GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Dormant Satoshi-Era Wallet Moves $16M in Bitcoin

- PlaySolana Debuts Handheld Console Powered by Solana

- Aethir Teams with Filecoin to Solve GPU Shortage for AI and Web3

- Ethereum’s Pectra Upgrade to be Split into Two Forks

- PancakeSwap Announces v4 Update After $836B Trading Milestone

- MicroStrategy Adds $458M in Bitcoin, Reaches 252K BTC Holdings

Satoshi-Era Wallet from 2009 Moves $16M in Bitcoin

On September 20, 2024, a Satoshi-era wallet that had been inactive since 2009 moved 250 BTC, valued at nearly $16 million. This movement provides a rare insight into the activities of Bitcoin whales from the cryptocurrency's earliest days, when Bitcoin was mined on personal computers by early adopters. The wallet's Bitcoin holdings date back to the time when Satoshi Nakamoto, Bitcoin’s mysterious creator, was still actively engaging in forums. The Whale Alerts tracker flagged the movement, which consisted of five separate transactions, each transferring 50 BTC to new addresses.

These BTC were mined as block rewards within weeks of Bitcoin’s release. While transfers from Satoshi-era walletsare rare, they do occur. In June 2024, a wallet inactive for 14 years moved $3 million worth of BTC to Binance, and in January 2024, a mysterious transaction saw over $1 million in BTC returned to Bitcoin's null address. These early-wallet movements continue to capture attention in the crypto world, raising questions about the identity and motives behind them.

PlaySolana Unveils First Handheld Console Built on Solana Blockchain Ahead of Singapore's Solana Breakpoint

PlaySolana has announced the release of the first handheld gaming console built on the Solana blockchain, named the Play Solana Gen1 (PSG1). The announcement came just before Solana Breakpoint in Singapore, with early mock-ups of the device resembling retro consoles like the Nintendo Game Boy. Although specific web3 games for the console haven't been disclosed, the console will fully integrate with Solana’s decentralized network. PlaySolana has also noted that the final product might differ from the promotional images, and no official launch date has been provided.

As web3 adoption grows globally, more blockchain projects are exploring mobile devices, such as the SuiPlay0X1 console from Mysten Labs, which is expected to ship in 2025. With competition heating up in the web3 gaming sector, it remains to be seen how well these ventures will perform in the market. The recent success of Solana’s Saga phone and its successor, Seeker, which secured over 140,000 preorders, highlights the increasing demand for blockchain-powered devices.

Aethir Partners with Filecoin to Address Global GPU Shortage and Enhance AI and Web3 Infrastructure

Aethir, a decentralized GPU cloud computing network, has partnered with the Filecoin Foundation to tackle the growing GPU shortage that is affecting both the AI and Web3 sectors. The partnership integrates GPU leasing services with Filecoin’s decentralized storage network, providing scalable computational power and secure data management. Aethir, with over 43,000 GPUs, including Nvidia H100s, is addressing the increasing demand for computational resources.

According to Aethir’s co-founder, Mark Rydon, the collaboration will help balance compute power and storage in a decentralized way, avoiding central points of failure. The partnership also focuses on leveraging AI-driven data securityand solutions like TensorOpera Fox-1. The initiative will combine Aethir’s scalable GPU cloud computing with Filecoin’s decentralized storage, targeting heavy computing and storage needs. This comes after Aethir’s decentralized cloud network launch on the Ethereum mainnet, allowing enterprises to contribute idle GPU resources for tasks like AI model training and large-scale digital rendering.

Ethereum’s Pectra Upgrade Will Roll Out in Two Forks, Developers Finalize Plans During Consensus Call 

Ethereum’s upcoming Pectra upgrade will be split into two separate hard forks, as finalized during the All Core Developers Consensus call on September 19. Alex Stokes, an Ethereum Foundation researcher, proposed dividing the upgrade, with Pectra 1 focusing on eight Ethereum Improvement Proposals (EIPs) already being tested, while Pectra 2will handle the remaining 12 EIPs. Notable inclusions in Pectra 1 are EIPs aimed at enhancing interoperability, reducing network load, and introducing smart account features for wallet users.

Some developers opposed the split, citing concerns over potential delays to Ethereum’s Verkle Tree and PeerDAS implementations. However, the majority supported the division, enabling further scaling solutions for Layer 2 networks. Pectra 2 will likely focus on the EVM Object Format and PeerDAS, enhancing Ethereum’s data availability and smart contract efficiency. Despite technical challenges, developers are optimistic about the network’s evolution.

PancakeSwap Unveils v4 Update to Enhance Liquidity Provision, Interoperability, and Scalability After Reaching $836 Billion Trading Volume Milestone

PancakeSwap, a leading decentralized exchange (DEX), has surpassed $836 billion in cumulative trading volume, with a current total value locked (TVL) of $1.72 billion, significantly lower than its peak of $7.16 billion in 2021. To address limitations in automated market makers (AMM) and boost its ecosystem, PancakeSwap is preparing to launch version 4 (v4), aimed at improving liquidity provision, scalability, and interoperability across multiple chains.

The v4 update will introduce dynamic fee tiers, advanced trading tools, and lower gas fees, enhancing user experience. PancakeSwap also plans to extend its DEX offerings to more blockchain networks. The update is expected to boost capital efficiency and attract more liquidity providers, potentially increasing trading volumes and revenues. Additionally, PancakeSwap has initiated a $500,000 developer program and a v4 Hookathon to drive innovation in the lead-up to the launch. The exchange operates across nine blockchains, including Ethereum, BNB Chain, and Arbitrum.

MicroStrategy Buys $458M Worth of Bitcoin, Total Holdings Surge to 252,220 BTC

MicroStrategy has significantly increased its Bitcoin holdings, purchasing 7,420 BTC for $458 million, bringing its total Bitcoin reserves to 252,220 BTC. The purchase was made following the completion of a $1 billion convertible senior notes offering, which the company had planned to use for further Bitcoin acquisitions. The average price paid for the recent acquisition was $61,750 per Bitcoin. Since it began its Bitcoin strategy in August 2020, MicroStrategy has spent approximately $9.9 billion acquiring Bitcoin at an average cost of $39,266 per BTC. With Bitcoin's current market value, the firm now holds an unrealized profit of over $5.9 billion.

As the largest public holder of Bitcoin, MicroStrategy continues to bet on the cryptocurrency as a key component of its strategy. The company’s quarter-to-date Bitcoin yield stands at 5.1%, with a year-to-date yield of 17.8%, highlighting strong performance amidst market volatility. Michael Saylor, MicroStrategy's founder and chairman, remains a vocal advocate for Bitcoin. In August 2024, he disclosed his personal Bitcoin holdings, which total more than $1 billion, reinforcing his personal and professional commitment to the asset. MicroStrategy’s consistent investments underscore its long-term bullish stance on Bitcoin as a store of value and financial strategy.

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