Morning Minute | MetaMask Aims to Improve Web3 Security

Morning Minute | MetaMask Aims to Improve Web3 Security

TylerD's Market Summary

MetaMask is bolstering security, FOMC was bullish and crypto is pumping. Find out more below.

๐Ÿ’ป MetaMask and Blockaid Launch Security Alerts

It's no secret that the broader crypto ecosystem is a minefield.

There are hacks and exploits on a weekly (if not daily basis).

And self-custodying ones digital assets requires diligence, ongoing attention, and a risk tolerance.

Well now MetaMask is aiming to make the self-custodying process safer and more secure.

MetaMask has partnered with Blockaid, a prominent web3 security service, to release state-of-the-art security alerts that preserve user privacy.

The Details

These alerts aim to proactively halt malicious transactions, shielding users from potential scams, hacks, and phishing attempts.

My understand of how it works:

  • MetaMask and Blockaid analyze dApps and simulate transactions behind-the-scenes to identify what is potentially malicious
  • When a user interacts with a malicious dApp, they surface a plain-English alert explaining the danger of signing the transaction
  • The user then has the info to reject the transaction

MetaMask will not automatically stop or prevent this transaction, so some ownus is still on the user, but it is a major step forward regardless.

A bit more detail from the announcement:

  • The innovative module developed jointly by MetaMask and Blockaid is unique, as it simulates transaction processes without necessitating data sharing with third parties.
  • This development comes in light of recent high-profile hacking incidents, including the attempt on Ethereum co-founder Vitalik Buterin's X account. Blockaid’s system identified and halted the malicious activity, saving over $100,000 in digital assets.
  • With this feature available to all of MetaMask's users, the companies project the prevention of billions in asset theft.

Dan Finlay of MetaMask commented on the rollout:

"Privacy is fundamental to web3, and it shouldn't be traded for enhanced usability. Our latest feature upholds this ethos."

Prevention Isn't Enough - Education Required

Providers like MetaMask can only do so much in a decentralized world to prevent bad actors.

Education is required in an ongoing fashion to inform the user base.

This is why MetaMask launched its "MetaMask Learn" program back in Jan 2023, offering a hands-on experience in understanding and navigating web3 security.

Overall, there is no bulletproof solution for those interacting in crypto on a daily basis.

But this development from MetaMask helps make users safer. Let's hope it works.

๐Ÿ“ˆ A Bullish FOMC Meeting

Jerome Powell came out yesterday glasses-free, rocking a silver tie and apparently looking to pump the markets.

Here is the quick rundown of his updates from yesterday:

  • Rates Held Steady: The Fed maintained the federal funds rate at 5.25% to 5.5%.
  • Consumer Spending: Powell indicated household and small business financial strength might have been underestimated.
  • Balance Sheet Strategy: No change in the Fed's approach to reduce its bond holdings.
  • Inflation Concerns: To achieve a sustainable 2% inflation, Powell sees the need for slower economic growth and labor market adjustments.
  • Future Rate Decisions: No decisions yet for December. Powell emphasized ease in adjusting rates and no current plans for rate cuts.
  • Economic Outlook: The economy's growth in the third quarter was stronger than previously assessed.

Equity markets turned sharply higher following the meeting, with the Nasdaq and S&P 500 up 1%, and stock futures look even greener this morning.

Leading crypto assets also rallied 2-3% post-FOMC.

๐Ÿ‘ฅ Friend Tech Trend Tracker

The Friend Tech lull continues as daily trading volume is now sub-$1M though TVL is holding steady. And new competitors are launching by the day.

Here are some of the core Friend Tech metrics for 11/1 and their day-over-day change:

  • Return users: 4,514 -> 5,384 (+19%)
  • Daily Buy volume: $0.4M -> $0.41M (+2.5%) 
  • Total Volume: $0.915M -> $0.88M (-3%)
  • TVL: $40.56M -> $41.25M (+2%)
  • Highest key: CBB 5.97 -> 6.08 (+2%)

*TVL in ETH terms 22,607 -> 22,459 ETH (-1%)

Not much news or action to cover. CBB is outperforming everyone, now over 6 ETH after the launch of his NFT and his offering 150% fee rebate for buyers.

Expect more quiet and lull into the snapshot and points drop tomorrow, pending any team announcements.

In other SocialFI TVL news:

  • Stars Arena TVL rebounded 100% to $418k on rumors of acquisition
  • New Bitcoin City TVL jumped 10% to $2.8M on the day
  • Tomo TVL fell to $800k in a continued downtrend
  • Sanko TV launched, offering a new streaming SoFi app on Arbitrum
  • Chat 3 launched on Mantle, also a streaming app

Stars Arena now back in focus after its TVL 2x'd overnight. Will a takeover deal happen soon, and will it be enough to regain trust in its user base?

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • Trading volume jumped 10% back to $13M (7,085 ETH) on Wednesday, though with mostly red on the leaderboard
  • Nina's Super Cool World and CyberKongz led top movers, up 104% and 30% respectively
  • Gruffters fell 44% to 0.17 ETH after their post-mint run to 0.3 ETH just the day before
  • XCOPY debuted a new mint on SuperRare called REMNANTS, 250 in supply and expected to be a part of this month's RarePass drop
  • Grant Yun's "Untitled" 1/1, his only tennis-themed piece, will be up for sale at Phillips in their 20th Century & Contemporary Art Day Sale (with estimates of $100k-$150k for the piece)
  • OpenSea introduced new collection pages, allowing founding teams and creators even more flexibility in their displays
  • Forgotten Runes Wizard's Cult announced a Special Gameplay Event, "Eve of Memory," to show off the Forgotten Runiverse, taking place from Nov. 8-15
  • DraftKings Reignmakers "Air it Out" pack drop on Wednesday drove $1.4M in sales volume, enouguh for 3rd place on Cryptoslam's volume board (behind just BAYC and a BRC-20 on BTC)
  • The NBA shared a promo video for Sorare's upcoming $100k NBA tournament on its X page to 44.7M followers

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

  • The crypto market jumped on Wednesday after FOMC paused rate hikes; BTC +3% at $35,380; ETH +2.2% at $1,834; SOL +11% at $43.27
  • The SEC has subpoenaed PayPal about its stablecoin PYUSD
  • Solana Labs introduced GameShift, making blockchain integration effortless for developers of web3 games on Solana, now open in beta
  • Brawlers, a web3 game on WAX, collaborated with Amazon Prime Gaming to offer exclusive digital collectibles and in-game items to Prime Gaming users

๐Ÿš€ NFT Total Volume

  • BAYC (6,529 ETH, 30.3 ETH Floor)
  • MAYC (1,533 ETH, 5.82 ETH)
  • Azuki (490 ETH, 5.15 ETH)
  • DeGods (463 ETH, 3.13 ETH)
  • BAKC (331 ETH, 1.84 ETH)

๐Ÿ“ˆ NFT Floor Price Increase

  • Nina's Super Cool World (104%, 0.52 ETH Floor)
  • Ghxsts (100%, 3.5 ETH)
  • CyberKongz (30%, 0.42 ETH)
  • The Grapes (22%, 0.63 ETH)
  • Farm Land by Pixels (20%, 0.3 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today has a lot on the list but fewer notable artists on the list.

ApeFest Hong Kong officially kicks off today in the event to watch (along with BAYC price action).

And soon all eyes turn to $MEME which launches in the early hours tomorrow morning.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • theMiracle x Decrypt - Next Generation of Media Companies (1:00 p.m. ET)
  • Mintify SZN2 (2:00 p.m. ET)
  • BAYC x Bape physicals (7:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email

For all volume and floor price data, see Lucky Trader's Project Rankings page.

For all upcoming mints, see Lucky Trader's NFT Calendar page.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.