GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Mysten Labs Launches Web3 Handheld Gaming Device SuiPlay0X1 

- Mastercard Enables Non-Custodial Crypto Spending via New Partnership

- Zest Protocol Unveils Yield-Bearing BTCz Token for Bitcoin DeFi

- Travala Partners with Skyscanner, Expands Access to 2.2M Hotels

- Dragonfly-Incubated AUSD Goes Live on Sui Blockchain

- Bybit Introduces Exchange-Backed bbSOL on Solana

Sui Creator Mysten Labs Launches First Handheld Web3 Gaming Device, SuiPlay0X1, Priced at $599, Competing With Nintendo and Steam 

Mysten Labs, the developer of the Sui blockchain, has launched the SuiPlay0X1, a Web3 handheld gaming device, in partnership with Playtron. Preorders for the $599 console are live, with deliveries expected in 2025. Buyers can use cryptocurrencies like Sui (SUI), Ether (ETH), and Solana (SOL) for purchases. The first 1,000 pre-orders come with a non-transferable NFT offering future perks. The device, featuring an AMD Ryzen CPU and a seven-inch display, supports blockchain games on the Sui network and traditional PC games from platforms like Steam.

SuiPlay0X1 aims to compete with Steam Deck but integrates blockchain technology. Mysten Labs hopes to demonstrate that blockchain games can match traditional games in quality and fun. This move comes as Sui sees significant growth in DeFi, with $604 million in total value locked (TVL) this year. Mysten Labs was founded by former Meta executives in 2021.

Mastercard Partners with Mercuryo to Launch Euro-Denominated Crypto Debit Card, Enabling Non-Custodial Wallet Users to Spend Crypto at Over 100 Million Merchants

Mastercard has partnered with European crypto payments provider Mercuryo to launch a euro-denominated crypto debit card, enabling users to spend crypto from self-custodial wallets at over 100 million merchants globally. This partnership is part of Mastercard's broader initiative to support self-custody in the cryptocurrency space, following its pilot crypto debit card with MetaMask in August. The new card allows users to spend Bitcoin and other cryptocurrencies directly from their wallets without relying on centralized exchanges.

Christian Rau, senior VP at Mastercard, emphasized that the partnership eliminates barriers between blockchain and conventional payments, giving users a secure way to manage and spend their digital assets. While Mastercard has collaborated with several crypto firms since 2021, this new venture reflects its commitment to simplifying the crypto payment process. The card comes with a small issuance fee of €1.60 and a 0.95% off-ramp fee for converting crypto to fiat.

Binance-Backed Zest Protocol Launches BTCz Token to Bring Yield-Bearing DeFi Capabilities to Bitcoin Holders

Zest Protocol, backed by Binance Labs and investor Tim Draper, has launched its new BTCz token, which enables Bitcoin holders to earn staking yields through the Babylon Protocol. This marks a significant advancement in Bitcoin DeFi, as BTCz aims to improve capital efficiency while retaining liquidity for Bitcoin users. Zest Protocol co-founder Tycho Onnasch highlighted that BTCz leverages Stacks' unique security features, distinguishing it from other Bitcoin-derived assets.

While the exact yield percentage for BTCz is yet to be determined, it will be tied to Babylon’s staking yield, expected to roll out soon. Zest Protocol is part of a growing trend to bring decentralized finance (DeFi) capabilities to Bitcoin, a movement that gained momentum after the 2024 Bitcoin halving. Other recent Bitcoin DeFi developments include the launch of Hermetica's synthetic USDh and Coinbase's upcoming Wrapped Bitcoin (cbBTC). The rise of Bitcoin-native DeFi is seen as a major opportunity for broader adoption, with industry experts like Trust Machines' Rena Shah emphasizing its potential for onboarding a massive user base.

Crypto Travel Platform Travala Integrates with Skyscanner, Unlocking Access to 2.2M Hotels and 110M Monthly Users 

Travala, a crypto-native travel platform, has integrated with Skyscanner, marking the first time the global travel marketplace has partnered with a crypto application. This collaboration will allow Travala to reach Skyscanner’s 110 million monthly users and offer access to over 2.2 million hotels. Travala users can pay with more than 100 cryptocurrencies and earn crypto rewards instead of traditional loyalty points.

The integration highlights Skyscanner’s effort to cater to travelers seeking alternative payment methods and positions Travala as a key player in promoting mainstream crypto adoption. Juan Otero, CEO of Travala, believes this partnership will attract more Web2 users into the Web3 space, increasing crypto’s practical utility in everyday applications. Travala was founded in 2017 and offers travel booking services for over 600 airlines in 230 countries.

Dragonfly-Backed Stablecoin AUSD Launches on Sui, Expanding DeFi Ecosystem After Successful Rollouts on Ethereum and Avalanche

Agora has launched its stablecoin, Agora Dollar (AUSD), on the Sui blockchain, marking its latest expansion after earlier launches on Ethereum and Avalanche. Backed by Dragonfly, AUSD is part of Sui's efforts to grow its decentralized finance (DeFi) ecosystem and attract institutional users. To date, over $60 million in AUSD has been minted, with 62% of liquidity on Ethereum and 37% on Avalanche, according to DefiLlama. Agora raised $12 million in April, led by Dragonfly, to emphasize regulatory compliance, with reserve funds managed by VanEck. Agora plans to launch AUSD on other blockchains like Arbitrum and Optimism to further expand its DeFi presence.

Agora's multi-chain strategy, bolstered by backing from Dragonfly and partnerships with compliance-focused entities like VanEck, positions AUSD as a stablecoin designed for long-term growth and adoption. As the DeFi space continues to evolve, Agora’s focus on expanding to multiple blockchains reflects its intent to be a key player in the sector, catering to users looking for both efficiency and regulatory assurance in their financial transactions.

Bybit Launches bbSOL: The World’s First Exchange-Backed Staking Token on Solana, Enhancing Liquidity and Earning Opportunities

Bybit has unveiled bbSOL, the first exchange-backed liquidity staking token on the Solana blockchain. Users can stake their Solana (SOL) on Bybit's Web3 platform in exchange for bbSOL tokens, which unlock earning opportunities and passive income. The project partners with key players like Sanctum, Orca, Kamino Finance, and Solayer to ensure liquidity, manage assets, and provide trading opportunities. Bybit CEO Ben Zhou highlighted that bbSOL aims to streamline asset management, boost liquidity, and support the broader Solana ecosystem by benefiting developers, decentralized exchange operators, and liquidity providers.

On a broader scale, bbSOL benefits the Solana ecosystem by increasing the liquidity available for DeFi protocols and helping decentralized exchanges (DEXs) maintain more robust liquidity pools. Developers and liquidity providers on Solana gain access to additional liquidity and trading pairs, which enhances the overall functionality of the ecosystem.

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