GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Pump.fun Halts Live Streaming Due to Abuse Reports

- Justin Sun Invests $30M in Trump’s Crypto Venture

- Jiva Technologies Adds $1M Bitcoin to Treasury

- Farcaster Previews Frames v2 with Full-Screen App Support

- Rumble Allocates $20M for Bitcoin Treasury Strategy

- Bitcoin ETFs Lose $438M as BTC Dips Under $93K

Solana-Based Memecoin Platform Pump.fun Disables Live Streaming Feature Indefinitely Amid Reports of Abusive Content 

Pump.fun, a Solana-based memecoin platform, has indefinitely suspended its live streaming feature following reports of severe misuse. Originally introduced earlier this year, the live streaming functionality aimed to help users promote their memecoins. However, the feature was exploited for "heinous" activities, including reports of child abuse, bestiality, and suicide threats, all allegedly used to manipulate token valuations. In response to these incidents, Pump.fun announced the suspension to ensure user safety. In a community notice, the platform emphasized the need to improve moderation before reactivating the feature. "To ensure absolute safety, we will pause live streaming indefinitely until our moderation infrastructure can handle the heightened activity," the statement read.

Pump.fun also committed to increased transparency by publishing clear usage guidelines and offering users better insight into moderation decisions. These measures aim to foster a safer and more responsible environment. As a launchpad for Solana-based memecoins, Pump.fun allows users to create tokens easily. Despite recent controversies, the platform reported $5.31 million in daily revenue on Nov. 24, reflecting its popularity. The suspension highlights the challenges of balancing innovation and user safety in decentralized platforms, with Pump.fun focusing on stricter moderation to prevent misuse in the future.

Justin Sun Becomes Largest Investor in Donald Trump’s Crypto Project, World Liberty Financial

Justin Sun, founder of the Tron blockchain, has invested $30 million in Donald Trump’s crypto initiative, World Liberty Financial (WLFI), becoming its largest backer. The purchase of 2 billion WLFI tokens marks a significant boost to the project’s previously slow sales. Before Sun’s investment, WLFI had raised just $20 million since its October launch, facing hurdles such as restrictions on sales to non-U.S. persons and accredited investors, as well as non-transferable tokens. Sun’s contribution has pushed total sales to $52 million—17% of the $300 million goal. World Liberty Financial’s "gold paper" outlines that the Trump-affiliated company, DT Marks DEFI LLC, will receive 75% of net revenues after the project raises $30 million, enabling Trump and his family to begin earning from the venture. Sun expressed enthusiasm about his investment, stating that TRON is committed to "making America great again and leading innovation."

World Liberty Financial’s co-founder Zak Folkman called Sun’s involvement a validation of the project’s vision for freer and fairer finance. Donald Trump, listed as the platform’s “chief crypto advocate,” and his sons Eric, Barron, and Donald Jr. serve as “Web3 ambassadors.” Trump’s campaign emphasized making the U.S. a global crypto hub while reducing regulatory oversight. Sun’s move comes amidst ongoing legal challenges with U.S. regulators. In March 2023, the SEC accused him of selling unregistered securities and wash-trading TRX tokens, allegations Sun denies. This high-profile investment coincides with volatile performance in Sun’s TRX token, which has dropped 5.5% in the past day but remains up 84% this year. Despite this, it is still below its all-time high from 2018. World Liberty Financial’s fortunes may hinge on Sun’s endorsement and the incoming administration’s pro-crypto stance, as it seeks broader acceptance and sales growth in the crypto landscape.

Canadian Wellness Firm Jiva Technologies Approves $1M Bitcoin Treasury Investment

Jiva Technologies, a Canadian wellness and plant-based e-commerce firm, has approved a $1 million Bitcoin investment as part of its treasury strategy. CEO Lorne Rapkin described the move as a "unique opportunity to strengthen our treasury with a resilient and innovative investment." Rapkin highlighted Bitcoin’s scarcity and finite supply as qualities that make it a hedge against inflation and a safe haven during economic uncertainty. He also pointed to increasing institutional adoption and over $30 billion in inflows into Bitcoin ETFs as signs of growing trust in the asset. Jiva Technologies, recently rebranded from PlantX Life, focuses on wellness communities and joint ventures, operating platforms like Bloombox Club, a plant delivery service in the U.S., UK, and Europe.

Earlier this month, the firm partnered with Kale Coin, an Ethereum-based cryptocurrency tailored to the wellness industry. The announcement spurred a 36.4% surge in Jiva Technologies' stock price, reaching $0.33. This positions the company among a growing group of firms embracing Bitcoin for its inflation-resistant properties, including Rumble, Hoth Therapeutics, and Genius Group. Other companies such as Rumble and Hoth Therapeutics recently allocated $20 million and $1 million, respectively, to Bitcoin, citing its potential as a store of value. With favorable market and regulatory trends, Jiva’s move reflects confidence in Bitcoin’s evolving role in corporate finance.

Farcaster Founder Unveils Frames v2 for Warpcast, Full Launch Expected in 2025

Dan Romero, founder of the decentralized Web3 social protocol Farcaster, has introduced Frames v2, a significant upgrade to the Frames feature within the Warpcast platform. This new version will allow users to run full-screen applications, enabling on-chain transactions, interactive experiences, and user notifications directly within the social media interface. Initially launched in January 2024, Frames contributed to a 400% spike in Farcaster’s daily active users but faced limitations, such as slow image rendering and the inability to build larger apps. Frames v2 addresses these issues by offering a more advanced framework for developers to create interactive, browser-compatible apps using an SDK.

The Frames v2 developer preview is set to launch on November 27 for web and mobile, with additional features arriving on December 6. A stable release is planned for early 2025. The update integrates tools like Mobile Wallet Protocol and Rainbow for improved transaction reliability. Despite innovations, Farcaster has seen a 28% drop in daily active users over six months, now averaging 500,000 casts per day. Frames v2 aims to rejuvenate engagement by broadening the platform’s capabilities and enhancing user experience. Farcaster, operating on Optimism’s layer-2 blockchain, remains a key player in decentralized social media, positioning Frames v2 as a pivotal feature for long-term growth and user retention.

Rumble to Invest Up to $20 Million in Bitcoin as Part of Strategic Growth Plan

Rumble, a Florida-based video-sharing and cloud services platform, has announced plans to allocate up to $20 million of its excess cash reserves to Bitcoin. The company’s board approved the strategy, highlighting Bitcoin’s potential as a store of value and hedge against inflation. CEO Chris Pavlovski cited Bitcoin’s independence from government-issued currency and resistance to dilution as key motivations behind the decision. He noted growing institutional adoption and recent U.S. political developments as favorable conditions for expanding into crypto assets. Rumble’s Bitcoin purchases will occur at the company’s discretion, with flexibility to pause or modify the plan depending on market conditions.

This move aligns with a broader trend of public companies investing in Bitcoin for long-term financial resilience. The initiative follows similar strategies by firms like Genius Group, MicroStrategy, and Anixa Biosciences, which have leveraged Bitcoin for treasury diversification. Rumble aims to strengthen its financial stability and capitalize on crypto’s growing acceptance in institutional and corporate spheres. Bitcoin, currently trading below the $100,000 mark, remains a volatile yet increasingly attractive asset. Rumble’s announcement reinforces the role of cryptocurrencies in modern corporate strategies focused on innovation and inflation protection.

Bitcoin ETFs See $438 Million in Outflows as BTC Drops Below $93K Amid Market Volatility

Bitcoin exchange-traded funds (ETFs) in the U.S. reported $438.38 million in outflows on Nov. 25 as Bitcoin’s price slid below $93,000 following a 6% dip. This marked the end of a five-day streak of inflows, with the prior week seeing a record $3.38 billion inflow into these funds. The largest outflows were observed in Bitwise’s BITB, which lost $280.73 million, followed by Grayscale’s GBTC with $158.24 million and Fidelity’s FBTC with $134.72 million. ARK and 21Shares’ ARKB recorded $110.88 million in outflows. Some funds saw minor outflows, including Invesco’s BTCO, VanEck’s HODL, and Valkyrie’s BRRR, which reported losses of $10.89 million, $8.05 million, and $3.09 million, respectively.

BlackRock’s IBIT provided a silver lining, attracting $267.79 million in inflows, marking its fourth consecutive day of positive activity. Grayscale’s GBTC also saw a modest $420,460 inflow. Bitcoin’s price drop coincided with over $116 million in long liquidations, further pressuring the market. BTC is currently trading at $94,646, down 3.5%. Meanwhile, Ethereum ETFs saw slowed inflows of $2.83 million, a sharp decline from $91.21 million the previous day. Bitwise’s ETHW led with $8.75 million in inflows, while Grayscale’s ETHE saw the largest outflow of $7.65 million.

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