GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Dune Unlocks Stellar Data with On-Chain Analytics Integration

- Nansen Adds Token and Wallet Tracking Tools to Solana

- Kraken Launches kBTC, a Tokenized Version of Bitcoin

- Stripe Reportedly in Talks to Acquire Fintech Firm Bridge

- PYUSD Stablecoin Market Cap Falls 40% from August Peak

- Physical Gold Now Tradable on Bitcoin Through Ordinals Protocol

Dune Integrates Stellar Blockchain for On-Chain Data Analytics, Unlocking New Insights for Developers and Analysts

Dune, a leading on-chain data analytics platform, has integrated with Stellar, a blockchain network designed for cross-border payments and real-world asset tokenization. Announced on October 15, 2024, during the Meridian 2024 conference in London, the integration allows Dune users to access and analyze a wide range of on-chain data related to the Stellar ecosystem. This move empowers developers, analysts, and other stakeholders to explore insights such as transaction volumes, network health, and smart contract interactions.

By using Dune’s analytics tools, users can deepen their understanding of Stellar’s payment network and asset tokenization capabilities. Dune’s co-founder and CEO, Fredrik Haga, highlighted that the integration will benefit the growth of decentralized finance (DeFi) applications on Stellar by offering real-time analytics crucial for refining use cases in remittances and global payments. Users can access this data via pre-built and customizable dashboards available on Dune. The integration follows Dune’s recent partnerships, including one with Worldcoin, and further extends its analytics coverage in the blockchain space.

Nansen Integrates Token and Wallet Tracking Tools Into Solana, Offering Enhanced On-Chain Analytics

Nansen, a blockchain analytics firm, has integrated its advanced token and wallet tracking tools into the Solana network, announced on October 17, 2024. This integration enables Nansen to offer comprehensive wallet attribution and in-depth data analysis within the Solana ecosystem. Key features include Wallet Profit and Loss (Wallet PnL), on-chain AI-driven market trend identification, and tools like "Token Screener" for token performance insights. Nansen's "Smart Money" feature is designed to track the movements of key investors and whales within Solana, providing users with detailed insights into asset flows, trends, and potential market opportunities.

This integration bridges a gap in Solana's current data analysis tools, offering a deeper level of token and wallet analytics compared to other ecosystems. According to Nansen CEO Alex Svanevik, the integration is a significant step for advancing blockchain analytics, providing investors with the tools to navigate Solana confidently. Nansen also distinguishes between the Solana Virtual Machine and EVM, delivering tailored solutions for both EVM and non-EVM views across multiple blockchains, including Ethereum Layer 2s.

Kraken Crypto Exchange Launches Tokenized Version of Bitcoin with New Wrapped Bitcoin Token kBTC

Kraken, a major cryptocurrency exchange, has introduced its own tokenized version of Bitcoin called Kraken Wrapped Bitcoin (kBTC). Launched on October 17, 2024, kBTC is backed 1:1 by Bitcoin held in Kraken’s custody. The token, an ERC-20 asset, is interoperable with networks like Ethereum and OP Mainnet, allowing it to be used in decentralized applications (DApps). Kraken describes kBTC as a tool that reinforces Bitcoin’s position as the "epicenter of crypto," while also giving developers opportunities to explore new use cases for Bitcoin in decentralized finance (DeFi) and other blockchain-based projects.

The exchange emphasizes that kBTC leverages Kraken's reputation for trust and security, gained through its decade-long presence in the crypto space. With this launch, Kraken aims to push the broader ecosystem forward, enabling users to utilize Bitcoin in more flexible ways across different networks, while maintaining the token’s core value backed by actual Bitcoin reserves. Further updates and developments regarding kBTC will be shared as they become available.

Stripe in Advanced Talks to Acquire Stablecoin-Focused Fintech Firm Bridge, According to Bloomberg

Stripe, the global payments giant, is reportedly in advanced discussions to acquire Bridge, a stablecoin-focused fintech company backed by Sequoia Capital. While no final decision has been made, and both parties could withdraw from the negotiations, the potential deal signifies Stripe’s growing interest in stablecoins and the broader crypto sector. Bridge, co-founded by former executives from Square and Coinbase, has built a payment network that integrates stablecoins like USDC and USDT into traditional financial systems, facilitating cross-border transactions and foreign currency exchanges for businesses.

The company recently raised $58 million from prominent investors such as Sequoia, Ribbit, Index, and Haun Ventures. Although Stripe discontinued Bitcoin payment services in 2018 due to high fees and slow transaction times, the company has recently re-entered the crypto market. In 2023, Stripe launched support for Circle’s USDC stablecoin, as well as partnerships with Coinbase and other crypto firms. This acquisition, if finalized, could further solidify Stripe’s renewed crypto strategy, aiming to modernize payment solutions through stablecoins.

PayPal’s PYUSD Stablecoin Market Cap Drops 40% Since August, Down from $1 Billion

PayPal’s dollar-backed stablecoin, PYUSD, has seen its market capitalization plummet by 40% from over $1 billion at the end of August to $618 million as of mid-October. The token, launched on Ethereum in 2023 and expanded to Solana in 2024, initially grew rapidly due to partnerships offering high yields. Solana-based platforms like Kamino Finance, Drift, and MarginFi provided lucrative incentives to PYUSD holders, driving significant adoption. However, the sharp decline in yields—falling from around 17% to below 7%—has contributed to a shrinking supply of PYUSD.

DragonFly Capital’s Haseeb Qureshi attributed the trend to the reduced lending returns on Solana-based platforms. Despite this setback, the total market cap of PYUSD is still up 375% year-over-year, according to CoinGecko data. The token remains the ninth-largest stablecoin, with a supply divided between Ethereum and Solana. While other stablecoins like USDT and USDC have maintained relatively stable market caps, PYUSD’s decline may reverse, as new incentives are being introduced, such as additional rewards for Kamino depositors. PayPal’s integration of PYUSD into cross-chain platforms like Solana and Ethereum continues to offer opportunities for future growth.

Gold Arrives on Bitcoin as Physical Gold Becomes Tradable via Ordinals Protocol

Swarm Markets, a licensed real-world assets (RWA) platform, has partnered with OrdinalsBot to bring physical gold trading to the Bitcoin blockchain. Using the Ordinals protocol, satoshis (the smallest unit of Bitcoin) are inscribed with unique serial numbers from gold kilobars, allowing these gold-backed tokens to be traded on the Bitcoin network. Bitcoin, often referred to as "digital gold," now has a direct connection to physical gold through this new system. The partnership between Swarm and OrdinalsBot marks the first time physical gold has been available for investment on Bitcoin.

The service is set to launch on Trio, a marketplace developed by OrdinalsBot. Ordinals protocol enables the creation of NFTs by inscribing satoshis with data, adding uniqueness and value to individual satoshis. This integration allows investors to hold both digital and physical gold using the same blockchain infrastructure. While Bitcoin and gold share properties like scarcity, BTC has historically underperformed compared to gold during risk-averse market conditions. This new offering may bridge the gap between traditional and digital gold, offering a unique investment opportunity.

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