GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Infinex NFTs Reach $40M in Sales Despite NFT Bear Market

- Sky Rebrands, Launches New Tokens and dApp for MKR and DAI Migration

- Mesh Partners with CoinMENA to Streamline Crypto in MENA

- Ex-Coinbase Execs Launch TrueX Using PayPal USD for Settlement

- Amnis Finance Secures $2M Funding from OKX Ventures and Industry Giants

- Google Cloud Unveils Ethereum-Compatible Blockchain RPC Service

Infinex NFT Sales Surpass $40M in First Four Days Amid Wider Market Downturn, Attracting Strong Investor Interest 

Infinex's new Patron NFT collection has generated over $40 million in sales within the first four days, defying the current bearish NFT market conditions. The non-custodial platform, known for providing easy access to decentralized applications (DApps), attracted significant investor attention, with over 74% of the Patron NFTs sold. The platform, backed by Framework Ventures, also reached a peak of $150 million in total value locked (TVL) during its "launch season."

High-profile investors, including prominent VC firms and crypto figures, have joined the sale, which offers three tiers of Patron NFTs priced at $5,000, $3,000, and $1,250. Despite this success, the broader NFT market continues to struggle, with top collections like CryptoPunks and Bored Ape Yacht Club seeing sharp declines from their peak valuations. However, Infinex's success signals strong investor interest, even during tough market conditions, as the platform aims to replace centralized crypto platforms as a main entry point for new users.

Sky Completes Rebrand with New dApp and Token Launches, Enabling Users to Migrate from MKR and DAI to SKY and USDS

Sky, formerly known as MakerDAO, has successfully rebranded and launched a new decentralized application (dApp) along with two new tokens, SKY and USDS. The rebrand, which took place on September 18, allows users to migrate their MKR tokens to SKY and DAI to USDS. Each MKR can be exchanged for 24,000 SKY, while DAI converts to USDS at a one-to-one ratio. The previous MKR and DAI tokens will remain operational, with DAI continuing as the third-largest stablecoin.

The new Sky dApp offers a 6% annual yield on USDS deposits, with double rewards during its first month. The launch also introduces Chronicle, Sky's decentralized oracle subDAO, securing the Sky protocol. This marks a key development in Sky’s "Endgame" overhaul, which repositions MakerDAO’s structure and governance. The rebrand is celebrated with a launch event at the Token2049 conference in Singapore.

Samsung-Backed Crypto Startup Mesh Partners with CoinMENA to Expand Services Across Middle East and North Africa

Crypto management startup Mesh, backed by Samsung, has formed a strategic partnership with CoinMENA, a Bahrain-regulated trading platform, to enhance its presence in the Middle East and North Africa. Announced on September 18, the partnership integrates Mesh's API-based solutions into CoinMENA, simplifying crypto transactions for users. The collaboration removes the need for long crypto addresses, QR codes, and seed phrases, allowing users to access their accounts more easily.

CoinMENA, operating under Dubai’s Virtual Asset Regulatory Authority, serves seven countries in the region. Co-founders Talal Tabbaa and Dina Sam’an believe this partnership enhances user experience and reinforces their goal of being the leading gateway for MENA crypto investors. Mesh, founded in 2020, secured $22 million in Series A funding in 2023 to develop more crypto tools for deposits and payments.

Former Coinbase Executives Launch TrueX Exchange Using PayPal’s Stablecoin as Settlement Currency 

A group of former Coinbase executives, including Vishal Gupta and Patrick McCreary, have launched TrueX, a digital asset exchange that will use PayPal USD (PYUSD) as its main settlement currency. TrueX, described as a “non-custodial, stablecoin-native exchange,” secured $9 million in seed funding from investors such as Paxos and the Solana Foundation.

The platform will utilize PYUSD, backed one-to-one by the U.S. dollar, to streamline liquidity and settlement. TrueX aims to offer enhanced security by separating execution and custody. Initially, TrueX will cater to U.S.-based institutions and select international clients. The launch highlights growing institutional interest in Web3, coinciding with DBS Bank's plans to offer crypto options to professional traders by the end of 2024.

Amnis Finance Raises $2M in Seed Funding Round Led by OKX Ventures, Borderless Capital, and Aptos Labs

Amnis Finance, the leading liquid staking protocol on the Aptos blockchain, has successfully raised $2 million in a fundraising round co-led by OKX Ventures and Borderless Capital on Sept. 2, 2024. The round also saw participation from Aptos Labs, Ambush Capital, and others. This investment will help Amnis Finance expand its innovative liquid staking solutions across the Aptos ecosystem and strengthen its position in decentralized finance (DeFi).

Amnis offers staking returns of 10.43% APR, outperforming industry norms, with over $150 million in total value locked (TVL) and 22 million APT tokens staked. CEO Eric Nguyen emphasized the goal of driving innovation while expanding market share. Amnis Finance ranks as the #1 liquid staking protocol on Aptos, with a fast-growing community of over 225,000 stakers.

Google Cloud Launches Ethereum-Compatible Blockchain RPC Service to Simplify Blockchain Development and Enhance DApp Reliability

Google Cloud has launched an Ethereum-compatible Remote Procedure Call (RPC) service, designed to streamline blockchain development and improve decentralized application (DApp) reliability. Announced on Sept. 17, the service offers a cost-effective solution for interacting with blockchain data, starting with support for the Ethereum mainnet and testnets. RPCs are essential for DApps, enabling them to handle tasks like transaction validation and data retrieval.

Google Cloud's infrastructure enhances RPC reliability, resolving common issues like delays or disruptions during peak demand. The service, fully compatible with the JSON-RPC standard, allows developers to integrate it with minimal effort by modifying their RPC endpoints. With up to 1 million requests per day on a free tier, this service caters to both startups and large enterprises. Google Cloud also plans to extend its blockchain support in the future.

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