August 2022 Community Update

We discussed the perils of users only sticking to one crypto wallet last month. Unfortunately, while there’s a good number of our community members that find themselves in that scenario, the quiet period in the digital asset market is a perfect time to explore alternatives. To inspire and kick off the research for those looking to diversify their assets into different wallets, we turned to our community members once again to see what everyone else has been using. What did the community come back with?

While Metamask was a clear winner in our poll as the predominant wallet that was used, if your only wallet is Metamask we would still encourage users to find alternatives. If you only have hot wallets, perhaps it’s time to consider a cold wallet such as Ledger or Trezor.

As always we ask community members to DYOR when looking for what works best for them when evaluating anything digital asset related. Truth is, we realize that DYOR can actually be quite a daunting task. Even the best researched decisions may come up short when pitted against nefarious players intent to scam. In our upcoming post, we do highlight some of the common issues with the key metrics usually used when you DYOR. These are issues that we struggle with ourselves, even when we’re considering how to develop useful tools for the community. Do we report key metrics even though we understand that the statistics might be skewed based on the data source because it is what the industry expects?

The most important thing to remember is to cover your bases and never skip over the necessary precautions. As an additional friendly reminder, our team would like to caution our community that OAX isn’t immune to impersonation attempts or external driving factors either. We do our best to make sure that all spam messages or accounts are removed, but if there’s ever any questions don’t hesitate to ask. For starters, we will NEVER ask for your private keys to your wallet (hint #1).

We can expect some interesting things to happen in the market, whether as a result of technical changes or hype within the anticipated Merge to come next month.

Despite the many news articles and the bump in ETH prices over the last few weeks as the deadline for the Merge approaches, the team believes the hype might be overrated. The journey to creating a truly integrated digital asset ecosystem that can merge with daily use will be a longer road. While the Merge does count as a significant milestone in the Ethereum ecosystem, there’s much more to come. Our two cents on the upcoming Merge here, and we want to hear what you believe will happen next!