GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Ex-Sushi CTO Launches SocialFi Dapp "Untitled"

- Coinbase, KuCoin Apply for Turkish Crypto Licenses

- Chaos Labs Tops Crypto VC Funding with $55M 

- FIRS Proposes New Crypto Regulation

- Luca Netz Reveals What Abstract Is All About

- ‘Styx Stealer’ Malware Hijacks Crypto on Windows PCs

Ex-Sushi CTO Joseph Delong Unveils SocialFi Dapp "Untitled," Powered by Dutch Auctions

Joseph Delong, former CTO of Sushi and Ethereum core developer, has launched a new SocialFi platform called "Untitled." This decentralized social platform introduces a Dutch auction system for web3-native social posting, where users bid on titles and comments in a declining auction format.

Untitled aims to create a disintermediated social space with content living on decentralized storage. The platform, built on Lens and currently powered by Coinbase's Layer 2 network, Base, offers users economic incentives to engage in social interactions. Delong emphasizes that Untitled will avoid points-based incentive programs to maintain long-term user engagement.

Coinbase, KuCoin Among 76 Crypto Firms Seeking Licenses in Turkey Amid Regulatory Overhaul

Turkey's cryptocurrency market is undergoing a significant transformation as major players like Coinbase, KuCoin, and Gate vie for business licenses under new regulatory frameworks set by the Turkish Capital Markets Board (CMB). The number of license applicants has surged from 47 to 76, highlighting Turkey's growing importance in the global crypto sector. While firms like Binance and OKX were already part of the process, formal approval from the CMB remains pending.

This regulatory shift follows the July 2 enactment of a law aimed at regulating crypto asset service providers in Turkey. Despite the regulatory uncertainty, Turkey ranks as the fourth-largest crypto market globally, with an estimated trading volume of $170 Billion.

Chaos Labs Leads Crypto VC Funding Round with $55 Million as Sahara AI and Sling Money Also Secure Major Investments

The week saw a significant influx of over $130 Million across various crypto VC funding rounds, with Chaos Labs leading the charge by securing $55 Million in a Series A round led by Haun Ventures. Chaos Labs, which focuses on on-chain risk management, plans to enhance real-time, contextualized risk management for DeFi protocols with the new funding. Sahara AI followed closely, raising $43 Million in a round co-led by Binance Labs and Pantera Capital.

The decentralized AI blockchain platform aims to disrupt the centralized AI landscape, emphasizing equitable and decentralized ecosystems. Additional noteworthy funding rounds include Sling Money's $15 Million, Essential's $11 Million, Coinduit's $6 Million, and Ion Protocol's $4.8 Million. These funds are earmarked for expanding services, developing new technologies, and tackling challenges in cross-border payments and Ethereum rollups.

Nigeria’s tax watchdog proposes comprehensive crypto bill

Nigeria's Federal Inland Revenue Service (FIRS) is preparing to propose a comprehensive new law to regulate cryptocurrency, reflecting a broader trend towards embracing digital assets in the country. FIRS Executive Chairman Zacch Adedeji announced this plan during a recent session with the National Assembly’s Finance Committees. Expected to be introduced in September, the proposed legislation aims to modernize Nigeria's tax system, particularly addressing the rapidly expanding cryptocurrency sector.

This initiative aligns with ongoing efforts by the Securities and Exchange Commission (SEC) to amend digital asset regulations, further signaling Nigeria's commitment to integrating digital assets into its economy. The recent SEC board appointments, approved by President Bola Tinubu, are expected to drive this regulatory transformation.

Luca Netz Reveals Abstract Is The Future of Consumer-Centric Blockchain

In their latest blog, Luca Netz spills the juice on Abstract. It is an Ethereum Layer 2 network designed to deliver a seamless, secure, and scalable blockchain experience. Built with the consumer in mind, Abstract simplifies onboarding, enhances app discoverability, and emphasizes a strong sense of community and cultural relevance. Developed by Cube Labs in collaboration with the Pudgy Penguins team, Abstract aims to bridge the gap between crypto and mainstream adoption, making it accessible to everyone, regardless of experience level.

Rooted in the legacy of Igloo Inc, Abstract ensures that community and culture remain central to its mission. With advanced wallet security and intuitive user flows, the platform offers an easy and cohesive experience for users and developers alike. Powered by Ethereum, ZK Stack, and Eigen DA, Abstract provides the security and scalability needed for a reliable, low-cost blockchain. For those ready to build on a consumer-centric blockchain, Abstract is the gateway.

Newly Unveiled Crypto-Clipping Malware ‘Styx Stealer’ Targets Windows Computers, Hijacking Cryptocurrency Transactions

Styx Stealer, a recently identified malware, targets Windows computers to hijack cryptocurrency transactions by monitoring clipboard activity and replacing wallet addresses with those belonging to attackers. Initially identified by Check Point Research as a more advanced version of the Phemodrone Stealer, Styx exploits an old vulnerability in Windows Defender’s SmartScreen feature.

The malware can identify wallet addresses across nine blockchains, including Bitcoin and Ethereum, and is distributed via Telegram and other channels. With advanced anti-analysis techniques, it evades detection by terminating processes associated with debugging tools and virtual environments.

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