GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Ripple Unveils Exchange Partners for RLUSD Stablecoin

- Mint Blockchain Receives $1.35M Grant from Optimism

- Base Surpasses Arbitrum as Largest Ethereum Rollup by TVL

- Australia’s First Spot Ether ETF Set to Launch

- Bitcoin Could Reach $73,800 Before U.S. Election

- SingularityDAO, Cogito, and SelfKey Merge to Launch Singularity Finance

Ripple Announces Exchange Partners for RLUSD Stablecoin, Paving the Way for Mainstream Crypto Adoption

Ripple has revealed the exchange partners for its upcoming stablecoin, Ripple USD (RLUSD), in a move that could accelerate mainstream crypto adoption. The stablecoin, pegged to the US dollar, will be distributed through partnerships with several cryptocurrency platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Ripple's CEO, Brad Garlinghouse, emphasized that RLUSD is designed to become the "gold standard" for enterprise-grade stablecoins, with applications ranging from payments to tokenizing real-world assets and decentralized finance (DeFi).

By integrating RLUSD with the XRP token, Ripple aims to offer faster, cost-effective cross-border payments. Regulatory-compliant stablecoins like RLUSD serve as a critical link between traditional finance and crypto, and their widespread use could drive global crypto adoption. Ripple’s announcement comes as the crypto industry continues to seek stable, secure solutions for financial transactions, particularly in regions where stablecoins are gaining traction as a reliable on-ramp to the digital economy. This development could significantly enhance RLUSD's role in financial ecosystems across the globe.

Mint Blockchain Secures $1.35 Million Grant from Optimism to Boost NFT Innovations

Mint Blockchain, an Ethereum Layer 2 (L2) network focused on NFTs, has been awarded a significant grant of 750,000 OP tokens, equivalent to $1.35 million, from Optimism Governance as part of the 28th cycle of Optimism Grants. The funding aims to accelerate NFT innovations and adoption within Mint Blockchain and the broader Superchain ecosystem. Mint was the only "Superchain" project selected in this cycle, joining other grant recipients such as Uniswap, DelegateMatch, and Scout Game. In a statement, Mint Blockchain expressed gratitude for the support and outlined plans to use the funds to empower developers and onboard new users.

Optimism’s goal is to incentivize growth for developers and drive engagement across the Mint ecosystem. The grant will help drive NFT innovation, both within Mint and across other superchain platforms. Founded in May 2024, Mint Blockchain has quickly gained traction, boasting over 400,000 active users and supporting more than 80 applications. Mint is also a strategic partner of the Optimism Foundation in the Asia-Pacific region, contributing to the development of Optimism’s Superchain initiative, which aims to enhance scalability and reduce gas fees within the Ethereum ecosystem. With the support of this grant, Mint Blockchain is poised to become a key player in the evolving NFT economy.

Base Becomes Largest Ethereum Rollup by Total Value Locked, Surpassing Arbitrum

Base, Coinbase's Layer 2 Ethereum network, has become the largest Ethereum rollup by total value locked (TVL), reaching $2.49 billion, narrowly surpassing Arbitrum’s $2.39 billion, according to DeFiLlama. Base’s growth is driven primarily by the decentralized exchange Aerodrome, which contributes over $1.3 billion in deposits. Now ranking among the top five blockchains by TVL, Base follows Layer 1 giants like Ethereum, Tron, Solana, and BNB Chain. Base operates as an optimistic rollup using the OP Stack, processing transactions off-chain and periodically committing data to Ethereum.

The network also leads in user activity with 1.5 million daily active addresses, the highest across Layer 1 rollups, highlighting the platform’s rapid growth since its launch. This success reflects Coinbase’s and app developers’ efforts to align with Ethereum’s rollup-centric vision. To handle rising demand, Base has increased its block gas target from 10 to 13 Mgas/s, with further incremental expansions planned. While still in its early "training wheels" phase, Base’s development roadmap includes plans for a fraud-proof system to enhance security and decentralization. With its growing influence, Base continues to cement its position as a leader in the Layer 2 Ethereum space.

Monochrome to Launch Australia’s First Spot Ether ETF on Cboe Australia

Monochrome Asset Management is set to debut Australia’s first spot Ethereum exchange-traded fund (ETF) on Oct. 15, listed on Cboe Australia under the ticker IETH. This follows the launch of Monochrome's spot Bitcoin ETF (IBTC) in August, which currently holds around AUD 15 million worth of Bitcoin. IETH will passively hold Ether, providing retail investors a regulated pathway to invest in the second-largest cryptocurrency by market capitalization, valued at over $316 billion. The Monochrome Ethereum ETF is a dual-access fund, enabling investors to buy and redeem their positions in either cash or Ether.

It will be administered by State Street Australia, with custody services provided by BitGo and Gemini. This launch positions Australia among the few countries, alongside the U.S. and Hong Kong, that offer spot crypto ETFs. Globally, the demand for spot crypto ETFs has surged, particularly in the U.S. market. Data from ETF tracking platform SoSoValue shows that as of Oct. 11, U.S.-listed spot Bitcoin ETFs have accumulated over $58 billion in assets, while Ethereum ETFs hold $6.74 billion. Monochrome’s move marks a significant milestone for crypto investments in Australia.

Standard Chartered Predicts Bitcoin Could Reach $73,800 Before U.S. Election Amid Growing Momentum

Standard Chartered’s Geoff Kendrick believes that Bitcoin could reach its all-time high of $73,800 in the weeks leading up to the U.S. presidential election, driven by several key factors. A steepening U.S. Treasury yield curve, inflows into Bitcoin spot ETFs, and rising odds of Donald Trump winning the election are boosting the cryptocurrency’s bullish momentum. Kendrick noted that stronger-than-expected U.S. inflation data has led to a steeper 2s10s yield curve, signaling increased market volatility and demand for alternative assets like Bitcoin. Trump’s odds of winning have risen to 56.3%, according to Polymarket, further fueling market interest in risk assets.

A Republican sweep, where Trump wins and the GOP controls both the Senate and House, stands at 39%, creating favorable conditions for Bitcoin’s growth. In addition, Bitcoin spot ETFs saw significant inflows of $555.8 million, while the derivatives market also saw increased activity, with $80,000 strike price options becoming more attractive to institutional investors. MicroStrategy, which holds over 252,000 Bitcoin, has outperformed Bitcoin itself in recent weeks, suggesting growing institutional confidence in digital assets. Even if Trump doesn’t win, the broader trend toward digital asset adoption remains strong, Kendrick concluded.

SingularityDAO, Cogito Finance, and SelfKey Announce Merger to Launch Singularity Finance, Aiming to Tokenize Real-World AI Assets

SingularityDAO, Cogito Finance, and SelfKey have announced a strategic merger to create Singularity Finance, an EVM Layer-2 platform for tokenizing AI-related Real World Assets (RWA). This collaboration aims to accelerate Web3 by bringing AI assets like GPUs on-chain, enhancing decentralized finance (DeFi) applications, and creating new funding opportunities for AI innovations. Through CogitoFi’s tokenization framework, AI assets will be tokenized, and users can participate in decentralized markets using SelfKey’s compliant identity solution. Singularity Finance will also feature AI-powered financial tools that enhance analysis, portfolio, and risk management, utilizing SingularityDAO’s DynaVault technology. According to Cogito Finance CEO Cloris Chen, the AI sector presents significant opportunities, but barriers still limit broader participation.

The Layer-2 solution aims to democratize access to the AI economy while adapting to regulatory changes. Co-founder Mario Casiraghi emphasized that AI-Fi’s intersection with DeFi enables unprecedented opportunities for monetizing AI assets. The merger will convert the existing tokens (SDAO, CGV, and KEY) into a unified token, SFI, which will serve as the network token for Singularity Finance. Migration ratios have been set, with mainnet launch planned for the first half of 2025. The leadership council, led by Dr. Ben Goertzel of SingularityNET, will oversee the ecosystem, addressing challenges in AI-related asset ownership and accessibility through compliant tokenization and AI-driven asset management.

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