Web3 on 🔥

Hello, this is Web3 on 🔥 we are excited to have you with us as we continue to build the future of the web together. Here’s what happened over the past weekend:

👛 Reports suggest that the hardware wallet industry will outgrow exchanges🇰  KuCoin CEO Johnny Lyu on KuCoin insolvency rumors🚅 Vitalik Buterin at EthCC in Paris: ETH will be able to process 100,000 transactions per second

Ambire Twitter Spaces Series

Ambire announces its new Twitter Spaces Series!  It will be hosting a new space every Wednesday, where the team will discuss all things web3, smart wallets and many more with host @megdematteo and the Ambire team. 

Whether you're a beginner or an expert, join the spaces and you might possibly find out more about the industry.  The team will be talking about what's hot and what's not, and where the tech is heading. You can find more information and join the conversation at our Twitter Spaces page.

Looking forward to seeing you there!

Reports suggest that the hardware wallet industry will outgrow exchanges

It seems that the crypto hardware wallet industry is growing at a much faster pace than cryptocurrency exchanges, according to several studies.

This is likely due to the current bear market, which has accelerated the development of cold wallets, while many centralized crypto exchanges had a tough time maintaining operations.

For example, a report by business intelligence firm Vantage Market Research showed that the revenue of global crypto trading platforms amounted to only $330 million in 2021.  This is quite a modest number compared to the $1.1 billion value that the hardware wallet industry is expected to reach by 2027.

These findings suggest that  the main reason for the lagging growth of exchanges is the lack of trust in centralized platforms, as users are increasingly looking for ways to store their digital assets in a more secure way. With the rise of DeFi and the growing popularity of non-custodial crypto services, it is likely that the industry will continue to grow at a rapid pace in the coming years.

KuCoin CEO Johnny Lyu on KuCoin insolvency rumors

There's been a lot of talk lately about KuCoin becoming insolvent. But according to KuCoin CEO Johnny Lyu, those rumors are totally unfounded.

Lyu made a blog post to set the record straight, calling out the "logic errors" in the so-called KuCoin employee whistleblowers’ reports.. He also clarified that KuCoin does not have any exposure to LUNA or wLUNA. Lyu said that KuCoin has been facing rumors originating from two sources: those made unknowingly or intentionally.  Earlier this month, KuCoin rubbished claims that the company was about to halt withdrawals thanks to heavy losses incurred due to Terra collapse. Johnny Lyu seems to have had enough of the FUD and has decided to come out swinging:

"That’s the end of the conversation. I also explained that as a platform (same for other crypto exchanges), most funds in KuCoin wallets do not belong to KuCoin, they belong to our users. So it is our responsibility to keep them secure and make sure users can always withdraw in full whenever they want." he said.  It's good to see KuCoin taking a stand against the FUD. Hopefully this will help to clear up any misconceptions about the exchange.

Vitalik Buterin at EthCC in Paris: ETH will be able to process 100,000 transactions per second

Ethereum will be able to process 100,000 transactions per second. This is according to Vitalik Buterin, the founder of Ethereum. He made the announcement at the EthCC conference in Paris.

There are four more development phases that will be implemented by the devs over the next few years. These phases, dubbed the “surge, verge, purge, and splurge”, are designed to improve Ethereum’s scalability.

The first phase, the “surge”, is focused on increasing the number of transactions that can be processed per second. The second phase, the “verge”, is focused on making the platform more energy efficient. The third phase, the “purge”, is focused on removing old and unused data from the Ethereum blockchain. Finally, the “splurge” is focused on increasing the amount of data that can be stored on the Ethereum blockchain.

This is amazing news for the Ethereum community. The platform has been struggling to scale in recent years. If it can reach this level of transaction processing, it will be a major breakthrough.

The devs are confident that these four phases will be able to take Ethereum to the next level and make it scale to meet the needs of its users. So far, the team has made great progress on all four fronts and is on track to complete the roadmap.

Brought to you by Ambire Wallet - the non-custodial crypto wallet that requires only email for registration.