, which is acquiring Ethereum now in the same amounts as Michael Saylors company, is accumulating Bitcoin.

Contrary to Mow, Bitcoiner and VC investor Anthony Pompliano believes that the potential approval of Ethereum ETFs by the SEC could become the last dam to be broken before the U.S. approves the entire cryptocurrency space.

The BlackRock (NYSE:) fund remains the leader among ETFs, with $92 million coming into it on Wednesday. On May 21, BlackRocks IBIT had the largest inflow over the past 32 trading days - $291 million.

This article was originally published on U.Today

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'$1 Million Bitcoin' Advocate Samson Mow Reveals Last Chance to Sell ETH - Investing.com

MUC tokens will be listed on MEXC, the top global cryptocurrency exchange at 7am, May 24th (UTC). MEXC is the second global exchange for MUC after MUC was listed on Gate.io in April, allowing more global users to trade MUC tokens.

MEXC is an exchange that remains one of the top ranked exchanges according to CoinMarketCap, with more than 2,200 listed tokens and a daily trading volume of $1.2 billion. MEXC, which has seen a steep growth of 5% of the global digital asset trading market share within a year since its establishment in 2018, has been honored to be awarded the Best Crypto Exchange Asia at the 2021 Crypto Expo Dubai event.

MUC is a utility token project operated by Comseed Korea, a 100% subsidiary of Comseed, a Japanese listed company, and is a project to build an ecosystem centered on the original PFP projects and GameFi. Currently, projects within the MUC ecosystem include TMHC (Tokyo Mongz Hills Club), a famous PFP project that has been very successful in Japan, PEACHz.MOMO, a PFP project that was sold out in seven minutes in the second sale, and a blockchain game, UNIVERSAL STALLION.

UNIVERSAL STALLION is the first DAPP of the MUC ecosystem and a real-world horse racing simulation blockchain game featuring a legendary Japanese racehorse. With various promotions including advertisements in Shinjuku Station, Tokyo, it is attracting a lot of attention for its launch in June this year. MUC tokens can be used in the games on its own ecosystem including Universal Stallion and several affiliated projects. CommSeed Korea intends to gradually expand the MUC ecosystem with new games using multiple IPs.

CommSeed is a Japanese listed company and a game company that has launched numerous mobile games, including Japans largest virtual pachinko hall, and is serving a number of pachinko and pachislot games using famous Japanese IPs such as Neon Genesis Evangelion and Monster Hunter. CommSeed Korea, a subsidiary of the company, develops mobile games and conducts blockchain content business. CommSeed Korea is well known for its publishing world-famous IP Attack on Titan game in Korea along with the MUC token project. In addition, CommSeed Korea is also working on original IP projects, so it plans to expand the MUC token ecosystem by adding new contents based on original IPs.

In commemoration of MUCs listing on MEXC, MEXC hosts an airdrop event called Kickstarter where MUC tokens are given to MEXC users who deposit more than 1,000 MX tokens at 5am, May 23rd(UTC). More information can be found on MEXC, MUC official X account, Telegram, and Medium.

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MUC Listed on Top Global Cryptocurrency Exchange, MEXC - Crypto Reporter

More than $22 million worth of cryptocurrency was stolen from the Gala Games this week after someone compromised the blockchain platform.

The company confirmed that it dealt with a security incident on Monday night, writing on social media that it was an isolated incident, the cause of which has been addressed.

We are working closely with law enforcement to investigate the individuals behind the breach, the company said, noting that it will provide updates as the investigation continues. Gala Games is a play-to-earn platform that rewards users with its own digital currency.

Eric Schiermeyer, the founder of Gala Games, explained in his own social media post that the hacker was able to trade in 600 million GALA coins for 5,913 Ethereum amounting to about $22.2 million.

The hacker was able to create even more GALA coins about 4.4 billion but the persons account was frozen by the platform before they could cash out the rest of their stolen loot.

I always knew there was a reason I never talk shit about other projects getting hacked...I'm sorry to say we had an incident that resulted in the unauthorized SALE of 600 million (21 million usd) $GALA tokens and the effective BURN of 4.4 billion tokens, Schiermeyer said. When tokens are burned it means they can no longer be sold or used in other transactions.

We identified the compromise and within 45 minutes we secured and removed unauthorized access to the $GALA contract, he added.

Schiermeyer went on to say that the attack happened because the platforms internal controls were messed up and the company has identified the perpetrator. . They are working with the FBI, U.S. Justice Department and a network of international authorities on the incident.

Several blockchain security sleuths said the issue started when someone was able to take over an administrative account and mint an endless amount of new coins.

Schiermeyer is best known for co-founding Zynga, a large gaming company behind popular online games like FarmVille.

Gala Games was created in 2019, touting itself as the first blockchain gaming platform.

Similar platforms have been a frequent target for hackers. About $320,000 worth of Binance Coin (BNB) was stolen from cryptocurrency play-to-earn game WonderHero.

One of the biggest cryptocurrency hacks on record involving the popular blockchain game Axie Infinity saw more than $600 million siphoned from the platform in 2022.

The U.S. Treasury Department attributed the Axie Infinity incident to North Korean government operators , who have stolen billions from cryptocurrency firms over the last three years.

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Jonathan Greig

is a Breaking News Reporter at Recorded Future News. Jonathan has worked across the globe as a journalist since 2014. Before moving back to New York City, he worked for news outlets in South Africa, Jordan and Cambodia. He previously covered cybersecurity at ZDNet and TechRepublic.

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$22 million in crypto swiped from Gala Games blockchain platform - The Record from Recorded Future News

Cryptocurrency has seamlessly integrated into the global financial ecosystem, catering to diverse populations worldwide with its everyday utility. Nonetheless, BanklessTimes.com highlights an alarming 88% decrease in cryptocurrency's 24-hour trade volume over the past three months.

BanklessTimes crypto expert Elizabeth Kerr commented:

The decrease in the overall crypto 24-hour trade might signal the market's stability and maturity. The excitement about crypto is reducing, and people are not rushing to trade. Additionally, traders are adopting a more cautious approach to investing, prioritizing safety and risk management in their decision-making processes.

In 2021, the cryptocurrency market witnessed a monumental bull run, reaching a staggering daily trade volume of $500 billion. However, as the market stabilized in early 2022, the average daily trading volume settled around $150 billion.

Interestingly, the recent decline in trade volume mirrors a similar drop observed in 2018, which followed the boom of 2017. This pattern suggests a cyclical nature within the cryptocurrency market, characterized by periods of rapid growth followed by corrective phases.

The daily trading volume of cryptocurrency for the period peaked on March 5, with a total value of $329.98 billion transacted on the day. In stark contrast. on May 13, it dropped to the lowest, at $39.41 billion, accounting for the 88% drop.

Bitcoin and Ethereum, the two dominant cryptocurrencies, have been significantly impacted by these fluctuations in trade activity. Ethereum's daily trade volume has steadily declined, influenced by unfavorable market sentiments. Grayscale's recent decision to withdraw from listing the Ethereum Futures ETF further strained Ethereum's performance.

Conversely, Bitcoin's daily transactions have grown from 409204 levels in February to the current level of 583279.0. This signifies a substantial 42.54% surge in the number of daily Bitcoin transactions, indicating sustained activity within the Bitcoin network despite the overall market downturn.

The significant drop in daily trade volume might have several meanings. The most likely reason is the maturation of the crypto market. The crypto market has continuously grown, integrating with the traditional finance system, leading to reduced volatility but a more stable trading volume.

The drop also highlights the impact of various factors such as regulatory scrutiny, mining crackdowns, market sentiment, and the emergence of alternative investment opportunities.

While these developments may contribute to short-term fluctuations, the long-term outlook for cryptocurrencies remains positive.

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Overall Cryptocurrency 24-hour Trade Volume Is Down 88% in the Last 3 Months - Bankless Times