GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- BlackRock’s Tokenized BUIDL Fund Expands to Five New Blockchains

- Revolut X Launches in 30 New Markets Across Europe

- 0G Labs Raises $290 Million for Decentralized AI OS Development

- PayPal USD Unlocks Cross-Chain Transfers with LayerZero Integration

- Coinbase Acquires Utopia Labs for On-Chain Payment Expansion

- Katana DEX Unveils v3 Upgrade with Reduced RON Rewards

BlackRock Expands Tokenized BUIDL Fund to Aptos, Arbitrum, Avalanche, Optimism, and Polygon Blockchains 

BlackRock's tokenized fund, known as the BUIDL fund, has expanded beyond Ethereum to include Aptos, Arbitrum, Avalanche, Optimism, and Polygon, in a move facilitated by Securitize. The BUIDL fund, currently valued at $517 million, commands roughly 22% of the tokenized government securities market, establishing it as a leader in the sector.Launched in collaboration with Securitize on Ethereum, BUIDL now enables broader blockchain access, allowing investors, DAOs, and digital asset firms to engage with the fund via their preferred networks. This strategic expansion aims to leverage the advantages of tokenization, such as on-chain yield, dividend accrual, and near real-time peer-to-peer transactions.

Securitize CEO Carlos Domingo emphasized the fund’s focus on fostering a digital ecosystem that enhances efficiency through tokenization. BNY Mellon will continue its role as the fund administrator and custodian across all networks, maintaining support on Ethereum and the newly added blockchains. The tokenized government securities market has been gaining traction, notably since Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) with the BENJI token in 2021. Although BENJI initially led the market, BlackRock’s BUIDL fund quickly gained prominence, surpassing other offerings with $517 million in assets within just 40 days after its March launch. Franklin Templeton’s BENJI remains a strong competitor with $403 million in assets, positioning it as the second-largest in the market.

Revolut Expands Crypto Exchange to 30 European Markets with Launch of Revolut X

Revolut has rolled out its dedicated crypto exchange, Revolut X, to 30 new markets in the European Economic Area (EEA), following a successful debut in the United Kingdom in May. The exchange, aimed at professional and experienced crypto traders, provides access to more than 200 cryptocurrencies, now available to customers in countries like Belgium, Cyprus, and Denmark. With Revolut X, EEA and UK-based Revolut account holders can utilize features such as real-time trading, advanced analytics, and TradingView monitoring tools, enhancing trading accuracy and experience. The platform charges no fees on maker orders, while taker orders are subject to a 0.09% fee regardless of trade volume, allowing users to execute trades efficiently and at a low cost.

To ensure security, most of Revolut X’s funds are stored in cold storage, and its risk monitoring tools work continuously to prevent account takeovers. Additionally, Revolut’s due diligence process ensures that trusted custodians manage customers’ assets safely. The platform offers 24/7 customer support, underscoring Revolut’s commitment to reliability in the crypto space. Revolut’s head of crypto exchange product, Leonid Bashlykov, expressed that Revolut X’s expansion reflects the company’s vision of “banking without borders” and commitment to providing people with financial freedom. Revolut X’s launch builds on previous crypto offerings, including Revolut Ramp, which allows users to buy cryptocurrency directly into wallets like MetaMask and Ledger.

0G Ecosystem Secures $290 Million to Develop Decentralized AI Operating System, dAIOS

Zero Gravity Labs, or 0G Labs, has raised $290 million to build a decentralized AI operating system, named dAIOS, aimed at ensuring transparency and accessibility in artificial intelligence development. This total funding includes a recent $40 million seed investment led by prominent venture capital firms and a $35 million pre-seed round from earlier this year. Additionally, the 0G Foundation has secured a $250 million liquid line and token purchase commitment, bringing the total committed capital for the project to $325 million. Key investors such as Hack VC, Delphi Digital, OKX Ventures, Samsung Next, Animoca’s Yat Siu, Stanford Blockchain Fund, and Coinbureau have shown strong support for the initiative. The $250 million liquid line provides flexibility for future projects, allowing the 0G Foundation to tap into digital assets on exchanges at OTC rates.

The dAIOS system is designed to create an open, decentralized platform optimized for high data throughput, targeting data handling of up to 50 GB per second. By integrating on-chain operations, dAIOS aims to address issues of data privacy, security, and monopolization in AI development. According to Michael Heinrich, co-founder and CEO of 0G Labs, decentralization is crucial to secure AI’s future and maintain control over data. Heinrich emphasized the transformative potential of decentralized AI, which will facilitate real-time, on-chain data processing without bottlenecks. The project aims to bridge Web3 and AI by fostering a transparent and secure infrastructure for large-scale data processing, providing immediate insights without off-chain dependencies.

PayPal USD Integrates LayerZero to Enable Cross-Chain Transfers Between Ethereum and Solana

PayPal USD (PYUSD) has integrated LayerZero's Omnichain Fungible Token (OFT) standard to support cross-chain transfers between Ethereum and Solana, enhancing flexibility and reducing reliance on centralized platforms like Venmo or PayPal. This integration, announced on November 12, allows users to move PYUSD across the two networks seamlessly, marking a significant advancement in stablecoin interoperability. The integration utilizes LayerZero’s decentralized verifier network, featuring validators from entities such as Google Cloud, LayerZero Labs, and Paxos, which issues PYUSD. This system secures transfers across chains without centralized control, addressing liquidity fragmentation and enabling easier access to assets.

LayerZero Labs CEO Bryan Pellegrino emphasized that this OFT integration brings new interoperability levels for stablecoins, making it simpler for PYUSD holders to use their tokens across networks. PYUSD, which launched in August 2023, has quickly grown, reaching the 11th-largest stablecoin position by market cap, and initially saw a strong boost after launching on Solana, with market capitalization hitting $1.04 billion. Despite this initial surge, PYUSD’s market cap has since decreased, particularly on Solana, as incentives subsidized by Solana-based DeFi protocols declined. According to DeFi Llama, Solana accounted for 64% of the contraction, with PYUSD's market cap now sitting at approximately $348 million.

Coinbase Acquires Utopia Labs to Enhance On-Chain Payments for Stablecoins on Its Base Network

Coinbase has acquired Utopia Labs, a stablecoin payment processor, to strengthen on-chain payment capabilities within its Layer 2 network, Base. Utopia Labs' team will integrate with Base, focusing on enhancing Coinbase Wallet's on-chain payment functions, according to Jesse Pollack, head of Base and Coinbase Wallet. This strategic acquisition aligns with Coinbase's mission to deliver fast, low-cost, and global payments, leveraging Utopia's expertise in stablecoin transactions. Established with a focus on expanding on-chain payment systems, Utopia Labs introduced infrastructure in July 2023 that allows users to send USD Coin (USDC) stablecoin payments to any U.S. bank account, provided the recipient bank meets know-your-business (KYB) and know-your-customer (KYC) requirements.

This move enables broader accessibility for USDC transfers within traditional financial systems. In October, Utopia Labs announced it would wind down services by November 6, as the company pivoted toward a new direction rather than an outright shutdown. CEO Kaito Cunningham emphasized that this transition was part of the company’s evolution to better align with Coinbase's vision of global, accessible on-chain payment solutions. By joining forces with Utopia Labs, Coinbase aims to enhance its stablecoin payment infrastructure, supporting widespread use of digital currency payments while increasing the adoption of blockchain technology in traditional financial services.

Ronin’s Katana DEX to Launch v3 Upgrade, Bringing Enhanced Liquidity and Reduced RON Emissions to Improve Capital Efficiency

The Ronin network announced a significant v3 upgrade for its decentralized exchange (DEX), Katana, focused on boosting liquidity efficiency and reducing emissions of its native RON token. Scheduled for launch in November, the upgrade introduces concentrated liquidity pools, which are expected to enhance trading depth, reduce slippage, and offer better efficiency for traders and liquidity providers (LPs) on the platform. One of the major changes includes cutting Katana’s liquidity rewards by 50% in a two-phase reduction, lowering RON emissions to improve capital efficiency and support deeper liquidity on the network. The first phase began in March, while the second phase is set for November 26, saving an estimated 2.7 million RON tokens per quarter.

Ronin explained that the growing volume and liquidity on the network make high reward emissions less necessary, as market depth and trading ease increase. In addition, the v3 upgrade introduces customizable fee options and supports more granular control over profit margins and risk, aiming to benefit both LPs and Ronin's treasury. This shift aligns with Ronin’s recent integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to secure cross-chain bridge functionalities, streamlining the user experience and allowing Ronin to channel resources towards ecosystem expansion. By adjusting rewards and enhancing capital efficiency, Ronin aims to foster sustainable growth within its ecosystem, optimizing Katana DEX to attract more participants without over-reliance on emissions-driven incentives.

Don’t forget to hit the button that you see below!