GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Base Hits 4M Active Addresses Amid Onchain Summer

- Ledn Lands $50M Bitcoin-Backed Loan

- Bitget Adds Apple Pay & Google Pay 

- Egorov Seeks $6.35M CRV Grant for Curve

- Starknet Proposes STRK Staking Launch

- Status Joins Linea as First Open-Source Contributor

Base Surpasses 4M Active Addresses During ‘Onchain Summer’ Campaign, Allocates $2M for Developer Incentives 

Coinbase’s layer-2 network, Base, reached a significant milestone last week, surpassing 4 million active addresses amid its ongoing “Onchain Summer” campaign. Jesse Pollak, head of Base, shared data from Dune Analytics, revealing this all-time high in weekly active addresses. The campaign, which started in June and will conclude in August, offers 600 ETH ($2 million) in rewards to developers building on the network.

Launched in 2023 to boost adoption, the “Onchain Summer” event saw over 268,000 wallets mint 700,000 NFTs and bridge $242 million to Base. This year, the campaign includes a collaboration with AtariX to bring classic video games onchain, although there have been claims that some games, like Asteroids, were not fully on the blockchain. The event continues to drive significant engagement and activity on the Base network.

Ledn Secures Industry-First $50M Bitcoin-Backed Syndicated Loan, Paving the Way for Mainstream Integration of Crypto Assets

On August 20, Ledn, a digital lending platform, announced the successful acquisition of a groundbreaking $50 million Bitcoin-backed syndicated loan. Syndicated by Sygnum, a global digital asset banking group, this loan marks an industry first and aims to fund the growth of Ledn’s retail lending operations.

Ledn CEO Adam Reeds sees this as the first of many such loans, as digital assets increasingly integrate into mainstream finance. The loan is structured similarly to Ledn’s retail offerings, with specific loan-to-value (LTV) thresholds requiring collateral top-ups. Sygnum’s involvement signals a shift toward fully regulated, institution-grade services in crypto finance.

Bitget Integrates Apple Pay and Google Pay, Streamlining Crypto Purchases for iOS and Android Users

Bitget, a Seychelles-based cryptocurrency exchange, has integrated Apple Pay for iOS users and Google Pay for Android users into its platform. This update allows users to seamlessly convert fiat into over 100 cryptocurrencies in under 30 seconds. The integration is part of Bitget’s strategy to enhance user experience by offering popular and secure payment options, catering to a broader audience.

With a combined user base of over 650 Million, this move supports Bitget's expansion into markets across the Middle East, Africa, and Southeast Asia. The platform also supports over 140 fiat currencies, making it easier for users to engage in crypto trading.

Michael Egorov Faces Backlash After Requesting 21 Million CRV Grant to Fund Curve's Development Amid Controversy 

Michael Egorov, founder of Curve Finance, has requested a 21 million CRV grant (approximately $6.35 million) from the Curve Community Fund to support one year of operations for Swiss Stake AG, the company behind Curve's development. The proposal, which would use 44% of the fund’s holdings, has sparked criticism among CRV holders due to its lack of a detailed costing analysis.

Egorov’s request comes shortly after he faced controversy over a massive CRV liquidation, raising concerns about the sustainability of Swiss Stake's operations and the transparency of its funding needs.

Starknet Unveils First Voting Proposal to Introduce Staking for STRK Holders, Eyeing October Mainnet Launch

Starknet, the layer-2 network developed by StarkWare, has unveiled its first mainnet voting proposal, allowing STRK token holders to introduce staking into the ecosystem. The proposal, announced on Aug. 20, outlines a phased approach, with a testnet for staking set to launch in September, followed by a full mainnet launch in October.

STRK holders will vote on key components of the staking mechanism, such as the minting process and how the protocol parameters can be modified over time. The voting process begins with a test vote from Sept. 2-4, followed by a primary vote from Sept. 9-13, conducted on the Starknet Governance Hub. This initiative marks a significant step in Starknet's development, aiming to give the community a direct say in securing the network and shaping its future.

Linea Partners with Status, Marking First Open-Source Contribution to Its zkEVM-Powered L2 Rollup Project

Linea, a L2 solution on Ethereum, has announced that Status has become its first contributor to the open-source L2 rollup project. This partnership marks a significant step in Linea's decentralization efforts. Status will collaborate closely with Linea's zkEVM-powered codebase, aiming to operate a parallel version of Linea and enhance the ecosystem's security and transparency.

The collaboration supports Linea’s decentralization roadmap, with Status contributing to ongoing engineering, research, and zkEVM technology development. This move follows Linea’s successful mainnet alpha launch and aligns with broader Ethereum scaling initiatives, including improving cross-chain interoperability, as highlighted by Vitalik Buterin.

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