GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- $200M in Crypto Liquidated After Fed's 50bps Rate Cut

- Binance Pauses Nigerian License Application Until Gambaryan's Release

- Solana Launches Seeker, A Crypto-Integrated Smartphone Beyond Memecoins

- UNKJD Soccer Teams Up with PUMA for Exclusive Content and Tournaments

- DZ Bank Teams Up with Boerse Stuttgart for Crypto Services

- RedStone Brings Oracle Price Feeds to TON Blockchain

$200 Million in Crypto Liquidated Following 50 Basis Points Fed Rate Cut, Bitcoin and Ethereum Lead Liquidations 

The cryptocurrency market saw a surge in liquidations totaling nearly $200 million following a 50-basis-point rate cutby the U.S. Federal Reserve on Sept. 18, 2024. Data from Coinglass reveals that 46% of the liquidated positions, worth $126 million, were shorts as the market experienced bullish momentum. Bitcoin led the liquidations with $75 million following a 2.9% price increase, bringing BTC close to the $62,000 mark.

The largest single liquidation occurred on Bybit with a $8.9 million BTC-USD trade. Ethereum followed with $35 million in liquidations, as its price crossed the $2,400 mark. Despite the liquidations, total crypto open interest rose by 4%, indicating FOMO could lead to further price volatility. The global crypto market cap grew by 1.9%, reaching $2.23 trillion.

Binance Delays Nigerian Licensing Amid Gambaryan Detention and Regulatory Disputes

Binance has announced that it will not seek registration under Nigeria's Securities and Exchange Commission (SEC) until two conditions are met: the release of its executive, Tigran Gambaryan, from custody and the settlement of accusations involving tax evasion and money laundering. Gambaryan, Binance’s head of financial crime compliance, was arrested during a visit to Nigeria, where his detention has sparked diplomatic tensions between the U.S. and Nigeria.

Despite tax evasion charges being dropped, Gambaryan remains imprisoned on money laundering allegations. Binance has expressed support for Nigeria’s evolving digital asset regulations but remains hesitant to comply under current circumstances. The company’s reluctance also stems from concerns over the Accelerated Regulatory Incubation Programme (ARIP), a new compliance initiative for Virtual Asset Service Providers (VASPs). Meanwhile, Binanceusers in Nigeria continue to trade, though restrictions on bank transfers remain in place.

Solana Unveils New Seeker Device, Promising More Than Just Memecoin Gains and Enhanced Crypto Experiences

Solana has introduced its latest smartphone, Seeker, positioning it as a "rewards magnet" while distancing it from the label of a “memecoin phone.” Although its predecessor, Saga, gained popularity after the surge of Bonk (BONK), Seeker aims to offer more substantial crypto integration. Speaking at Token2049, Emmett Hollyer, GM of Solana Labs, emphasized that Seeker will support a wide range of decentralized applications (DApps), covering DeFi, payments, games, and more.

With enhanced hardware—better screen, cameras, and battery—the Seeker device will also feature a zero-fee DApp store, facilitating rapid launches of new apps. Despite the current value of airdropped tokens being lower than the previous model, Solana is focused on fostering innovation in the crypto ecosystem, including Decentralized Physical Infrastructure Network (DePIN) apps.

Web3 Soccer Game UNKJD Partners with PUMA for Exclusive In-Game Content and PUMA-Sponsored Tournaments 

UNKJD Soccer, a Web3 mobile soccer game, has partnered with PUMA for a two-year collaboration offering players exclusive in-game content. Players can unlock unique characters and skins inspired by PUMA’s soccer apparel and participate in PUMA-sponsored tournaments for special rewards. Known for blending traditional soccer gameplay with blockchain technology, UNKJD allows players to trade in-game assets like leveled-up characters using its own tokens.

The integration of PUMA’s sponsorship into these tournaments adds a layer of real-world prestige and recognition to the in-game achievements, bridging the gap between the digital and physical worlds. The partnership aims to enhance the game’s appeal and connect to a broader audience, leveraging PUMA’s global brand. PUMA has a history of collaborations with popular games and entered the metaverse in 2022, further solidifying its gaming presence through this partnership.

DZ Bank Partners with Boerse Stuttgart for Crypto Trading, Bringing Services to 700 Cooperative Banks by Late 2024

Germany’s second-largest financial institution, DZ Bank, has announced a partnership with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services to around 700 cooperative banks in its network. The service will enable customers to trade and hold digital assets like Bitcoin and Ethereum. The rollout will be conducted in phases, with the initial offering planned for late 2024, targeting a select group of retail clients for testing. Boerse Stuttgart Digital will provide the regulatory framework and technical infrastructure to support these services.

Upon successful testing, a wider deployment is expected. This partnership reflects the increasing interest among German financial institutions in the crypto market, as other major banks, like Landesbank Baden-Württemberg, are also moving into digital asset services. DZ Bank’s initiative comes amid growing demand for regulated and secure crypto solutions across traditional banking networks.

RedStone Integrates First Oracle Price Feeds on TON Blockchain to Support DeFi, GameFi, and Social Apps

RedStone, a blockchain oracle provider, has successfully integrated its price feed solutions into The Open Network (TON) blockchain. This marks the first time TON developers and projects will have access to real-time, accurate asset prices, which will bolster decentralized finance (DeFi), GameFi, and social applications on the network. Marcin Kazmierczak, RedStone’s COO, noted the technical challenges due to TON’s unique design, particularly its sharding mechanism and complex message transmission system.

However, this breakthrough sets the stage for further ecosystem expansion. The integration is expected to fuel the growth of DeFi on TON, with potential future applications in liquid staking and restaking oracle sectors. RedStone recently raised $15 million in a Series A funding round to expand its Oracle products, with Arrington Capital leading the investment. This partnership further cements RedStone’s role in advancing Web3 infrastructure.

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