GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- BitGo Expands WBTC with LayerZero, Adds Avalanche and BNB Chain

- Osmosis Launches Polaris for Easy Cross-Chain Token Trades

- Huma Secures $38M to Scale PayFi Payment Financing Network

- Indodax Hit by $22M Hack, Temporarily Suspends Operations

- PayPal, Venmo Add ENS Name Support Amid PYUSD Market Cap Drop

- ASI Alliance Adds CUDOS to Enhance Decentralized AI, Token Merger Planned

BitGo Taps LayerZero for Multi-Chain Expansion of Wrapped Bitcoin, Launches on Avalanche and BNB Chain

BitGo has partnered with LayerZero to launch Wrapped Bitcoin (WBTC) on Avalanche and BNB Chain, marking the token’s expansion to new networks. Using LayerZero’s Omnichain Fungible Token (OFT) Standard, BitGo aims to deploy WBTC across 80+ blockchains. WBTC, an ERC-20 token backed 1:1 by Bitcoin, allows BTC value to migrate across various networks. Already deployed on Ethereum, Tron, and Osmosis, WBTC’s expansion will improve liquidity and composability in decentralized finance (DeFi).

BitGo’s multi-layered security uses LayerZero Labs’ proof of authority and Polyhedra’s zero-knowledge proof (ZK-proofing) to ensure transaction verification. As BitGo restructures WBTC’s ownership with BiT Global and Tron’s Justin Sun, concerns over transparency and control have led MakerDAO to suspend DAI mints backed by WBTC. This move highlights the growing influence of cross-chain solutions in Web3, providing more secure, scalable DeFi opportunities.

Osmosis Unveils Polaris Portal, Simplifying Cross-Chain Token Trading Across Blockchain Ecosystems

Osmosis has introduced the Polaris portal, a groundbreaking solution for simplifying cross-chain token trading. As blockchain ecosystems grow, users have faced challenges in managing multiple wallets, bridges, and transactions across different chains like Bitcoin, Solana, and Ethereum. Polaris addresses this by providing a chain-agnostic platform, allowing users to trade tokens across various blockchain networks from one interface. The platform integrates non-custodial technologies like Multiparty Computation, enabling faster, secure, and efficient token trading without switching between apps.

Polaris supports both EVM and non-EVM chains, including ecosystems like Solana and Toncoin, and offers features like one-click token trading, portfolio tracking, and easy gas token acquisition. This move aims to streamline decentralized finance (DeFi) interactions and foster a more user-friendly, cross-chain future for the industry.

Huma Raises $38M to Expand Its PayFi Network, Transforming Global Payment Financing Through Blockchain

Huma Finance has raised $38 million in a funding round led by Distributed Global, with contributions from Hashkey Capital, Stellar Development Foundation, and others, to scale its Payment Financing (PayFi) network. Huma’s PayFi network leverages blockchain technology and real-world assets to address global liquidity challenges, offering fast, borderless liquidity for businesses and individuals. PayFi aims to bring trillions in real-world payment volume to blockchains and stablecoins, enabling global money movement in seconds.

Following a merger with Arf, Huma has facilitated over $1.8 billion in payment financing transactions and expects to surpass $10 billion next year. The funding will be used to expand the PayFi network to platforms like Stellar and Solana, advancing its mission to revolutionize payment financing. Huma’s leadership in the Real World Asset (RWA) space is further solidified with plans to launch the Huma Foundation and host the inaugural PayFi Summit.

Indonesian Crypto Exchange Indodax Faces $22 Million Hack, Suspends Platform Access for Maintenance

Indodax, a prominent Indonesian cryptocurrency exchange, has reportedly been hacked, with an estimated $22 million worth of tokens stolen from its hot wallets. Blockchain analytics firm SlowMist alerted the public on Sept. 11, stating that an unidentified hacker had withdrawn substantial crypto liquidity from the platform. Further investigations by Cyvers revealed that the stolen funds have been converted to Ethereum, Tron, Polygon, and Bitcoin.

In response, Indodax issued a statement acknowledging a potential security issue and assured users that their balances, both in cryptocurrency and rupiah, remain safe. The exchange has temporarily suspended platform access for maintenance to safeguard its systems. Indodax, founded in 2014, has over 4.3 million verified users and is regulated by Indonesia's Commodity Futures Exchange Supervisory Board and the Ministry of Communication and Information. Full details of the hack have not yet been disclosed.

PayPal and Venmo Integrate ENS Name Support as PayPal's PYUSD Stablecoin Faces a 17% Market Cap Decline

PayPal and Venmo, which serve a combined 500 million users, have integrated Ethereum Name Service (ENS) names, allowing users to send cryptocurrencies using simple “.eth” domain names instead of complex wallet addresses. The integration, announced on September 10, is aimed at simplifying web3 transactions and enhancing the user experience. ENS, which launched in 2017, now boasts over 4 million registered domain names. This move aligns with PayPal’s growing involvement in the crypto space, which began in 2020 with the introduction of buying, holding, and selling cryptocurrency on its platform.

However, PayPal’s stablecoin, PYUSD, has seen a 17% market cap decline over the past two weeks, dropping to $860.9 million from a high of $1.04 billion in late August. Most of the drop has been attributed to its deployment on the Solana blockchain, which has seen a 21.5% decline. Despite this, PYUSD remains the fifth largest stablecoin, backed by U.S. dollar reserves and short-term U.S. Treasuries.

ASI Alliance Proposes CUDOS as Fourth Decentralized AI Project, Merging Tokens to Boost Computing Power for AI Innovation

The Artificial Superintelligence Alliance (ASI), consisting of SingularityNET, Fetch.ai, and Ocean Protocol, has proposed adding CUDOS, a distributed AI computing project, as its fourth member. This addition, subject to community votes from September 19 to 24, would enhance ASI’s computing power and further democratize AI development. The CUDOS token will merge with the ASI token (FET) if approved, unifying the networks under one ecosystem. CUDOS holders will have a transition period to convert their tokens. The merger would leverage CUDOS’s distributed computing network to access high-performance AI hardware like NVIDIA GPUs at reduced costs.

ASI leaders, such as Humayun Sheikh and Ben Goertzel, emphasize that this collaboration is crucial for progressing toward Artificial General Intelligence (AGI) and Artificial Superintelligence (ASI), moving away from centralized solutions. This integration will significantly boost the Alliance's computing capabilities, allowing the decentralized AI ecosystem to flourish while reducing inefficiencies and bottlenecks associated with traditional centralized systems.

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