GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Coinbase's 'Based Agent' Lets Users Build AI Bots in Minutes for On-Chain Crypto Tasks

- Solana Overtakes Ethereum in Weekly On-Chain Volume, Marking Major Milestone

- Circle Maintains IPO Plans, Says No Extra Funding Needed Amidst Tether Controversies

- BlackRock’s Bitcoin Holdings Surpass 400K BTC Amid $2.3 Billion Boost

- MetalCore Moves to Solana for Faster Gameplay and Lower Costs

Coinbase Launches 'Based Agent' for Rapid AI Agent Creation

Coinbase has introduced a new tool called "Based Agent," enabling crypto users to create their own AI-driven agents within minutes. This tool, built using Coinbase's SDK in partnership with OpenAI and Replit, allows users to set up AI bots equipped with crypto wallets to execute various on-chain functions, such as trades, swaps, staking, and even registering their own Base names. Coinbase developer Lincoln Murr shared that users only need a Coinbase API key, an OpenAI key, and access to the Replit template to get started. Coinbase CEO Brian Armstrong further emphasized the user-friendly nature of this tool, noting that users can create an AI agent in less than three minutes. Coinbase’s initiative aligns with Armstrong’s recent advocacy for AI in crypto, where he even offered an AI chatbot its own wallet to conduct transactions independently.

AI integration in crypto has been on the rise, with Armstrong previously overseeing an entirely AI-managed crypto transaction. Additionally, Jesse Pollak, head of protocols at Coinbase, highlighted the innovation’s potential, referencing "Luna," an AI agent that autonomously tipped users on social media. The AI agent trend is accelerating, with Mode Network's James Ross predicting that over 80% of blockchain transactions could be AI-driven by mid-2025, suggesting a significant shift toward automation in blockchain interactions. Coinbase’s 'Based Agent' positions it at the forefront of this evolution, potentially redefining user engagement and automation in the crypto landscape.

Solana Surpasses Ethereum in Weekly On-Chain Volume, Highlighting Rising Network Popularity and Growing Appeal in DeFi and NFTs

Solana (SOL) has achieved a significant milestone, surpassing Ethereum (ETH) in 7-day on-chain volume, underscoring its rapid growth and appeal among blockchain users. This shift showcases Solana's distinct advantages, including high transaction speeds of 65,000+ per second, low transaction costs, and increasing user migration to the network for decentralized finance (DeFi), NFTs, and dApps. The network’s scalability and cost-efficiency are attracting a surge of users, boosting its standing as a serious Ethereum competitor.

Key factors behind this achievement include Solana’s ultra-low gas fees and superior transaction throughput, making it more accessible and efficient than Ethereum’s current setup. Additionally, Solana’s growing NFT ecosystem is drawing a notable influx of transactions and interest. Ethereum’s planned 2.0 upgrade will be essential in determining whether it can reclaim its lead, but for now, Solana’s rise highlights a new era of competition in the blockchain space. As both networks continue innovating, the “blockchain wars” are set to drive advancements and user-focused solutions, intensifying competition among top platforms.

Circle's IPO Plans Continue Uninterrupted by Funding Needs, as CEO Reaffirms Financial Strength and Regulatory Preparedness Amid Tether Controversies

Circle CEO Jeremy Allaire has reaffirmed that the company’s IPO is progressing as planned, with no additional funding required, highlighting Circle’s strong financial position. Circle, the issuer of the USDC stablecoin, aims to go public after filing with the SEC earlier this year, following a previous attempt thwarted by regulatory hurdles and market instability after FTX’s collapse. The IPO’s success may hinge on whether USDC is classified as a security, a determination that could impose regulatory burdens and delay the public listing. As the U.S. works toward a regulatory framework for stablecoins, Circle is expanding its workforce, expecting new laws to shape the industry soon.

The Lummis-Gillibrand Payment Stablecoin Act and the Clarity for Payment Stablecoins Act are currently under consideration, but regulatory clarity likely depends on post-election legislative progress. In contrast, Circle’s top stablecoin competitor, Tether, faces scrutiny over alleged involvement in illegal activities, which Tether CEO Paolo Ardoino has denied. Despite these challenges, Circle’s EURC, a euro-backed stablecoin, recently reached a supply high of 91.8 million tokens, establishing itself as the largest euro-denominated stablecoin. With Circle’s market cap approaching $100 million, the growth of EURC, especially on Ethereum’s layer 2 Base, positions it well against Tether’s EURT, which currently holds a significantly smaller market cap due to regulatory pressures in the EU.

BlackRock Expands Bitcoin Holdings to Over 400,000 BTC, Now Worth Nearly $27 Billion

Investment management giant BlackRock has significantly increased its Bitcoin holdings, reaching a record 403,725 BTC, valued at approximately $26.98 billion, as noted by blockchain analysis firm Lookonchain. In just the last two weeks, BlackRock made a substantial addition of 34,085 BTC, worth around $2.3 billion, underscoring its growing interest in Bitcoin as a strategic asset. This substantial purchase highlights BlackRock’s commitment to digital assets, marking one of the most significant institutional moves in Bitcoin in recent months. BlackRock’s investment aligns with a trend among financial institutions integrating Bitcoin into their portfolios, a step that suggests a further shift toward mainstream acceptance and validation of cryptocurrency as a legitimate asset class.

As one of the largest asset managers globally, BlackRock's increased Bitcoin stake could bolster market confidence and influence trader sentiment, potentially encouraging other institutions to consider larger investments in digital assets. Additionally, BlackRock’s involvement signals a shift in traditional finance, as institutions appear more willing to diversify with decentralized digital currencies amid economic uncertainties. This move by BlackRock may impact Bitcoin’s market stability, liquidity, and potentially influence regulatory discussions around cryptocurrency. Given BlackRock’s influence, its expanded investment could be pivotal in fostering Bitcoin’s long-term growth and appeal as a store of value and investment option across institutional portfolios worldwide.

MetalCore Migrates to Solana Blockchain to Enhance User Experience, Lower Costs, and Improve Accessibility

Studio369, the developer behind the popular mech shooter MetalCore, has announced a strategic migration to the Solana blockchain aimed at improving gameplay performance and accessibility. This move promises faster in-game transactions and significantly reduced costs, creating a streamlined experience for both new and long-time players. An integration with Solana Labs' GameShift platform will support in-game purchases and simplify blockchain transactions, making the game more accessible to players less familiar with Web3 technology. Solana’s high-throughput infrastructure, which supports rapid transaction processing and lower costs, is central to Studio369’s decision.

These advantages allow MetalCore players to enjoy faster gameplay without the friction of high fees. Studio369’s CEO, Matt Candler, shared his enthusiasm for leveraging Solana’s infrastructure, highlighting that the migration will optimize the on-chain user experience. He added that MetalCore, an award-winning Web3 game, will now have a technology backbone that enhances convenience and engagement. The integration with GameShift will also introduce a unified in-game storefront and more straightforward payment options, bridging the Web2 and Web3 user experience with improved transaction efficiency and ease of access. This partnership could set a new standard for Web3 gaming, as MetalCore aims to deliver an accessible, cost-effective gaming experience that merges the best of traditional and blockchain-based platforms.

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