GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Uniswap L2 Addresses Up 350%, But Volume Declines

- Celsius Sues Tether for $3.5B Over BTC Liquidation

- Regulators Delay Decision on Hashdex Crypto ETF

- Trust Wallet Integrates Rango API for Enhanced Cross-Chain Transactions

- Valhalla Partners with Sunderland AFC for 2024-2025 Season

- DeAgentAI raises $6M in its Seed Round

Uniswap’s Layer 2 Addresses Surge 350% in July, But Trading Volume Tells a Different Story

Uniswap's Layer 2 user count saw a massive 350% increase in July, setting new records for unique addresses on networks like Arbitrum, Base, and Optimism. However, despite the surge in users, Uniswap's trading volume has been on a steady decline, falling 39% from May to July.

The spike in low-value users raises concerns about potential Sybil attacks, particularly on Coinbase’s Layer 2 network, Base. Excluding Base, Uniswap’s unique monthly addresses on L2s have been declining since April, suggesting that the growth may not be as organic as it appears.

Celsius Sues Tether for $3.5B, Accusing Improper Liquidation of Bitcoin Collateral

Celsius has filed a lawsuit against Tether, seeking $3.5 billion in Bitcoin returns, damages, and legal fees, accusing Tether of improperly liquidating its BTC collateral. The defunct exchange claims Tether sold off 57,428.64 BTC, valued at $2.4 billion at the time, without allowing Celsius to provide additional collateral.

Tether, however, denies the allegations, arguing that Celsius directed the liquidation to settle its $815 million debt. Tether has vowed to defend itself and reassured USDT stakeholders that their holdings remain unaffected, even in the event of an unfavorable outcome.

Regulators Delay Decision on Hashdex Nasdaq Crypto Index ETF, Potential First Diversified Spot Crypto Fund in the U.S

U.S. regulators have postponed a decision on whether to approve the listing of the Hashdex Nasdaq Crypto Index ETF on Nasdaq’s electronic exchange. If approved, this ETF would be the first in the U.S. to hold a diversified portfolio of spot cryptocurrencies, including Bitcoin, Ethereum, and altcoins like Chainlink and Uniswap.

The ETF aims to track the Nasdaq Crypto US Index (NCIUS), which is heavily weighted toward Bitcoin and Ethereum. The Securities and Exchange Commission (SEC) has yet to authorize any U.S. exchanges to list such products, with the latest delay reflecting the ongoing scrutiny of crypto ETFs.

Trust Wallet Integrates Rango API to Revolutionize Cross-Chain Swaps and Bridging Across Multiple Blockchains 

Trust Wallet, a leading non-custodial cryptocurrency wallet, has integrated Rango’s API to significantly enhance cross-chain swaps and asset bridging. This integration allows users to effortlessly transfer assets across more than ten blockchain networks, streamlining the traditionally complex process of cross-chain transactions.

With this upgrade, Trust Wallet continues to expand its capabilities, offering a seamless and secure experience for managing cryptocurrencies and NFTs. The move reinforces Trust Wallet's commitment to providing users with comprehensive tools for navigating the evolving Web3 landscape.

Valhalla Partners with Sunderland AFC for the 2024-2025 Season, Secures Back-of-Shirt Sponsorship and Extensive Global Brand Exposure

Valhalla, an MMORPG adventure game inspired by Norse mythology, has entered a partnership with Sunderland AFC for the full 2024-2025 season. The deal includes a prominent back-of-shirt sponsor position, 4 minutes of in-game pitchside LED display at home fixtures, and extensive advertising across Sunderland's digital platforms.

The partnership offers Valhalla significant global brand exposure, with access to a TV audience of over 21 million and 4 million followers across major social media platforms. Sunderland AFC, a historic English football club, will promote Valhalla through various channels, enhancing the game’s visibility and reach.

DeAgentAI Secures $6M in Seed Funding to Propel Web3 Infrastructure Development

AI-driven Web3 infrastructure company DeAgentAI has successfully raised $6M in a Seed funding round. The investment was led by Web3com Ventures, Vertex Ventures, Waterdrip Capital, Tido Capital, GoPlus Security, Panony, and CatcherVC.

This strategic funding will enable DeAgentAI to enhance its cutting-edge AI-driven solutions, further solidifying its position as a key player in the rapidly evolving Web3 landscape. The company aims to utilize the investment to scale its operations, expand its team, and accelerate the development of innovative infrastructure that supports the decentralized ecosystem.

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