GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Upbit to Launch Solana’s DRIFT Trading Pairs

- Spark Launches On-Chain Order Book on Ethereum

- Ethereum Foundation Discloses $970M Holdings, Updates Staff Policies

- BlackRock’s Bitcoin ETF Sees Record $1.1B Inflow in One Day

- Unstoppable Domains Adds .xmr Support on Cake Wallet for Monero Users

- Blockchain empowers African farmers through tokenized agriculture.

South Korea’s Upbit to Launch Solana-Based DRIFT Trading Pairs in Korean Won, BTC, and USDT

South Korea’s largest cryptocurrency exchange, Upbit, has announced the launch of Solana-based DRIFT trading pairs, which will be available for trading with Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) starting November 8 at 18:00 KST. DRIFT, the governance token for Drift Protocol, a prominent decentralized perpetual futures exchange on the Solana blockchain, is already listed on exchanges like Coinbase and Bybit. Upbit will set trading price limits based on CoinMarketCap data, allowing initial buy orders approximately 5 minutes post-launch, while restricting sell orders at prices lower than 10% below the previous day's closing price.

In recent days, DRIFT has experienced a significant price increase, surging over 81% in the last 24 hours to reach $0.88. The token has a 24-hour trading volume of $74 million and a market cap of $211 million, positioning it at the 296th spot in terms of global market cap rankings. DRIFT's launch follows a May 2024 airdrop of 120 million tokens, which included a bonus of 20 million tokens to reward loyal users and mitigate early sale pressures. The token allows holders to participate in governance decisions, enhancing the user experience on Drift’s Solana-based DEX platform.

Spark Launches Fully On-Chain Order Book for Ethereum, Leveraging Fuel Network for High-Speed Decentralized Trading

Spark has introduced an on-chain order book for Ethereum, powered by layer-2 technology from Fuel Network. Designed to meet the demands of professional, institutional, and advanced retail traders, the new system promises fast, secure, and transparent order execution within the Ethereum ecosystem, which has seen renewed interest in decentralized finance (DeFi). Unlike traditional automated market maker (AMM) models and centralized exchanges, Spark’s Central Limit Order Book (CLOB) allows for a transparent view of order depth and liquidity, helping traders avoid risks such as front-running and market manipulation.

The CLOB system went live on Fuel’s layer-2 network after its mainnet launch on October 16, making Spark one of the first decentralized protocols to deploy on this scaling solution. Vitali Dervoed, Spark’s CEO and co-founder, emphasized that the order book prioritizes self-custody, providing traders full control over their assets. Nick Sway, CEO of Fuel Network, added that Spark’s adoption of Fuel technology aims to set new standards in scalability and efficiency for decentralized trading on Ethereum. This launch signals Spark's commitment to advancing secure and high-speed blockchain solutions for the DeFi sector.

Ethereum Foundation Reports $970M Treasury, Tightens Conflict of Interest Policy to Increase Transparency and Focus on Long-Term Goals

The Ethereum Foundation (EF) announced that its treasury holds $970.2 million, including $788.7 million in cryptocurrencies and $181.5 million in non-crypto assets as of October 31, 2024. The majority of the foundation's crypto holdings are in ether (ETH), representing 0.26% of Ethereum’s total supply. Committed to long-term support for Ethereum’s ecosystem, the foundation maintains a conservative treasury policy, periodically selling ETH during bull markets to fund operations during downturns. In response to community scrutiny, EF also outlined new conflict of interest policies, prohibiting staff from engaging in outside work compensated with illiquid or undefined-value assets, such as tokens from pre-launch projects.

For external work earning over $25,000 annually, staff must seek internal review. This comes after recent resignations from EF-affiliated researchers over concerns about advisory roles with potential conflicts. In 2023, EF's expenses rose, with $47.4 million allocated to new institutions supporting Ethereum and $34.7 million dedicated to Layer 1 R&D. EF executive director Aya Miyaguchi reiterated the foundation's commitment to long-term ecosystem growth. Ethereum’s network has seen recent growth in active addresses and transaction volumes, while ether is trading at $2,912, up 19% over five days amid broader market gains.

BlackRock’s Bitcoin ETF Breaks Record with $1.1 Billion Single-Day Inflow, Driven by Market Optimism and Pro-Crypto Policies

BlackRock’s iShares Bitcoin Trust (IBIT) achieved a new milestone, receiving $1.12 billion in net inflows on Thursday, marking the highest single-day inflow for the fund and surpassing its previous record of $872 million on October 30. This contributed to a collective net inflow of $1.38 billion across all 12 U.S. spot bitcoin ETFs, a new daily high since these ETFs launched in January. The surge follows a record $4 billion single-day trading volume for IBIT, signaling strong investor confidence fueled by BlackRock's credibility, Bitcoin's rally, and favorable economic conditions. Analysts highlight the impact of pro-crypto policies following Republican candidate Donald Trump’s election win, which coincided with a Federal Reserve rate cut of 25 basis points.

Market sentiment was further boosted by expectations for continued rate cuts and potential supportive regulations, prompting institutional investors to increase their Bitcoin exposure through BlackRock’s ETF. Additional inflows were seen across other major bitcoin ETFs, including Fidelity’s FBTC ($190.92 million) and Grayscale’s mini trust ($20.38 million). Spot ether ETFs also saw increased trading activity, with $79.74 million in net inflows on Thursday, as the crypto market benefits from positive sentiment and capital inflows driven by recent political and economic developments.

Unstoppable Domains and Cake Wallet Launch .xmr Domains, Simplifying Monero Transactions and Boosting Privacy

Unstoppable Domains has partnered with Cake Wallet to introduce a new top-level domain, .xmr, designed specifically for Monero (XMR) users. This integration enables Cake Wallet users to simplify blockchain transactions by using human-readable .xmr addresses instead of traditional, complex alphanumeric wallet addresses. Unstoppable Domains expects that by making Monero transactions more accessible, the partnership will promote wider Monero adoption within the crypto community. The .xmr domains also prioritize privacy, a key feature for Monero users.

Sandy Carter, COO of Unstoppable Domains, highlighted that this initiative not only streamlines user experience but also aligns with Monero’s privacy-focused ethos, providing users with enhanced control over their digital identities and transactions. Despite regulatory challenges surrounding privacy coins like Monero, which have led some exchanges to delist XMR due to compliance concerns, the .xmr domain rollout aims to reinforce Monero’s usability and user experience. Monero, with a current market cap of over $3 billion and a price around $164, continues to face restrictions in regions such as the EU, Japan, and Dubai, which have imposed bans on anonymity-focused cryptocurrencies.

Real-Life Yield Farming: Blockchain and Tokenization Transforming African Agriculture

Blockchain technology is creating new opportunities for Africa’s agricultural sector, where over half the population relies on farming for income. Projects like One Million Avocados and Project Mocha are leveraging tokenization to empower farmers by transforming traditional agriculture into a more transparent, accessible, and sustainable industry. One Million Avocados, for example, helps Kenyan farmer Sophia Wambui Ngamate and others by providing training, fertilizers, and linking them to markets. Tokenizing avocado trees as NFTs enables investors to support farmers directly, providing much-needed capital and connecting them with global markets.Project Mocha applies a similar model to coffee trees, allowing small-scale farmers to sell tokens representing their coffee trees, securing funds for farm enhancements. This approach not only helps farmers access resources but also establishes a transparent value chain that ensures fair pricing and traceability.

Meanwhile, Investa Farm offers crypto loans to farmers who lack traditional banking access, using AI-based credit scores that consider farm assets rather than just financial records. By building credit histories, farmers increase their chances of securing future loans to expand operations. Blockchain solutions are also tackling technical challenges: Internet of Things (IoT) devices collect real-time data on farm conditions to optimize productivity, and data-backed early detection systems help farmers combat crop diseases. Despite regulatory hurdles, blockchain projects across Africa are demonstrating tangible benefits, bridging the gap between smallholder farmers and financial resources, and fostering financial inclusion. These platforms, by prioritizing transparency, financial support, and knowledge-sharing, promise to unlock long-term growth for African agriculture, ultimately benefiting millions across the continent.

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