Unlocking NFTs and the Multi-Chain Future
Cash.Tech Newsletter #2: Audits, NFT integration, multi-chain DeFi adoption, and more.
The mainstream adoption of cryptocurrencies will be led by wallet solutions that are user-friendly and enable real-world utility. Cash.Tech’s multi-chain wallet is in a prime position to play a leading role in that future because of its strong security and versatility.
In this edition of the Cash.Tech Newsletter, we share exciting updates regarding our recent audits as well as the widely anticipated NFT display function. We also review recent developments around crypto wallets and why we are optimistic that both the present and future is extremely bright for Cash.Tech
Cash.Tech roadmap progress
We are delighted to have made significant progress towards providing our users with a more secure and robust wallet solution. On the security front, we initiated a new audit of the wallet by an established blockchain engineer. The audit report will be released in the next few days, and will add to the rigorous security measures that we’ve taken to provide our users with a highly secure multi-chain crypto wallet solution.
We also have exciting news about the long-awaited NFT storage and display option. Cash Tech users will be able to easily store and view their NFT assets within the Cash Tech wallet. The Cash.Tech development team has confirmed that the feature will be released within four weeks! The NFT display will unlock a new dimension of NFT ownership, allowing users to interact with their NFTs in ways that current wallet solutions do not.
In December, we will launch the NFT functionality with support for three networks – Ethereum, Binance Smart Chain and Polygon. Support for other networks will be added subsequently based on user demand. Our development team will also add support for audio/video, allowing users who receive NFTs in that format to view or listen to them.
We remain committed to rolling out these features within the planned timeline and will continue to keep the community updated regarding our efforts. The Cash.Tech wallet is already connected to the mainnet and testnet has launched for Android and iOS devices. Following the mainnet release, users can access the Ethereum, Polygon and Binance Smart Chain networks. If you haven't done so, make sure to download the wallet from the links here and here to get first-hand experience.
Over $500k stolen from wallet users by Google ad phishing campaign
Security research firm Check Point Research (CPR) recently shared a report that disclosed how fraudsters amassed more than half a million dollars from phishing campaigns targeting crypto wallet users. The scammers employed fake websites and URLs which they promoted on Google Ads to increase their visibility. The ad redirects users to a cloned version of the DeFi website with malicious codes that sweep the wallets of users who unknowingly connect to their wallet or try to perform a token swap on the fake website.
At Cash.Tech, we take the security of our users seriously and monitor these developments with the goal of implementing countermeasures against the methods being used by hackers. Our inbuilt dApp browser features an automated security tool that flags websites that have a different URL than the one provided by the main app. In addition, we will continue to remind users to stay clear of malicious websites by using known URLs and avoid clicking on ads either on social media or Google search results.
DeFi assets grow by over $60 billion in October
The decentralized finance (DeFi) space recorded tremendous growth in October. The total value of locked (TVL) assets surpassed $250 billion, representing a $62 billion growth during the month.
The continued growth signifies an increased uptake of DeFi protocols, which users primarily access via the use of non-custodial wallet solutions such as Cash.Tech’s. It is remarkable to note that the TVL for DeFi apps is starting to spread across multiple blockchain networks.
Ethereum remains the leading network with $172 billion or more than 65% of total assets. Its closest competitor, Binance Smart Chain, has $20 billion, while the Solana network tapped $16 billion after recording a 30% growth in October. Other networks worthy of mention include Fantom ($5.7 billion) and Polygon ($5.1 billion).
As more users access Web 3.0 and DeFi protocols, the value of a multi-chain wallet solution cannot be overstated. The majority of existing wallet solutions restrict network functionality or do not allow the storage of certain assets. For example, the most popular wallet solution today only supports networks that feature some sort of compatibility with Ethereum and also do not allow users to view or interact with NFTs.
Cash.Tech is positioning itself to capture significant market share by providing an all-in-one wallet solution for users. Our wallet unlocks access to Web3 and diverse DeFi solutions on the most popular blockchain networks. The Cash.Tech wallet was designed from scratch with users in mind and will eventually allow secure spending and storage of all assets that users hold across these networks.
The release of our NFT Display feature within the next four weeks will represent a significant milestone in our roadmap, but only a foretaste of what is to come. We are also diligently exploring additional features that will improve the overall user experience and increase the utility of the CATE token.
The Cash.Tech team remains committed to the ultimate goal of giving users access to all the possibilities of crypto in a single application to which they hold the private keys and remain in full control of stored assets. As a reminder, the Cash.Tech wallet is already connected to the testnet and fully functional for Android and iOS devices. Make sure to download the wallet to get a first-hand experience!