GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Samsung and Illuvium Bring NFTs to Web3 TVs

- Synthetix to Launch v3 Exchange on Arbitrum

- USDT Market Cap Exceeds $115 Billion

- Pepe secures $8M to launch a Ethereum L2

- Ripple Tests RLUSD Stablecoin on XRP and Ethereum

- Moonveil Entertainment Raises $3.6M in Series A

Samsung Partners with Illuvium to Integrate NFTs into Web3-Enabled Smart TVs

Samsung has teamed up with Illuvium, a leading Web3 game, to integrate support for Illuvium NFTs into its Web3-enabled televisions. Announced on August 9, this partnership will allow users to view in-game assets like weapons and Illuvials directly on their Samsung TVs, transforming home entertainment into an immersive digital art experience.

The collaboration will be highlighted at the upcoming Gamescom convention, where Samsung and Illuvium will showcase their latest innovations. This partnership is part of Samsung's broader Web3 strategy, which began in 2022 with the launch of its NFT Platform and continues with its Web3 TV bundles.

Synthetix to Integrate Chainlink Data Streams with v3 Exchange Launch on Arbitrum

In a surprise turnout, Bitget wallet surged to the top of the Nigerian App Store by surpassing apps like Tiktok and Whatsapp. This happened post the exit of market leader OKX, with Bitget topping both in general and finance categories on Apple’s App Store, and within the top five on Google Play Store.

The wallet's user base in Nigeria grew by 233% in June, driven by its extensive support for mainnets and crypto assets, robust security measures, and strategic focus on emerging opportunities. This localized approach has also boosted its popularity in Southeast Asia, Europe, and Russia.

Tether's USDT Surpasses $115 Billion Market Cap Amid Rising Crypto Adoption

Tether's stablecoin USDT has reached a market capitalization of over $115 billion, reinforcing its dominance with more than 70% market share in the stablecoin sector. This milestone highlights USDT's growing acceptance as a digital dollar alternative, especially in regions facing currency devaluation. Despite scrutiny over potential misuse, Tether's collaboration with Chainalysis aims to enhance transparency.

Recent growth also coincides with a broader crypto market uptrend, with significant USDT movements to exchanges like Kraken and Coinbase. Tether's influence continues to expand, marked by a recent blockchain education initiative in Ivory Coast.

Pepe Unchained Raises Nearly $8 Million in Presale for Memecoin-Fueled Ethereum Layer 2 Network

The team behind the popular Pepe memecoin is launching an Ethereum Layer 2 network, drawing significant interest with nearly $8 million raised in the presale of its new token, PEPU. Priced at $0.008 per token, PEPU can be purchased with ETH, USDT, BNB, or credit cards.

The new ecosystem promises fast, secure, and low-fee transactions with instant bridging between Ethereum and Pepe Chain. The project allocates 30% of the 8 billion total tokens to staking, with the rest divided across marketing, liquidity pools, and other categories. The Layer 2 network will go live post-presale.

Ripple Begins Testing RLUSD Stablecoin on XRPLedger and Ethereum in Private Beta

Ripple has started testing its RLUSD stablecoin on both the XRPLedger and Ethereum networks, currently in a private beta phase. The stablecoin, pegged 1:1 to the US dollar and backed by US dollar deposits and treasuries, is being tested by Ripple's enterprise partners. The firm is awaiting regulatory approval before making RLUSD publicly available.

This move comes as Ripple celebrates a legal victory against the SEC, which significantly reduced its initial $2B fine to $125M. Ripple's RLUSD aims to offer a compliant stablecoin option for US-based entities.

Moonveil Entertainment Secures $3.6M in Series A Funding

Cayman Islands-based Web3 game studio, Moonveil Entertainment, has successfully closed a $3.6 million Series A funding round. The round was spearheaded by The Spartan Group and also saw substantial backing from prominent investors including gumi Cryptos Capital (gCC), Hashkey Capital, Animoca Ventures, Mask Network, and Hivemind.

This significant capital injection will enable Moonveil Entertainment to accelerate the development of its innovative Web3 gaming projects, further establishing its position in the rapidly evolving blockchain gaming industry.

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