A GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR

- Binance Returns to India Post 7-Month Ban

- Circle Eyes NFC Payments for USDC on iPhones

- TODAY Announces Mythic Seeds Free Mint

- EigenLayer Adds Permissionless Token Support

- Marathon Digital Buys $249M in Bitcoin

- AAVE Surges 9%, Tops Market Gainers

Binance Re-enters India as a Registered Crypto Exchange After 7-Month Ban for Non-Compliance 

Binance has resumed operations in India, reappearing on the Google Play Store and Apple App Store after a seven-month ban due to noncompliance with local regulations. The crypto exchange registered with India’s Financial Intelligence Unit (FIU-IND), marking its 19th global regulatory milestone. Binance's re-entry follows a period of suspension when the FIU-IND blocked the exchange for failing to meet registration requirements.

The company did not confirm whether it paid a previously reported $2.25 Million fine for noncompliance. Binance CEO Richard Teng emphasized the importance of the Indian market and Binance's commitment to aligning with Indian regulations.​​ However, users can only access its website and not on Android or iOS just yet.

Circle to Enable NFC Payments for USDC on iPhones, Leveraging Apple's Latest NFC Feature

Circle is set to introduce NFC-enabled USDC payments on Apple iPhones, capitalizing on a recent update allowing third-party developers access to the iPhone's Near Field Communication (NFC) chip. This feature will enable users to make secure, contactless payments with USDC using Apple’s biometric verification like FaceID.

Circle CEO Jeremy Allaire highlighted the potential for this technology to facilitate direct-to-merchant payments and expand its use to other NFT and stablecoin applications. Apple’s NFC feature, previously limited to native platforms, will soon be available in multiple countries, marking a significant step in integrating cryptocurrency with mainstream mobile technology.

Mythic Seeds Free Mint Coming This Q3 

TODAY The Game announced the FREE Mint of Mythic Seeds happening this Q3. Mythic Seeds are not just digital collectibles; they are the gateway to Luma, a mesmerizing new universe filled with endless possibilities. Each seed holds the potential to unlock rare rewards, exclusive experiences, and a closer connection to an ever-evolving ecosystem.

TODAY is expected to harness the power of AI in Web 3 to deliver creativity and ownership for players in groundbreaking ways. They have also raised $5 Million in their seed funding round, achieving another significant milestone.

EigenLayer Introduces Permissionless Token Support, Expanding DeFi Security 

EigenLayer, the leading restaking platform by total value locked (TVL), has introduced permissionless token support, enabling any ERC-20 token to be used as a restakable asset. This upgrade aims to enhance decentralized finance (DeFi) security by allowing a broader range of assets to be restaked. The update is currently live on the testnet, with a mainnet deployment planned for next week.

EigenLayer, which holds $12.6 Billion in TVL, expects to add user-interface support for restakers later in Q3. The upgrade will also allow the creation of new Strategies, expanding the utility of actively validated service AVS tokens.

Marathon Digital Acquires $249M in Bitcoin Following $300M Convertible Notes Offering

Marathon Digital, the largest public Bitcoin miner by realized hash rate, has purchased $249 Million worth of Bitcoin after raising $300 Million through an offering of convertible senior notes. The company used the funds to acquire 4,144 BTC at an average price of $59,500 per coin. Marathon plans to use the remaining $43 Million for further Bitcoin purchases and general corporate purposes.

This acquisition brings Marathon's total Bitcoin holdings to over 25,000 coins, valued at approximately $1.46 Billion. Despite the purchase, Marathon's stock fell 2.26% amid concerns over rising mining costs and lower-than-expected Q2 revenues.

AAVE Leads Market with 9% Surge in 24 Hours Amid Rising DeFi Activity

Aave, a decentralized crypto lending platform, surged 9% on August 15, positioning it as the top performer in the crypto market. Aave’s price reached $106.4 with a 78% increase in daily trading volume, bringing its market cap to $1.57 Billion. The price spike comes as Aave sets a new record for weekly active borrowers, driven by emerging lending markets like Base and Scroll.

Despite its growth, Aave’s price remains 84% below its 2021 peak. The platform currently ranks as the third-largest DeFi protocol, with a TVL of $11.85 Billion.

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