GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- VISTA Token Skyrockets 40x with EtherVista’s Anti-Rugpull Launchpad

- API3 Introduces Upgraded Oracles for Better DeFi Performance

- VanEck to Close and Liquidate Ethereum Futures ETF

- Mastercard Teams Up with Mercuryo to Boost Non-Custodial Wallet Use

- Mark Karpelès to Launch New Exchange EllipX in Europe

- Japan’s Major Banks Support Stablecoin-Based Global Trade Platform

VISTA Token Surges 40x as EtherVista Introduces a Rugpull-Free Memecoin Launchpad with Deflationary Mechanisms 

EtherVista, a newly launched decentralized exchange (DEX) on Aug. 31, has seen its VISTA token surge over 40x in just four days. The DEX introduces a no-code token launchpad aimed at reducing the risk of rugpulls—a common issue in the memecoin market. EtherVista’s innovative approach includes creator fees that can be integrated into smart contracts, potentially deterring malicious actors by incentivizing higher transaction volumes.

Unlike traditional DEXs plagued by token dumping, EtherVista's fee structure, pegged to USDC and charged in ETH, offers stability and reduces trading slippage. The platform also plans to expand with ETH-BTC-USDC pools for advanced financial services. The VISTA token itself features a capped supply and deflationary burn mechanisms, designed to combat inflation and enhance value with each transaction.

API3 Launches Advanced Oracle Stack to Boost DeFi Efficiency, Reduce Fees, and Reclaim Lost Value

API3 has unveiled a new generation of oracle solutions designed to boost decentralized finance (DeFi) efficiency and sustainability. The updated Oracle Stack aims to improve how DeFi protocols access and utilize real-world data, addressing limitations in traditional oracle services. Key features include recovering value lost due to Miner Extractable Value (MEV), a common issue in DeFi transactions.

API3 recently achieved a milestone of over $1 billion in Total Value Secured, significantly expanding its reach across 20 protocols. The new technology, which supports integration across multiple blockchain networks, is expected to enhance performance and reduce fees for developers. API3 also offers tools for transitioning from other oracle services, such as Chainlink, to its platform.

VanEck Announces Closure of Ethereum Futures ETF, Final Trading Day Set for September 16, 2024

VanEck has announced the closure and liquidation of its Ethereum Futures Exchange-Traded Fund (ETF) after reviewing the fund’s performance, liquidity, and investor interest. The final trading day is scheduled for September 16, 2024, on the Chicago Board Options Exchange (CBOE). Shareholders will receive a cash payout based on the net asset value (NAV) of their holdings around September 23. Before the fund is delisted, it may issue a final distribution of any remaining income and capital gains.

Investors are advised to consider tax implications, including potential capital gains or losses, which will be reflected in year-end tax reporting. VanEck will provide final tax details with year-end reports. In parallel, VanEck is exploring opportunities for Solana ETFs, drawing on a 2018 fraud case involving My Big Coin, which set a regulatory precedent by classifying certain digital assets as commodities. This ruling may help Solana gain regulatory recognition.

Mastercard Partners with Mercuryo to Expand Support for Non-Custodial Crypto Wallets 

Mastercard has teamed up with European crypto payments provider Mercuryo to support non-custodial wallets, introducing a euro-denominated debit card. This card allows users to spend cryptocurrencies like Bitcoin from self-custody wallets at over 100 million Mastercard-accepting merchants. Non-custodial wallets grant users full control of their digital assets, unlike custodial wallets where third parties hold the private keys. This collaboration reflects a growing trend towards decentralization.

Christian Rau from Mastercard emphasized the partnership’s role in bridging blockchain technology with traditional payment systems. The new Mastercard-branded Spend card includes fees such as a €1.60 issuance fee, €1 monthly maintenance fee, and a 0.95% off-ramp fee. This move builds on Mastercard's previous initiatives, including a successful pilot with MetaMask and recent advancements like the "Crypto Credential" service to simplify crypto transfers.

Former Mt.Gox CEO Mark Karpelès to Launch European Exchange EllipX, Aiming to “Make Right What Went Wrong”

Mark Karpelès, the former CEO of the notorious Mt. Gox cryptocurrency exchange, is launching a new European exchange named EllipX, based in Poland. Scheduled to debut later this month, EllipX represents Karpelès' attempt to redeem himself after the Mt. Gox collapse in 2014, where a security breach led to the loss of 850,000 Bitcoins and a massive scandal. Karpelès, who was convicted of falsifying financial records but acquitted of embezzlement, has faced significant scrutiny.

Despite this, he is committed to running EllipX under stringent regulatory standards to restore trust in cryptocurrency trading. Over 50% of Mt. Gox customers have been repaid, with ongoing efforts to settle remaining claims. EllipX aims to provide a secure and reliable platform, reflecting Karpelès’ dedication to addressing past mistakes and building a positive legacy in the crypto industry.

Japan’s Major Banks Back Project Pax: A Stablecoin Initiative to Streamline Cross-Border Trade 

Japan’s largest banks—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—are backing Project Pax, a stablecoin platform aimed at optimizing cross-border business transactions. Launched by blockchain startup Datachain, the project addresses inefficiencies like high costs and slow transfer speeds in the $182 trillion global cross-border payments market, as identified by the G20.

Project Pax seeks to use stablecoins to enhance transaction speed, reduce costs, and provide round-the-clock operations. The initiative integrates with Swift’s API framework, enabling banks to settle payments on blockchain, streamlining operations for enterprises.comes with a small issuance fee of €1.60 and a 0.95% off-ramp fee for converting crypto to fiat.

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