GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- UBS Launches Tokenized Money Market Fund on Ethereum

- SafePal Launches Crypto Wallet on Telegram with Visa Support

- Sheetz Expands Crypto Payments via Flexa to 750+ US Stores

- Across, World Chain Partner for Cross-Chain Transfers

- Midnight Unveils Cross-Platform Game on Aptos Blockchain

- ZetaChain Recovers from Consensus Outage

UBS Launches uMINT Tokenized Money Market Fund on Ethereum, Joining Major Banks in Asset Tokenization Trend 

UBS, the world’s largest private bank, has unveiled its first tokenized money market fund, uMINT, on the Ethereum blockchain, marking its entry into the growing field of real-world asset tokenization. Dubbed the UBS USD Money Market Investment Fund Token, the fund is designed to provide investors with access to high-quality money market instruments under a conservative, risk-managed framework. While UBS hasn’t specified the fund's underlying assets, its launch aligns with increased investor interest in tokenized assets across various asset classes, as noted by UBS's Asian co-head, Thomas Kaegi.

Ethereum remains the leading blockchain for tokenized real-world assets, hosting over $3 billion in tokenized funds, particularly U.S. Treasury debt. Recent data shows that tokenized asset value on Ethereum has surged nearly 4% in the last month. UBS joins other major players, such as BlackRock and Franklin Templeton, which already have tokenized products like BlackRock’s $BUIDL and Franklin Templeton’s $FOBXX, valued at $523 million and $408 million, respectively. UBS’s initiative highlights the financial sector’s increasing shift toward blockchain-based asset management and the potential for further growth in tokenized investments.

SafePal Unveils Telegram-Based Crypto Wallet with Visa Card Integration and Swiss Bank Compliance

SafePal has debuted its Mini Wallet App on Telegram, allowing over 950 million users access to compliant, crypto-friendly bank accounts licensed by Switzerland's Financial Market Supervisory Authority (FINMA). This wallet, available starting in November, combines centralized-decentralized finance (CeDeFi) principles, facilitating transactions via a digital Visa card within Telegram. Announced at the TON Gateway event, the app joins a wave of Telegram-integrated crypto wallets, like Bitget's, expanding Web3 access on the popular social platform. According to SafePal CEO Veronica Wong, the app aims to address critical banking accessibility issues while leveraging Telegram’s massive user base.

Users can create accounts, link to digital Visa cards, and manage crypto and fiat transactions. The onboarding process, including KYC verification, will be conducted by Swiss fintech Fiat24, which will manage registration data separately to maintain decentralization. SafePal plans to introduce a digital Mastercard and expand to Europe and the Asia–Pacific region by late 2024, while its new wallet will support over 100 blockchain networks with a future swap function to enhance interoperability. This initiative marks a growing trend in the crypto world as platforms recognize Telegram’s potential in advancing blockchain accessibility.

Sheetz Expands Crypto Payment Options to Over 750 Locations, Partnering with Flexa to Accept BTC, ETH, and Stablecoins

U.S. convenience store chain Sheetz has expanded its crypto payment options, enabling customers to pay with Bitcoin (BTC), Ether (ETH), and stablecoins like USD Coin (USDC) at over 750 locations, thanks to its partnership with Flexa. The integration builds on Sheetz's 2021 rollout of BTC payments and highlights a broader market demand for digital currency payments. Flexa, a payment provider specializing in crypto solutions, now supports digital transactions at Sheetz’s stores across multiple states, including Pennsylvania, Virginia, Ohio, and Michigan. Flexa co-founder Trevor Filter noted rising interest in stablecoin use cases, a sentiment echoed in Sheetz's commitment to offering diverse payment methods.

Sheetz's Executive VP of Marketing, Ryan Sheetz, expressed enthusiasm for keeping up with digital trends, reflecting growing consumer interest in alternative payment systems. According to a recent Andreessen Horowitz report, crypto interest in regions where Sheetz operates has surged, with over 40 million Americans now holding digital assets. The expanded crypto option at Sheetz further positions it among the first major U.S. retail chains to incorporate widespread cryptocurrency payments, catering to both local and visiting customers seeking crypto-friendly retail experiences.

Across and World Chain Collaborate to Enable Fast, Secure Cross-Chain Transfers Across Multiple EVM-Compatible Chains

Blockchain platforms Across and World Chain have announced a strategic partnership to provide users with rapid, secure cross-chain transfers across Ethereum Virtual Machine (EVM)-compatible chains. Through this collaboration, World Chain will leverage Across's affordable bridging services to streamline transactions between Ethereum's mainnet and Layer 2 (L2) networks. This integration allows World Chain developers to build robust, interoperable cross-chain applications and enables convenient transfers of assets like $wBTC, $USDC, $wETH, and $ETH.

World Chain, operating under Optimism's Superchain, utilizes ERC-7683 standards co-developed with Uniswap and Across, supporting seamless cross-chain interoperability. The partnership announcement follows recent integrations with Uniswap and the mainnet launch of World Chain, further expanding World Chain's reach. The platform reports over 7 million verified users and 15 million World ID holders who are migrating to its network, marking World Chain as the largest platform for verified digital identities. As World Chain prioritizes secure, anonymous user interactions facilitated by AI, this partnership is expected to attract a wider user base and drive future blockchain innovations.

Midnight’s New Platform "The Evergreen" Launches First Cross-Platform Game with Aptos Blockchain, Introducing High-Stakes Gameplay in Web3

Midnight Evergreen Technologies has launched "The Evergreen," a novel platform designed to reshape gaming with interconnected experiences across web, mobile, and Telegram. The platform’s first release, "Midnight Market," is built in partnership with the Aptos Foundation and offers high-stakes gameplay that combines crypto gaming’s thrill with the scalability of Aptos’ Layer 1 blockchain. Midnight Market, set to launch globally on November 13, 2024, features a player-driven economy where users earn tokens and craft items, fostering a high-risk, reward-focused environment. Players encounter suspenseful twists, such as the unpredictable “Night Pig” and strategic choices between risk and reward.

The game aims to introduce Web3 benefits, allowing players lasting control over in-game assets and story progression. Aptos’ robust blockchain infrastructure powers this experience, providing rapid transactions to enable seamless gameplay for thousands of users. Steve Wade, CEO of Midnight, highlighted the partnership with Aptos as a pioneering step for gaming interoperability, while Aptos Foundation’s Bashar Lazaar underscored the immersive and player-focused nature of the new ecosystem. This innovative approach marks a leap forward for decentralized gaming, integrating unique user experiences across platforms and genres through blockchain technology.

ZetaChain Restores Network Following Six-Hour Outage Due to Consensus Failure, Aiming to Resolve Cross-Chain Delays

ZetaChain, an interoperability-focused Layer 1 blockchain, faced a six-hour operational halt on Thursday due to a consensus failure stemming from a recent update to a subset of validators. This incident led to a network-wide pause on deposits and withdrawals as operations ceased at 11:53 p.m. UTC. After reverting to a previous node software version, ZetaChain resumed block production by 6:00 a.m. UTC, reinstating regular transactions and ensuring all pending transactions would be processed. The team announced plans for a comprehensive post-mortem report to identify the root cause.

Following mainnet restoration, ZetaChain faced further challenges as its testnet experienced similar disruptions, requiring re-synchronization of validators. Since its mainnet launch earlier this year, ZetaChain has pursued its mission of creating a “universal blockchain” to facilitate seamless integration across multiple networks, including Bitcoin, Ethereum, and Polygon. Supported by $27 million in investments from prominent backers, ZetaChain’s recent incident has drawn attention to its operational resilience and the reliability of its cross-chain functions. As efforts continue to stabilize the network, stakeholders are closely monitoring the developments.

Don’t forget to hit the button that you see below!