GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Euler Finance Launches Modular v2 After Major Hack 

- Tether Partners with Reku for Indonesia-Wide Crypto Education Tour

- ZKB Begins Bitcoin and Ether Trading

- ApeCoin Launches ApeChain Blueprint, Focuses on Creators

- Movement Labs Claims One-Second L2 Transaction Confirmations

- Siemens Issues €300M Digital Bond Using Blockchain

Euler Finance Rises from the Ashes with the Launch of Modular v2 Protocol, Allowing Developers to Build and Chain Customizable Money Market Vaults 

Euler Finance has launched its modular v2 protocol, marking a significant step in its recovery after a $197 million hack in March 2023. The new v2 iteration allows developers to create customizable money market vaults that support a wide range of digital assets as collateral. These vaults can be permissioned or permissionless, catering to both retail and institutional users, and can be chained together to enhance their functionality.

Euler v2 was developed over a year, with extensive security measures including 29 code audits and a $1.25 million bounty program. The protocol features three core modules: the Euler Vault Kit (EVK) for deploying vaults, the Ethereum Vault Connector (EVC) for chaining them, and the Euler Price Oracle (EPO) for providing pricing data. Despite the positive launch, Euler’s EUL token has seen a 4.9% decline in value over the past 24 hours.

Tether Partners with Reku for a Nationwide Crypto Education Tour in Indonesia, Targeting Enhanced Digital Asset Literacy Across Major Cities

Tether, the leading stablecoin issuer, has partnered with Indonesian crypto exchange Reku to launch a nationwide crypto education roadshow. The initiative aims to enhance digital asset literacy across Indonesia, covering 10 major cities, including Bali, Medan, Yogyakarta, and Jakarta. Running from September through March 2025, the roadshow is part of Tether’s broader strategy to promote blockchain and crypto adoption in emerging markets.

This effort follows Indonesia's significant rise in the global crypto market, where it ranked seventh in adoption in 2023. With over 20 million registered crypto investors and $13 billion in transactions as of May, the country presents a critical market for Tether's educational push. The initiative will also help solidify Tether's role in advancing digital finance in developing regions, aligning with its recent educational efforts in West Africa.

Major Swiss Bank ZKB Launches Bitcoin and Ether Trading with 24/7 Access and Secure Custody

Zurich Cantonal Bank (ZKB), the largest cantonal bank in Switzerland, has introduced cryptocurrency trading and custody services for Bitcoin and Ether. Starting on September 4, customers can trade these digital assets 24/7 through ZKB’s eBanking and Mobile Banking platforms. ZKB will securely store the private keys for its users, removing the need for them to manage their own crypto wallets. This service is also extended to third-party banks, with Thurgauer Kantonalbank being the first to utilize ZKB's B2B solution.

ZKB's foray into crypto is part of its ongoing strategy in the digital asset space, having previously participated in pioneering digital bond issuances on the SIX Digital Exchange. The move signals a broader adoption trend among Swiss cantonal banks, with other institutions like Zuger Kantonalbank and Luzerner Kantonalbank also offering cryptocurrency services. ZKB's initiative highlights Switzerland's growing integration of crypto within its traditional banking sector, positioning itself as a leader in digital finance.

ApeCoin Unveils Blueprint for ApeChain: New Layer-2 Solution to Empower Creators with Enhanced Content, Tools, and Distribution 

ApeCoin has introduced the "Blueprint" for its new layer-2 solution, ApeChain, marking a significant step in its blockchain strategy. The Blueprint emphasizes enhancing the user and developer experience by focusing on content, tools, and distribution. Key priorities include partnering with top content creators, developing a user-friendly ecosystem site, and offering robust tools for developers. ApeChain aims to simplify onboarding and fiat integration through collaborations with web3 firms like Halliday, Decent, and Privy.

Additionally, the network will feature components like the Reboot Protocol for betting on events and a Native Yield system for managing assets like ApeCoin and Ethereum. ApeCoin's strategy aligns with Arbitrum's milestones, including the integration of Stylus, allowing developers to build smart contracts using WebAssembly-compatible languages. The ApeCoin DAO community approved ApeChain's development on Arbitrum in February, and the network launched its testnet, Curtis, in July.

​Movement Labs Introduces One-Second Layer 2 Transaction Confirmations with New Post-confirmation Mechanism

Movement Labs has announced a breakthrough in Layer 2 transaction speeds with its new "postconfirmation" mechanism, aiming to reduce confirmation times to approximately one second. This mechanism finalizes transactions once two-thirds of network validators have confirmed the accuracy of a block, with dishonest attestations penalized by slashing staked collateral. Unlike traditional Layer 2 solutions, which may take minutes to hours, postconfirmation provides rapid assurances immediately after block execution. The technique complements rather than replaces mainnet finalization, enhancing transaction efficiency without compromising finality.

Current Layer 2 solutions, like ZKsync and Arbitrum, have longer confirmation times due to the complexities of zero-knowledge proofs and fraud proofs. Movement Labs, which focuses on Move-based Ethereum Layer 2 networks, previously raised $38 million in a Series A round and integrated with Polygon’s AggLayer to improve interoperability. Their public testnet, launched in July, is the first Move-based Layer 2 supporting EVM smart contracts.

Siemens Issues €300 Million Digital Bond via Blockchain for Instant Settlement Under Germany's Electronic Securities Act

Siemens has issued a €300 million digital bond through blockchain technology, marking its second such issuance under Germany's electronic securities act. This follows a previous €60 million bond issued in 2023. The new bond, with a one-year maturity, was settled on SWIAT's private blockchain using the Bundesbank’s Trigger Solution, allowing for fully automated, rapid settlement in central bank money.

Siemens' initiative highlights its commitment to leveraging digital solutions for financial markets. The bond involved DekaBank as the registrar and saw participation from BayernLB, DZ BANK, Helaba, and LBBW, with Deutsche Bank managing central bank money settlement. Siemens' blockchain endeavors are part of a broader tech strategy, including a recent collaboration with Sony to develop a mixed-reality headset aimed at enhancing productivity in industrial applications.

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