GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Former Pimco, Millennium Execs Launch Crypto Consultancy x2B

- Goatseus Maximus Nears $1B Market Cap After 20% Surge

- Bitget Wallet Unveils $20M Grant for Telegram Mini Apps

- California permanently revoked BlockFi's license over bad practices

- Buterin Proposes 'Info Finance' to Revolutionize Data Insights

- WonderFi CEO Kidnapped, Pays $1M Ransom, Confirms Data Safe

Ex-Pimco and Millennium Executives Launch x2B, a Crypto Advisory Business Focused on Token Launches and Fundraising 

Former Pimco and Millennium executives Michael Bressler and Benoit Bosc have co-founded x2B, a digital asset advisory firm that provides consulting services for cryptocurrency projects, focusing on token launches, fundraising, treasury management, and market-making. Launched this month, x2B has already secured 10 clients, highlighting demand for a more transparent and professional approach to the crypto industry. With experience from high-level roles in both traditional and digital finance, Bressler and Bosc aim to bring greater accountability and structure to token launches, which often face challenges like inflated prices and regulatory complexities.

Bosc, previously general manager for crypto market maker GSR, emphasizes the need for industry improvements in structuring and accountability, which x2B hopes to address. The firm also offers flexibility in payment, accepting future tokens from clients, aligning with their expertise in managing virtual assets. This unique approach aims to bridge traditional finance insights with the rapidly evolving crypto market, supporting clients in navigating the intricate dynamics of digital asset launches and compliance

Goatseus Maximus Approaches $1 Billion Market Cap as AI-Powered Meme Coin Rises Nearly 20%

Goatseus Maximus (GOAT), an AI-powered meme coin, is rapidly approaching a $1 billion market cap, fueled by a nearly 19% surge in price over the past 24 hours. GOAT’s token value reached an all-time high of $0.9406 on Sunday, marking an impressive 1,904.5% return from its October low of $0.04354. While its peak market cap touched $937 million, it currently stands around $873.7 million. This meteoric rise has positioned GOAT among the fastest-growing tokens, drawing considerable attention within the crypto community. The project, led by developer Andy Ayrey in collaboration with Truth Terminal, has built a vibrant following on X (formerly Twitter), where its AI bot’s community interactions have further boosted its visibility. The recent spike in GOAT’s price also coincides with broader gains in the crypto market, particularly

Bitcoin's surge to an all-time high of $81,000, driving its own market cap to $1.6 trillion. With the overall crypto market cap up by 4.47% to $2.72 trillion, the bullish sentiment has extended to several altcoins, including GOAT. The token’s weekly performance has been exceptional, reflecting an 87.5% increase in price alongside a significant rise in trading volume and sustained market interest. While specific catalysts for GOAT’s price spike remain unclear, its trajectory aligns with the broader optimism in the market, particularly following Bitcoin’s recent price action. Goatseus Maximus continues to gain momentum, with its community-driven model and AI functionality adding unique appeal within the evolving meme coin sector.

Bitget Wallet and Foresight Ventures Launch $20M Grant to Revitalize Telegram’s Mini App Ecosystem Amid Decline in TON’s Value

Bitget Wallet, a non-custodial cryptocurrency wallet operated by Bitget exchange, and Foresight Ventures have announced a $20 million support initiative aimed at invigorating Telegram’s Mini App ecosystem. Unveiled on November 11, this funding program seeks to support the development of new projects within the ecosystem by offering financial backing, technical assistance, and operational resources to developers. The initiative addresses recent challenges faced by The Open Network (TON), Telegram’s blockchain platform, whose total value locked (TVL) has fallen significantly, plummeting from a high of $776 million in July to around $356 million in November. The decline, triggered in part by the arrest of Telegram CEO Pavel Durov in France, has impacted the user engagement and growth of popular Telegram Mini Apps like Hamster Kombat, once a leading tap-to-earn game on the platform.

With this new initiative, Bitget Wallet and Foresight Ventures hope to stimulate innovation within TON by helping developers bring fresh applications to the ecosystem. The grant program not only provides capital but also includes technical resources such as Bitget’s OmniConnect developer kit, designed to assist with app integration and functionality. Additional support includes access to Bitget’s extensive Telegram wallet user base, which developers can leverage to build communities and drive engagement for their apps. The initiative also opens up possibilities for strategic partnerships with major Telegram Mini Apps, potential Bitget listings, and future investment support from Foresight Ventures. This funding effort aligns with Bitget and Foresight Ventures’ recent $30 million investment in the TON blockchain, emphasizing their commitment to the platform’s governance and development.

Espresso’s Cross-Chain Project Launches Confirmation Layer to Enhance Blockchain Composability and Security for Layer-2 Networks

Espresso Systems has activated its new “confirmation layer,” a critical feature designed to facilitate cross-chain composability for layer-2 blockchains. This layer allows networks to validate and trust each other's transaction data blocks, enhancing the interoperability between chains such as Arbitrum, Optimism, and Polygon. Known for supporting faster, cheaper transactions, layer-2 rollups typically rely on a "sequencer" to compile and record transactions on a primary blockchain like Ethereum. However, these sequencers often create security risks due to their centralized nature, posing potential vulnerabilities. Espresso’s confirmation layer addresses this issue by decentralizing sequencing, offering an added layer of security that assures all published blocks remain immutable even after they are finalized on Ethereum.

This innovation is particularly beneficial for cross-chain applications, as it eliminates the need for centralized validation, enabling faster, more secure bridging of assets across networks. CEO Ben Fisch noted that the confirmation layer allows applications to rely on accurate rollup data, reducing security risks associated with central sequencers. Espresso’s development is backed by $28 million in funding from a16z Crypto and other major investors, who see potential in the company’s work on composability and sequencing technology. With plans to integrate with leading rollups, Espresso aims to establish a more secure, interconnected ecosystem for decentralized finance (DeFi) and Web3 projects.

Polygon’s AggLayer Adopts Agora’s AUSD as Native Currency to Optimize Crosschain Liquidity and Simplify Transactions Without Token Bridges

Polygon’s AggLayer has selected Agora’s AUSD stablecoin as its native currency to streamline crosschain liquidity, removing the need for token bridges, which often add complexity and cost. Agora, a stablecoin provider co-founded by Nick van Eck, Drake Evans, and Joe McGrady, provides AUSD as an institutional-grade stablecoin backed by custodians like State Street and VanEck. This development aims to improve multichain transactions for users and developers by creating a stable, fiat-backed option on AggLayer’s crosschain network. The integration of AUSD means developers and end-users can conduct transactions without additional fees or bridging processes, reducing financial and operational burdens.

Agora noted that this setup allows businesses on AggLayer to earn income directly from AUSD usage, distributing economic benefits within the Web3 community instead of centralizing profits with issuers. Developers also benefit from a stable, reliable currency for use in decentralized applications (dApps) on AggLayer. Polygon Labs, which leads the development of the AggLayer ecosystem, has also partnered with Fabric Cryptography to integrate zero-knowledge (ZK) proofs through Fabric’s Verifiable Processing Units. This addition is expected to enhance security and reduce transaction costs, boosting the platform's appeal to Web3 developers.

DeltaPrime Faces Second Hack, Losing $4.75 Million in Crypto Through Vulnerability Exploit

Crypto protocol DeltaPrime has reportedly suffered a second security breach, resulting in the theft of $4.75 million in digital assets from multiple pools on the Arbitrum network. The attack, disclosed on November 11, exploited a vulnerability in DeltaPrime’s periphery adaptor contract, according to blockchain analytics firm CertiK. Funds stolen in the attack are now being held at a wallet identified as 0x56…634c, raising further security concerns for the platform. This incident follows a similar attack in September, where DeltaPrime lost $6 million due to compromised private key security, which allowed hackers to drain funds from the project’s contract. Both breaches have cast doubts on the protocol’s security infrastructure, despite assurances from the platform’s management and prior actions taken to address potential security lapses.

DeltaPrime, backed by prominent investors including Avalanche and GSR Markets, originally launched on Avalanche in January 2023. The platform quickly gained popularity, amassing $63 million in total value locked and over $20 million in liquidity, according to its website. However, recent security incidents have raised questions about DeltaPrime’s safety for investors, as well as the potential involvement of prior personnel, particularly after blockchain investigator ZachXBT highlighted DeltaPrime’s past employment of North Korean IT workers. While DeltaPrime claims all flagged employees were removed, the attacks continue to challenge its security and resilience, underscoring broader security risks in DeFi protocols.

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