Blockaid monitoring shows that about 14 minutes ago, a user lost 356,501 US dollars worth of ARB due to network phishing fraud. It is reported that the victim signed an off-chain license by accessing the malicious dApp deployed by Pink Drainer.

BNB Chain stated on X platform that DappBay's red alert has identified over 100 risky dApps this week.

The rise of scaled social platforms like Facebook, Instagram, and TikTok has made it increasingly challenging for newcomers to compete directly.

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The development of the Internet has brought various centralized applications that facilitate value exchange for users. These applications support asset delegation, where users need to trust the applications and delegate their assets for management, such as PayPal, Coinbase, and others. However, with the emergence of blockchain technology, decentralized features were achieved through designs like Bitcoin’s consensus mechanism, enabling asset transfers without the need to delegate assets to applications. This concept of “own asset” allowed users to truly own their assets.

Across the landscape, founders are adding offchain points programs to their applications, from Rainbow wallet giving users points for using Ethereum, to Friend.tech building its engagement loop around points, to NFT marketplace Blur’s new L2 Blast incentivizing users with Blast Points for bridging funds (over $800 million TVL since November). In some instances, these points allude to a future fungible token with real economic value; in other instances, users have made that leap of faith themselves. This trend comes amidst a broader search for product-market fit in crypto and ways to engage users in the middle of a bear market.

General-purpose blockchains store state and provide logic over that state. We usually refer to state as assets and logic as applications. For example, Ethereum stores assets like Ether and Dai (state), which can be used in applications like Uniswap and Aave (logic). Collectively, state and logic make up what we call the application layer.

Wallet infrastructure is playing a crucial role in unlocking the web3 experience for the next generation of dapps. So far, users have had to install additional software, source and fund it with a novel currency, and face unfamiliar confirmation screens before even making the first interaction in web3. Despite improved firewalling and a movement away from seed phrases, these hurdles are still points of high churn for decentralized applications.

According to Decrypt, Racer, co-founder of decentralized social platform friend.tech, said in an interview on August 22nd: "We initially released the application for load testing, but we didn't expect the dApp to become popular and spread quickly. The team is currently urgently repairing some shortcomings. We want to take a breath and feel excited about what we can do next."

On August 21st, CryptoRank, a platform for analyzing encrypted data, posted an article stating that in the past 7 days, the top three social DApps with active users were Hooked (154,000 people), Galxe (120,000 people), and friend.tech (64,700 people); BNB Chain is the most popular blockchain for running social DApps, followed by Ethereum and Polygon.