GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Chainlink Launches Chainlink Runtime Environment for Scalable

- Uplink Hits 40K Routers, Aiming to Reduce Internet Costs Globally

- Nansen and Scroll Join Forces to Boost Blockchain Analytics

- Celo’s Minipay Cuts Cross-Border Transfer Fees by 30%

- Pump.fun Hits $188M Revenue, Solana Ecosystem Soars to $2.3B

- TestME Token for Magic Eden Airdrop Reaches $6.2M Cap

Chainlink Unveils Chainlink Runtime Environment (CRE) at SmartCon 2024, Ushering in a New Era of Modular, Scalable, and Decentralized Development for Financial and Blockchain Applications 

Chainlink has announced a significant upgrade to its platform with the launch of the Chainlink Runtime Environment (CRE), a transformative architecture that enables developers to build decentralized, cross-chain workflows with unprecedented customization. Revealed at SmartCon 2024, this evolution redefines Chainlink's decentralized oracle networks (DONs) by transforming them into modular, reusable capabilities that developers can link together seamlessly. CRE allows users to build and execute applications across multiple blockchains without embedding Chainlink-specific code into smart contracts.

The platform supports scalable, secure integrations across traditional financial institutions and Web3, including customized workflows for private and public blockchain ecosystems. By enabling high-performance off-chain integration, CRE addresses increased demands for robust, compliant, and privacy-focused applications. With tools like SDKs and CLI in Go and TypeScript, CRE simplifies the development of cross-chain apps, furthering Chainlink’s mission to expand consensus computing and broaden blockchain adoption across capital markets and financial services.

Decentralized Network Uplink Reaches 40K Routers, Paving the Way for Lower Internet Costs and Expanded Global Access

Decentralized internet network Uplink has surpassed 40,000 routers, marking a significant milestone in its mission to offer affordable connectivity globally, especially to underserved regions. Uplink’s decentralized model integrates existing and new wireless infrastructure to lower operational costs for internet providers, ultimately aiming to cut end-user internet expenses by over 50%. CEO Carlos Lei highlighted that the demand for decentralized networks is increasing, proving that widespread adoption is feasible.

With a decentralized physical infrastructure network (DePIN) approach, Uplink allows users to earn passive income by contributing to the network, offsetting their internet costs. Alongside competitors like Starlink, which covers over 100 countries, Uplink aims to support 300+ Internet of Things devices and reduce telecom costs by 10% in the next decade. The DePIN industry, forecasted to reach $3.5 trillion by 2028, offers Uplink an opportunity to capture a substantial market share.

Nansen Partners with Scroll to Advance Blockchain Growth and Offer Enhanced Analytics for DeFi Development

Nansen has formed a strategic alliance with Scroll, a Layer 2 solution for Ethereum, aiming to bring enhanced analytics to support the growth of decentralized finance (DeFi). Through this collaboration, Scroll’s zero-knowledge rollup technology will reduce Ethereum network congestion and fees while preserving Ethereum’s security. The integration will allow Nansen’s powerful analytics, such as Wallet Profiler and Token God Mode, to track transaction trends, wallet activity, and contract interactions within the Scroll ecosystem, enhancing insights for investors and developers.

Alex Svanevik, CEO of Nansen, emphasized that this partnership unites Scroll’s scalability with Nansen’s data analytics to foster transparency and innovation in blockchain. Earlier, Nansen expanded to Solana, integrating similar tools to improve token and wallet tracking. Since May, Scroll’s ecosystem has seen substantial growth, with active addresses climbing from 100,000 to 500,000 and daily transactions reaching over 1.7 million by October. This collaboration aims to bolster DeFi decision-making, offering real-time data for risk assessment and investment opportunities.

Cross-Border Payments Get a Boost with Celo’s Minipay, Cutting Costs for Crypto Remittances by 30%

Cross-border payments are seeing significant changes as Celo's Minipay platform now enables 30% lower fees for remittances from Norway to Malawi compared to traditional services like Moneygram. This development marks a turning point in the crypto remittance landscape, where transaction fees are steadily decreasing as crypto adoption rises globally. Minipay, leveraging Celo's blockchain technology, enables faster, more affordable payments by reducing intermediary costs, benefitting users who rely on cross-border transfers.

As more individuals and businesses embrace crypto, on- and off-ramping fees are expected to decline further, making digital asset transactions more accessible. Celo’s aim is to build a more inclusive financial system that minimizes barriers for users in emerging markets where remittances play a critical role. With potential savings on fees, the platform can significantly improve income retention for recipients and reduce costs for senders. Increasing adoption could lead to even cheaper, streamlined cross-border transactions, advancing financial inclusivity worldwide.

Solana-Based Pump.fun Surpasses 1 Million SOL in Revenue, Ecosystem Market Cap Reaches $2.3 Billion as Meme Coin Demand Surges

Pump.fun, a Solana-powered token deployment platform, has crossed the 1 million SOL revenue mark, totaling around $188.5 million, with its market trajectory pushing toward a $200 million milestone since launching in January. Initially reaching $100 million in revenue within just 217 days, Pump.fun's rapid expansion reflects its SOL holdings growth and Solana’s rising market price, making it one of the fastest-growing crypto projects of 2024. This revenue growth aligns with the broader Solana ecosystem's recent boom, as the market cap of meme coins on Pump.fun rose by 8.8%, reaching $2.31 billion, according to CoinGecko data.

Notably, Goatseus Maximus, valued at $620 million, leads the ecosystem’s meme tokens, followed by Fwog at $262 million and Moo Deng at $223 million. As of October 26, Pump.fun’s daily transaction volume had rebounded from a two-week low, hitting a five-day high of 34,462 transactions, signaling renewed investor interest amid the crypto market's recent rally. With over 2.82 million transactions to date, Pump.fun’s upward trend underscores the growing demand for decentralized and meme-based financial applications.

TestME Token for Magic Eden’s Upcoming Airdrop Hits $6.2M Market Cap, Signaling High Anticipation for ME Utility Token Launch

The test token TestME, launched by Solana-based NFT marketplace Magic Eden, has hit a market capitalization of $6.2 million, according to DEX Screener, indicating robust user interest in the platform's forthcoming ME utility token. TestME, valued at $0.006576 on October 30, serves as a dry run for Magic Eden's planned airdrop of ME, a utility token aimed at enhancing user engagement across its ecosystem. Available for trading on the decentralized exchange Meteora, TestME allows users to add liquidity and trade with assets like SOL, USDC, and USDT.

Magic Eden users can claim TestME by scanning a QR code in the ME App, linking their wallet, and accepting the tokens, simulating the process for ME's eventual release. Magic Eden's August announcement detailed ME's utility within its platform, with additional integration potential in third-party protocols. With the rapid accumulation of TestME's market cap, user anticipation appears high for the official ME launch, which aims to foster ecosystem participation and potentially broader decentralized usage. The Block is awaiting further insights from a Magic Eden representative regarding future updates on ME’s ecosystem integration and functionalities.

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