GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Dogizen’s Telegram ICO Begins

- Coinbase to Remove Non-Compliant Stablecoins in EU by December 30

- Brazil Explores DeFi in Drex CBDC Pilot

- Polymarket Bets on Satoshi Identity Before HBO Doc Reveal

- Axelar Launches Mobius Stack for Cross-Chain DApp Interoperability

- Bitwise Targets Bitcoin-Treasury ETF in Latest SEC Filing

Dogizen, First Telegram ICO, Launches Today—Will It Surpass Catizen’s Success?

Dogizen launches its highly anticipated presale today, marking the first-ever Telegram ICO with its token, DOGIZ. This newcomer aims to challenge established Telegram games like Catizen, which has amassed over 41 million players. Dogizen introduces a revolutionary gaming platform called the Dogizen Universe, offering an extensive game collection, including triple-A titles and indie gems, all accessible via Telegram. With Catizen generating $25 million in revenue and averaging $30 per user, Dogizen's expansive plans could dwarf its predecessor.

The DOGIZ token is expected to outperform Catizen’s CATI token by offering passive income through revenue sharing. Unlike Catizen’s opaque launch, Dogizen provides a transparent presale structure with 10 billion tokens priced at $0.00007 each. Dogizen’s presale starts today, October 4, 2024, at 8 AM UTC, with the potential to reshape Telegram’s gaming landscape and lead the sector's next evolution.

Coinbase to Delist Non-Compliant Stablecoins in EU by Year-End Amid MiCA Regulations

Coinbase has announced it will delist stablecoins that do not comply with the EU’s Markets in Crypto Assets (MiCA) regulations by December 30, 2024. MiCA requires stablecoin issuers to secure an e-money license to operate in the European Union. While Circle, the issuer of USDC and EURC, has met these requirements, Tether has yet to comply. Coinbase will assist European Economic Area (EEA) customers in transitioning to compliant stablecoins, such as USDC, as part of its alignment with the new regulatory landscape.

This move marks a significant step toward tightening regulations on stablecoin issuers, with potential market consequences for non-compliant players like Tether. Coinbase’s decision signals the increasing importance of regulatory compliance in global crypto markets, aimed at enhancing consumer protection and market stability.

Brazil's Drex CBDC Pilot Program Explores DeFi Elements to Revolutionize Digital Finance

Brazil is making strides in decentralized finance (DeFi) with its synthetic Central Bank Digital Currency (CBDC), Drex, previously known as the digital Brazilian real. Under the leadership of Central Bank head Roberto Campos Neto, the pilot program aims to create a CBDC that balances decentralization, privacy, and programmability, addressing key challenges faced by traditional markets. Brazil is also advancing tokenization efforts through an Open Finance platform to modernize its banking sector.

The second phase of the Drex pilot focuses on digital asset transactions and liquidity pools, bringing decentralized finance into the country's monetary system. Meanwhile, major players like Ripple are enhancing cross-border crypto payments for businesses, adding momentum to Brazil’s growing digital economy. This initiative underscores Brazil's commitment to innovation, aiming to redefine finance by incorporating DeFi elements into its evolving CBDC framework.

Polymarket Bets Surge as HBO Documentary Claims to Unveil Bitcoin Creator Satoshi Nakamoto's Identity

Speculation surrounding the true identity of Bitcoin’s creator, Satoshi Nakamoto, has surged ahead of the release of an HBO documentary that claims to reveal Nakamoto's identity. Polymarket, a popular prediction market, is now accepting bets on who the documentary will name. Leading the predictions is Len Sassaman, a cryptographer and privacy advocate, with a 45% chance according to Polymarket as of October 8, 2024. Sassaman, who passed away in 2011, was well-known within cypherpunk circles, adding credibility to his potential connection to Nakamoto.

Second place goes to Hal Finney, a pioneer in cryptography and early Bitcoin user, with a 15% chance. Other candidates include Nick Szabo and Adam Back, although with lower odds. Intriguingly, 38% of bettors predict the documentary will either name multiple people or fail to definitively identify Satoshi. As anticipation builds, the crypto world remains divided on whether this mystery will finally be solved.

Axelar Unveils Mobius Development Stack to Revolutionize Cross-Chain Decentralized App Building

Axelar has launched the Mobius Development Stack (MDS), a new tool that simplifies building decentralized applications (DApps) across various blockchains. Announced on October 3, 2024, the stack eliminates the need for traditional blockchain bridges, enabling seamless connections between networks like Solana, Stellar, and XRP Ledger. MDS integrates with OpenZeppelin libraries for secure smart contracts and supports both on-chain and off-chain resources, including AI and zk co-processors.

A key component of the stack is the Interchain Amplifier, secured by Axelar’s native token (AXL) or assets like Ether and Bitcoin, to ensure secure cross-chain functionality. Another feature, the Interchain Token Service, facilitates the creation and movement of native cross-chain tokens, opening doors for tokenizing real-world assets and new liquidity use cases. The Mobius Stack is part of Web3’s broader push to streamline developer processes and enhance user experience through better infrastructure solutions.

Bitwise Eyes Bitcoin-Treasury ETF as Part of Broader Crypto Investment Push

Bitwise has filed for a new Bitcoin-Treasury exchange-traded fund (ETF) under the name "Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF." The ETF aims to shift capital between Bitcoin and U.S. Treasuries, offering investors exposure to both the leading cryptocurrency and America's short-term debt obligations. This move follows a series of filings by Bitwise, including its recent bid for an XRP ETF with the U.S. Securities and Exchange Commission (SEC).

The application marks the company's third ETF filing this week, demonstrating its commitment to expanding its digital asset product offerings. While the SEC's approval process for these crypto ETFs, including Form S-1 and 19b-4 submissions, is ongoing, institutional interest in Bitcoin continues to rise. According to Glassnode, U.S. spot Bitcoin ETFs currently hold nearly 5% of Bitcoin’s total supply, with over $58 billion invested in such products. Though spot Ethereum ETFs have struggled in comparison, Bitwise CIO Matt Hougan remains optimistic about Ethereum’s potential, expecting improvements in the coming year.

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