GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Magic Eden Foundation Launches ME Token for Cross-Chain NFT Trading

- AVAX Surges on Grayscale's Avalanche Trust Launch

- Balaji’s Network School: A 90-Day Pop-Up City in Singapore

- Franklin Templeton Expands Tokenized Fund to Avalanche

- PayPal Partners with Anchorage Digital for PYUSD Rewards

- SatLayer Raises $8M to Secure DeFi with Bitcoin-Backed Services

Magic Eden Foundation Introduces ME Token to Boost Cross-Chain Trading and DApp Integration 

The Magic Eden (ME) Foundation has announced the launch of the ME token, designed to enhance cross-chain trading of digital assets and support Web3 consumer decentralized applications (DApps). As part of its mission to develop the ME DAO protocols, the token will play a key role in Magic Eden's ecosystem, now spanning multiple blockchain platforms.

With the integration of ME, Magic Eden aims to further its growth, having already surpassed $6 billion in total trading volume. The platform, which began on Solana, continues to expand, driving increased NFT trading and ecosystem development.

AVAX Jumps 9% as Grayscale Launches Avalanche Trust Amid Rising Institutional Adoption

Grayscale Investments, a leading digital asset manager with $13.6 billion in assets under management, recently announced the launch of its Avalanche trust, an exchange-traded product (ETP) focused on the AVAX token. This new trust allows accredited investors to gain exposure to AVAX, the native token of the Avalanche ecosystem. The news caused the price of AVAX to surge, with a 6% increase in just one hour and a 9.1% daily gain. Despite this rally, AVAX is still down 17% over the past 30 days, following a flash crash triggered by the Bank of Japan's interest rate hike.

Avalanche has seen growing adoption from major institutions, including the California DMV digitizing vehicle titles on its network and Franklin Templeton deploying a tokenized treasury fund. This launch marks the first trust under Grayscale's new CEO, Peter Mintzberg, adding to the company’s portfolio of 22 crypto trusts, 18 of which are single-asset funds.

Balaji Srinivasan Launches The Network School: A 90-Day Pop-Up City in Singapore to Empower "Dark Talent"

Balaji Srinivasan, a leading crypto investor, is launching "The Network School," a 90-day pop-up city in Singapore starting September 23, 2024. This initiative is based on his book The Network State, which outlines a new governance model using crypto and AI technologies. The school focuses on four goals: Learn, Burn, Earn, and Fun, aiming to empower overlooked talent.

Participants will earn crypto-credentials through problem-solving, engage in fitness regimes, and earn cryptocurrency via various tasks. The program also fosters community through social activities, targeting creative and entrepreneurial individuals. Applications are now open, with the pop-up running until December 23, 2024.

Franklin Templeton Brings Its OnChain U.S. Government Money Fund to Avalanche Amid Growing Demand for Tokenized Asset

Franklin Templeton, managing over $1.6 trillion in assets, has expanded its OnChain U.S. Government Money Fund to the Avalanche blockchain, meeting rising investor demand for tokenized assets. Launched on August 22, 2024, this marks the fund's extension beyond Ethereum and Arbitrum to include Avalanche, alongside Stellar and Polygon.

The fund, represented by the BENJI token, enables investors to earn yields from U.S. treasuries using the USDC stablecoin. This expansion aims to increase accessibility and attract more capital to the digital finance ecosystem. The tokenized U.S. treasuries market has grown to over $1.92 billion, with FOBXX holding a market cap of over $424 million.

​PayPal Collaborates with Anchorage Digital to Incentivize Institutional Investors with PYUSD Rewards Amid Regulatory Challenges

PayPal has partnered with Anchorage Digital to offer rewards for institutional investors holding its stablecoin, PYUSD. This collaboration aims to boost PYUSD's adoption despite regulatory uncertainties around stablecoin interest payments. Anchorage Digital, the only U.S. crypto firm with a federal bank charter, operates under federal regulation, distinguishing it from other crypto companies.

Since its launch, PYUSD has struggled to gain significant traction, with a market cap under $1 billion, compared to Tether's $117 billion. The rewards program will be managed by a Cayman Islands entity to avoid U.S. regulatory scrutiny, reflecting broader industry tactics to navigate legal challenges. This move highlights PayPal's ongoing commitment to expanding its presence in the crypto space.

SatLayer Secures $8M in Pre-seed Funding to Enhance Decentralized Security with Bitcoin Validated Services

SatLayer, a new security layer built on Bitcoin, has raised $8 million in a Pre-seed funding round to advance its innovative approach to securing decentralized applications and protocols. By leveraging Bitcoin’s economic collateral, SatLayer introduces Bitcoin Validated Services (BVS), which enhance security across the crypto ecosystem.

This modular layer provides developers with tools to align their projects with Bitcoin’s network, promoting decentralized and secure operations for blockchain applications. The funding round was led by Hack VC and Castle Island VC, with participation from notable investors such as FTI Global, OKX Ventures, Mirana, MH Ventures, Amber Group, Big Brain VC, and CMS Holdings.

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