Immutable X’s New Passport is “Giant Leap” for Web3 Gaming
The fastest growing Web3 gaming platform in 2022 is working on a way to onboard users even easier.
New Immutable X Web3 Gaming Passport
Immutable X has announced the upcoming launch of a new Web3 Gaming Passport designed to be an easy-to-use non-custodial Web3 wallet to onboard new users.
The new development seeks to solve the major obstacle of onboarding users to Web3 by eliminating barriers to “streamline user onboarding,” according to the Immutable X website. Robbie Ferguson, CoFounder of Immutable X, called the move a “giant leap” for Web3 gaming in his tweet which accompanied the announcement.
Immutable X was the fastest-growing blockchain and NFT gaming platform in 2022. A recent DappRadar report showed that Immutable X’s trading volume jumped 250% from 2021 to over $87 million. This was the biggest jump in Web3 for the year and the only major platform to see green numbers.
The development of the passport system could help Immutable X take even more market share into 2023 by making the onboarding to Web3 as easy as possible using familiar interfaces from Web2.
“For Web3 gaming to reach a billion players, onboarding must be invisible, secure and work across any game – mobile, console or desktop," Ferguson told CoinDesk. "Passport is a self-custodial wallet, where users can sign in with just an email and one-time password – it will be a game changer for players and radically reduce user acquisition costs."
The new passport is set to launch in April 2023.
What is Immutable X:
Immutable X is the leading Layer 2 scaling solution for NFTs to enable gas-free minting and trading, while not compromising the security of the most used blockchain globally for NFTs, Ethereum. The solution offers instant trade confirmation, massive scalability (up to 9,000 transactions per second), and fantastic developer and user experience. Immutable X has announced integrations with established marketplaces such as OpenSea and Mintable, and is powering some of the largest content creators in the world like Tiktok, Disney, Marvel, and more.
Where to find Immutable X:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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