GizmoLab Report: Cutting-Edge Developments in Web3  📈

Today’s key beats:

- Bitcoin Dips Below $60K and Crypto Bulls Lose $200M

- Unlimit Integrates with World App to Enhance Fiat-to-Crypto Access

- Sequence Joins ApeChain’s Ape Builder Platform

- Unicorn Party Shut Down by Crypto Unicorns DAO

- AFP Probes 2,000 Phished Crypto Wallets in Australia

- WAX Gaming Dominates Q2 2024 with 63% Wallet Activity

Bitcoin Falls Below $60K; Crypto Bulls Lose $200M as Dogecoin and Solana Tokens Drop 10%

Bitcoin dropped below $60,000 on Sunday, marking a three-week low at $59,400. The sell-off, now in its fourth day, led to crypto bulls losing nearly $200 million in the past 24 hours. Ether (ETH) fell below $2,900, retracing gains from July, while Dogecoin (DOGE) and Solana (SOL) saw over 9% drops. Major cryptocurrencies like BNB, XRP, and ADA also declined by at least 6%.

Bullish futures bets on ETH and BTC suffered significant losses, with over 97,000 traders liquidated. The broad-based CoinDesk 20 index fell 5.73%, amid geopolitical tensions and reduced risk appetite for assets like technology stocks.

Unlimit Integrates with World App, Plans to Support World Chain to Unlock Fiat-to-Crypto Access Across Key Regions

Global fintech company Unlimit has integrated with Tools for Humanity’s World App and will support World Chain, a blockchain designed to prioritize human access. This partnership will allow users in Colombia, Mexico, and parts of Europe to convert Worldcoin (WLD) and stablecoins into local fiat currencies seamlessly.

Unlimit’s solution bridges blockchain wallets and bank accounts, aiding financial inclusion and simplifying crypto-to-fiat transactions. With more than 10M World ID users and 115M transactions since launch, the collaboration aims to expand access to crypto in regions with poor financial infrastructure.

Sequence Integrated into ApeChain’s Ape Builder Platform, Enhancing Web3 Game Development

Horizon has integrated its web3 tech solution Sequence into ApeCoin DAO’s Arbitrum L3 ApeChain. ApeChain, set for mainnet release, will use Sequence’s full-stack game development platform, Ape Builder. This platform aids web3 developers in onboarding, monetizing, and retaining players with tools like non-custodial smart contract wallets, NFT creation, custom marketplaces, payments, and advanced analytics.

With the Curtis testnet live, developers can join the Ape Builder Launch Partner program until mainnet launch. Sequence’s strategy head, Sam Barberie, highlighted the collaboration's potential to advance the ApeChain ecosystem.

Crypto Unicorns DAO and Laguna Games Shut Down Unicorn Party to Focus on New Developments

Laguna Games and the Crypto Unicorns DAO have announced the shutdown of Unicorn Party, a collection of games based on the Crypto Unicorns IP, which included titles like Bumpercorns, Mob Run, and Unicorn Trivia. These games aimed to attract a broader audience with simpler gameplay and rewards but faced challenges scaling without significant marketing.

The closure allows the team to focus on developing new casual browser and mobile apps with competitive wagering features. Meanwhile, Crypto Unicorns has gained momentum after migrating from Polygon to Xai, with plans to move Rainbow Rumble, a Fall Guys-style game, to the same network.

Australian Federal Police Investigates 2,000 Crypto Wallets Exploited by Phishing Scams in Operation Spincaster

The Australian Federal Police (AFP) is investigating over 2,000 Australian-owned crypto wallets exploited by "approval phishing" scams, following an investigation by Chainalysis dubbed Operation Spincaster. These scams trick users into signing malicious transactions, allowing scammers to transfer victims' tokens to their own wallets.

The AFP's efforts include collaboration with cryptocurrency exchanges and the Policing Cybercrime Coordination Center to trace stolen funds and support victims. Australians have lost approximately $4B to these scams since May 2021, with $840M lost to investment scams in 2023 alone.

Gaming Activity Dominates WAX Blockchain, Accounting for 63% of Wallet Activity in Q2 2024

In Q2 2024, the Worldwide Asset eXchange (WAX) saw gaming activity account for 63% of its wallet activity, according to DappRadar's report. WAX experienced a 3% increase in daily unique active wallets, reaching an average of 204,195, and a total transactional volume of $25M.

The blockchain's activities were concentrated in gaming, NFTs, and DeFi, with notable gaming titles like Alien Worlds and Wombat Dungeon Master leading the way. Despite a 38% drop in NFT trading volume, key collections remained strong. WAX's ongoing developments include optimizing tokenomics, enhancing blockchain infrastructure, and launching side chains.

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