GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Sonic SVM Launches 12.8M HyperGrid Node Sale on Solana

- El Salvador Marks 3 Years of Bitcoin with 31M Profit

- Bitcoin Correction Below 50K Looms as Whales Sell BTC

- Binance Kazakhstan Secures Full Regulatory License Approval

- Uniswap Surpasses 6M Cross-Chain Swaps 

- Roaring Kitty Returns to 𝕏 After Two Months

Sonic SVM Announces $12.8M HyperGrid Node Sale on Solana, Introducing First-Ever Node Sale in the Ecosystem

Sonic SVM has revealed the public sale of HyperFuse Nodes, marking the first node sale within the Solana ecosystem. These nodes are part of Sonic’s HyperGrid framework, which allows for the creation of new networks called “grids” that connect to the Solana blockchain. HyperFuse Nodes will help secure and grow the multi-SVM network by verifying state transitions and improving efficiency. Operators can benefit from Sonic’s 2 million wallets and 1.5 billion on-chain transactions, earning token rewards and dividends.

The sale offers over 30% of the 50,000 nodes below Sonic’s $12 million Series A valuation, giving individual investors an affordable entry point. Backed by investors like Bitkraft, OKX Ventures, and Galaxy Interactive, Sonic has raised $16 million to date. The sale begins with a 24-hour raffle on Sept. 16, followed by whitelist and public sales on Sept. 18 and 19. These nodes will also support the expanding Solana gaming market, with Sonic’s partnerships involving over 40 game studios and 10 hosted games.th of blockchain ventures while maintaining robust security measures.

El Salvador Celebrates Three Years of Bitcoin Adoption with $31 Million Profit Amid Initial Skepticism

El Salvador is celebrating its third anniversary of adopting Bitcoin as legal tender, having accumulated over $31 million in profit. Since adopting Bitcoin on September 7, 2021, under President Nayib Bukele’s leadership, the country has become a pioneer in promoting financial inclusion and fostering innovation in remittances. Despite early criticism, El Salvador’s decision to dollar-cost average Bitcoin—purchasing one Bitcoin daily—has resulted in substantial financial gains. The country now holds 5,865 BTC worth more than $318 million, bought at an average price of $43,877, while Bitcoin is currently trading around $54,300.

While major economies remain hesitant about following suit, the Central African Republic joined El Salvador in adopting Bitcoin in April 2022. Critics, however, point to larger countries’ dependence on international creditors, making them less likely to adopt such a bold move. Nonetheless, El Salvador’s success strengthens Bukele’s position, proving Bitcoin adoption to be economically viable.

Bitcoin Faces Potential Sub-$50K Correction as Whales Eye Profit Amid Fed’s Interest Rate Cut Speculations

Bitcoin could experience a correction below the critical $50,000 level, as whales selling off large BTC holdings create downward pressure. Over 402,000 BTC, valued at $21 billion, was recently bought by whale addresses, potentially aiming for breakeven sales, signaling more downside ahead. One whale sold 100 BTC for a profit of $206,000, reinforcing the trend. Arthur Hayes, former BitMEX CEO, predicts a sub-$50K correction this weekend, with BTC already dropping 8% over the past week.

Analysts from Bitfinex and Lookonchain expect a pullback before the next bull rally, driven by market cycles and liquidity challenges. Adding to the pressure, Galaxy Digital transferred $78.5 million worth of BTC to Coinbase, indicating more selling might occur. Traders also anticipate downward pressure leading up to the U.S. Federal Reserve's potential interest rate cut on September 18, which could temporarily affect risk assets like Bitcoin.

Binance Kazakhstan Gains Formal Approval for Full Regulatory License from Astana Financial Services Authority

Binance Kazakhstan has received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license, positioning it to become Kazakhstan’s first fully regulated Digital Asset Trading Facility (DATF). This approval came after rigorous evaluations, including financial audits, ISO certifications, and compliance assessments, reflecting the country’s strict regulatory standards. Once the license is officially granted, Binance Kazakhstan will manage virtual assets, offer custody services, and conduct principal investment activities.

Richard Teng, Binance’s CEO, expressed excitement about the milestone, emphasizing the company's commitment to trust, security, and regulatory compliance in the region. This development further strengthens Binance’s presence in Kazakhstan’s growing digital finance sector, with the Astana International Financial Centre overseeing the compliance process.

Over 6 Million Addresses Have Engaged in Cross-Chain Swaps Using Uniswap

Uniswap has reached a significant milestone, with over 6 million unique addresses now participating in cross-chain swaps. This achievement underscores the platform’s growing influence in the decentralized finance (DeFi) space. Uniswap's robust infrastructure enables users to seamlessly trade assets across multiple blockchain networks, reflecting its role in advancing cross-chain interoperability. The high volume of transactions highlights the increasing demand for platforms that facilitate easy and efficient asset transfers between different blockchains.

As DeFi continues to expand, Uniswap's success in supporting these cross-chain activities demonstrates its commitment to enhancing the accessibility and functionality of decentralized trading. This development is indicative of the broader trend towards greater integration and usability within the DeFi ecosystem, catering to a diverse and expanding user base.

Roaring Kitty Makes a Comeback on 𝕏 After Two-Month Hiatus

Roaring Kitty, the renowned financial influencer and GameStop advocate, has made a notable return to 𝕏 after a two-month absence. This reappearance has sparked significant interest and speculation within the financial and trading communities. Roaring Kitty, known for its role in the GameStop short squeeze saga, has a large following and his tweets often influence market sentiment. Its hiatus had left many wondering about his next move, and his return is expected to reignite discussions and potentially impact stock and crypto markets.

The timing of his comeback is particularly intriguing, as it coincides with ongoing market developments and evolving trading trends. As Roaring Kitty resumes his online presence, followers and market watchers will be keenly observing his updates and insights.

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