GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Mantra Unveils RWA-Focused Layer 1 Mainnet

- Chainlink Teams Up with Swift to Bridge Blockchain and Traditional Finance

- Garanti BBVA Kripto Enhances Crypto Platform with Ripple and IBM Collaboration

- Norges Bank to Announce Digital Currency Decision in 2025

- MetaMask Announces Integration with Space ID

- MEXC Launches Prize Pool Worth 1.5M USDT

Mantra Launches Mainnet of RWA-Focused Layer 1 Blockchain, Offering Staking, Bridges, and New Features

Mantra, a revamped Web3 project now centered on real-world assets (RWAs), launched the mainnet for its Layer 1 network today. The launch introduces several new features for users, including the ability to stake OM tokens for rewards, bridge the native token from its Ethereum-based ERC-20 version, and participate in RWA airdrops. Users can also earn KARMA by completing various “missions” on the newly launched network. The Mantra Chain Mainnet is designed to integrate traditional finance with blockchain technology, aiming to become the go-to ledger for RWAs.

Mantra’s CEO, John Patrick Mullin, emphasized the growing potential of a multi-trillion-dollar RWA economy, expressing excitement over the project's future. Despite today’s launch, OM saw a 3.5% drop in value, trading at $1.38 due to broader market pullbacks. However, OM’s performance in 2024 has been exceptional, with over 7,000% year-to-date gains. Mantra’s success is driven by major partnerships, including a real estate tokenization project with Dubai-based MAG worth up to $500 million and a deal with Zand Bank to streamline RWA operations. Earlier this year, Mantra raised $11 million to expand its RWA initiatives across the Middle East.

Chainlink and Swift Partner to Integrate Blockchain Payments with Traditional Finance Systems, Introducing Enhanced Privacy Features

Chainlink, a decentralized oracle provider, has partnered with Swift, the global financial messaging network, to integrate blockchain payments into traditional finance systems. This collaboration aims to allow financial institutions to interact with blockchain technology via Swift’s existing infrastructure, simplifying the process. Announced at the Sibos conference in Beijing, Chainlink’s co-founder, Sergey Nazarov, explained that the system leverages Swift’s messaging standards to handle pre-settlement processes and transaction confirmations, which are then converted into blockchain events through Chainlink’s infrastructure. This new capability could offer a secure, transparent, and efficient way for institutions to manage financial operations.

Chainlink also introduced the Blockchain Privacy Manager (BPM), a tool designed to enhance privacy in blockchain-based transactions, addressing a significant concern for financial institutions. By providing a solution that allows private transactions, the BPM maintains both the confidentiality and transparency required for compliance. This partnership could facilitate blockchain adoption within the financial sector by minimizing friction, as institutions can continue using Swift’s familiar messaging system while benefiting from blockchain’s efficiencies. With Swift’s global reach and Chainlink’s innovation, this hybrid solution may drive significant blockchain adoption in traditional finance.

Garanti BBVA Kripto Partners with Ripple and IBM to Boost Security and Performance of its Crypto Trading Platform

 Garanti BBVA Kripto has partnered with Ripple and IBM to enhance the security and performance of its growing crypto asset trading platform. After a successful 2023 pilot, the Turkish bank is now scaling the service to over 14,000 users, ensuring high standards in performance, security, and customer trust. The collaboration integrates Ripple’s custody infrastructure and IBM’s advanced technology, including IBM® LinuxONE, which provides data encryption, secure key management, and governance frameworks to safeguard private keys and customer environments.

CEO Korcan Abalı emphasized that the increasing customer demand for digital assets like BTC, ETH, and XRP led to the launch of Garanti BBVA Digital Assets. The platform aims to continually expand asset diversity while maintaining top-tier security. IBM Türkiye General Manager Işıl Kılınç Gürtuna highlighted that IBM’s infrastructure offers Garanti BBVA Kripto a secure and compliant environment, essential for managing the growing volume of digital assets. Aaron Sears, SVP at Ripple, noted that secure custody is critical for unlocking the value of new asset classes in the digital economy. The partnership is set to strengthen Türkiye’s burgeoning crypto market by delivering secure, institutional-grade crypto services.

Norway's Central Bank to Decide on Digital Currency Recommendation by Next Year Amid Global CBDC Developments

Norges Bank, Norway’s central bank, is set to make a decision in 2025 on whether to introduce a central bank digital currency (CBDC), according to Deputy Central Bank Governor Pal Longva. Speaking to Bloomberg, Longva emphasized that despite other European nations like Switzerland advancing their CBDC initiatives, Norway is not lagging behind. He explained that the bank is thoroughly studying both retail and wholesale CBDC models and that no immediate urgency is felt in rolling out the currency.

The wholesale version of a CBDC, which would facilitate interbank transactions, is being considered alongside a retail version, which would be available to consumers. Longva noted that the retail CBDC could pose complex challenges, and further assessments will involve dialog with private banks and stakeholders. Despite being one of Europe's most cashless societies, with 98% of the population owning debit cards and over 95% using mobile payment apps, Norges Bank remains cautious about rushing into the decision. The central bank’s fifth-phase CBDC pilot results are expected to influence the final recommendation by the end of 2025.

MetaMask Integrates with Space ID to Simplify Crypto Transactions and Wallet Management

MetaMask, a popular crypto wallet, has partnered with digital identity firm Space ID to simplify the process of sending and receiving digital assets. This integration will allow users to register a Space ID domain name, replacing the usual complex 42-character public addresses with a single, secure, and customizable handle. The new feature aims to reduce errors and enhance user experience by making crypto transactions more user-friendly and accessible. Space ID is a web3 domain and identity platform designed to streamline the management of digital assets, offering users a single interface to manage their crypto across multiple chains.

Binance Labs supported Space ID’s early development by leading its seed round in 2022. According to MetaMask’s Product Lead, Christian Montoya, the integration will make it "easier and safer for MetaMask users to send and receive crypto on any Ethereum Virtual Machine (EVM)-compatible chain." This new development comes on the heels of MetaMask developer ConsenSys acquiring Wallet Guard earlier this year to bolster the wallet's security features, reflecting a focus on both safety and usability. With Space ID, users will be able to organize and store their handles for multiple blockchain networks within a single wallet, bringing further ease to managing digital assets across the evolving web3 space.

MEXC and Aptos Partner to Launch Events with a 1.5 Million USDT Prize Pool

Crypto exchange MEXC has teamed up with Aptos to launch a series of events, offering a total prize pool of up to 1.5 million USDT to participants. These events are centered around Aptos’ native token, APT, and will run from October 21, 2024, until January 20, 2025. Users can enjoy zero fees on APT/USDT spot trading and withdrawals during this period. Additionally, a 30-day Locked Savings event offers up to a 20% APR, with prizes allocated to those who stake APT tokens.

Another event, the Futures Showdown, will distribute 200,000 USDT in futures bonuses to eligible traders based on their APT trading volume. New users have a chance to earn extra rewards for participating in these events, designed to attract and engage both new and existing MEXC users. Aptos, a Layer 1 blockchain, focuses on scalability, security, and usability, with APT as its native token. MEXC, known for its fast listing speeds and low trading fees, has over 10 million users globally and offers a wide range of cryptocurrencies. The partnership aims to boost engagement and adoption of Aptos within the crypto community.

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