GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- HBO film speculates Peter Todd could be Bitcoin's creator

- Palau launches blockchain savings bonds to fund vital infrastructure projects

- Solana's price may skyrocket 5X by 2025 if Trump wins, says Standard Chartered.

- IDA Finance boosts HKDA stablecoin with Chainlink's Proof of Reserves and CCIP.

- Babylon attracts $1.42B in BTC in just two hours across 10 blocks.

- Aave GHO Stablecoin Set for Launch on Avalanche and Base

HBO Documentary Suggests Peter Todd is Satoshi Nakamoto, but the Mystery Remains

A new HBO documentary titled "Money Electric: The Bitcoin Mystery" claims that Canadian software developer Peter Todd might be Satoshi Nakamoto, the mysterious creator of Bitcoin. Featuring interviews with early Bitcoin figures like Adam Back and Roger Ver, the documentary explores posts from early Bitcoin forums to speculate on Todd's potential role in the creation of the world's largest cryptocurrency. However, Todd has openly dismissed the suggestion as "ludicrous," even jokingly stating, "I am Satoshi Nakamoto."

Despite various theories, including previous claims involving physicist Dorian Nakamoto and computer scientist Nick Szabo, the true identity of Nakamoto remains unknown. With an estimated 1 million Bitcoins—worth $62.4 billion—sitting in dormant wallets, the mystery continues to intrigue the cryptocurrency community and beyond. Nakamoto’s identity could influence how governments and corporations approach Bitcoin adoption, adding to the significance of the ongoing speculation, supporting the growing demand for liquidity in Europe’s tokenized securities space.

Palau Introduces Innovative Blockchain-Based Savings Bonds System to Boost Infrastructure Development

Palau has launched a blockchain-based savings bond system, Palau Invest, to finance infrastructure projects and strengthen its domestic capital markets. Backed by Japan’s Ministry of Economy, Trade, and Industry, along with Soramitsu blockchain, the platform allows Palau’s 18,000 citizens to purchase bonds through a mobile app. The funds raised will support vital projects such as housing, small business development, and road construction, which are crucial for enhancing the country’s infrastructure. This initiative marks Palau's first foray into a bond platform and will operate on the Hyperledger Iroha 2 blockchain.

The launch aims to foster economic growth by enabling the government to leverage domestically sourced capital. Additionally, this project aligns with Palau's ongoing blockchain partnerships, including efforts with Ripple to develop a US dollar-pegged stablecoin and initiatives for digital residency programs. The bond system is expected to fully launch by 2025, positioning Palau as a leader in blockchain-based public financing and providing citizens with innovative investment opportunities.

Standard Chartered Projects Solana Price to Soar 5X by 2025 if Trump Wins, as Active Addresses Exceed 100 Million

Standard Chartered Bank predicts that Solana’s (SOL) price could rise fivefold by the end of 2025 if Donald Trump wins the upcoming U.S. presidential election, fueled by the network's growth to over 100 million monthly active addresses. The bank’s Global Head of Digital Assets Research, Geoff Kendrick, highlighted that a pro-crypto stance from a Trump administration could boost SOL, Ethereum, and Bitcoin significantly. Kendrick noted that a potential Solana ETF could enhance adoption and investment.

Conversely, if Kamala Harris wins, Bitcoin is expected to outperform Ethereum, which would outperform Solana under a stricter regulatory environment. Solana’s growth is also attributed to technological advancements, particularly through the Firedancer validator client, which aims to increase transaction speeds significantly. The launch of the Jupiter Mobile App has made acquiring and trading SOL easier, while Layer3's expansion into Solana aims to improve user engagement. Despite these developments, Solana’s price has been volatile, trading around $143 at the time of writing, down 2% from the previous day.

IDA Finance Enhances HKDA Stablecoin with Chainlink’s Proof of Reserves and CCIP for Greater Stability and Interoperability

IDA Finance, a digital asset issuer based in Hong Kong, has integrated Chainlink’s blockchain services, specifically Proof of Reserves (PoR) and Cross-Chain Interoperability Protocol (CCIP), into its HKDA stablecoin, which is pegged to the Hong Kong dollar. This strategic initiative aims to enhance the stability, security, and interoperability of HKDA, positioning it as a key player in the evolving DeFi landscape. The PoR integration allows for on-chain verification of the assets backing the stablecoin, promoting transparency and trust among users. By leveraging Chainlink’s decentralized oracle network, IDA Finance ensures that HKDA tokens are fully backed by equivalent Hong Kong dollars.

The adoption of CCIP enables seamless communication and asset transfer across various blockchain networks, enhancing HKDA’s utility in diverse DeFi applications. This collaboration not only boosts user confidence but also aligns with regulatory standards, positioning IDA Finance favorably in the market. With plans for future expansions, IDA Finance aims to increase the adoption of HKDA, exploring additional use cases such as cross-border payments and corporate treasury management. This integration signifies a growing maturity in the DeFi ecosystem, emphasizing the need for secure, transparent, and interoperable digital assets.

Babylon Attracts $1.42B In BTC Over 10 Bitcoin Blocks as Users Rush to Stake in Growing Protocol

On October 8, Babylon, a Bitcoin staking protocol, saw an influx of over $1.42 billion worth of BTC as it reopened deposits for the second time. In just two hours, around 12,570 users staked 22,891 BTC, significantly boosting the total value locked (TVL) in the platform. Each user could deposit up to 500 BTC per transaction over 10 Bitcoin blocks, which typically take about 10 minutes to process. Babylon collected 1.56 BTC (approximately $97,000) in fees from these transactions. Following a successful mainnet launch on August 22, the protocol initially attracted significant attention, with its first cap of 1,000 BTC filled within three-and-a-half hours.

The new round of deposits has led to a smaller increase in Bitcoin fees, now averaging $1.46. Babylon aims to create a Bitcoin-powered Proof of Stake (PoS) marketplace for enhanced security across third-party protocols. In the first phase, users earn points by locking BTC, with distribution increasing significantly. Future developments include launching a PoS chain and integrating with various PoS systems for enhanced rewards. The excitement around Babylon continues to grow, attracting significant interest in the Bitcoin staking ecosystem.

Aave Prepares to Launch GHO Stablecoin on Avalanche and Base Following Successful Ethereum and Arbitrum Deployments

The Aave DAO is taking steps to bring its GHO stablecoin to the Avalanche and Base blockchains after successful deployments on Ethereum mainnet and Arbitrum. Two governance proposals, submitted by the Aave-Chan Initiative (ACI) on October 7, suggest expanding GHO’s presence to these new networks. The proposals emphasize the need for coordinated efforts in areas like smart contract infrastructure and risk management, drawing on lessons learned from the stablecoin’s launch on Arbitrum in July.

If consensus is reached, the next step will be a Snapshot vote to finalize the launch. GHO, Aave’s native stablecoin, has grown substantially, with a market capitalization of $158 million, up 350% from $35 million at the start of 2024. This proposal comes shortly after Grayscale’s recent launch of the Aave Trust, which has seen a slow start with just $382,000 in assets under management, despite Aave’s strong market performance. With nearly $12 billion in total value locked, Aave remains the second-largest DeFi protocol, and its native token, AAVE, has surged 117% in 2024.

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