GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- DBS Introduces Blockchain Payment Services for Institutional Clients

- Worldcoin Becomes ‘World’ and Debuts Layer-2 Network, New Features

- BlackRock's Bitcoin ETF Surpasses $1 Billion in Weekly Inflows

- Solv Introduces Bitcoin Liquid Staking on Solana for Institutional Traders

- Sotheby’s Auctions Six AI Artworks by Decentralized Artist Botto

- SUI Ecosystem Surges Over $6 Billion, Challenges Solana's Dominance

DBS Bank Launches Blockchain-Based “DBS Token Services” for Real-Time Settlements and Institutional Banking 

Singapore's DBS Bank has launched "DBS Token Services," a blockchain-powered solution for real-time payment settlements aimed at institutional clients. The service utilizes a permissioned blockchain, providing enhanced security and transparency through the use of smart contracts. Unlike fully decentralized blockchains, permissioned blockchains allow for controlled access and interaction, giving DBS full authority over the system while maintaining compliance with regulatory standards. This move builds on DBS’s previous blockchain ventures, including its Ethereum Virtual Machine (EVM)-compatible chain and treasury token pilot launched in August.

The use of smart contracts allows institutions to govern funds based on predefined conditions, optimizing liquidity management and streamlining operations. DBS's Group Head of Global Transaction Services, Lim Soon Chong, highlighted the growing demand for “always on” digital banking services as companies and public sector entities reimagine their operating models. DBS aims to enhance customer engagement and business resilience with this technology. In addition to its token services, DBS has been expanding its blockchain offerings, including a pilot for blockchain-based government grants and the introduction of over-the-counter (OTC) crypto options trading for institutional investors. This initiative represents a major step forward in modernizing transaction banking with blockchain technology.

Worldcoin Rebrands to ‘World,’ Launches Ethereum Layer-2 Network and Unveils New Features

Worldcoin has officially rebranded to "World," signaling a new chapter in its development. During the keynote on October 17, founder Sam Altman introduced the Ethereum-based layer-2 network, World Chain, and announced upgrades to its iris-scanning Orb devices. The new Orbs, equipped with Nvidia hardware, are five times more powerful while being more energy-efficient and using fewer components. These upgraded devices will soon be available in select markets via self-service kiosks, expanding global proof-of-human verifications. In addition to Orbs, World is enhancing identity verification options with World ID Credentials, allowing users to verify their identities through NFC-enabled passports.

The introduction of World App 3.0 adds new features, including the World ID Deep Face tool, designed to block AI-generated deepfakes and ensure video authenticity. World also announced partnerships with apps like WhatsApp, FaceTime, and Zoom, integrating identity verification into widely used platforms. Meanwhile, the launch of World Chain’s mainnet enhances blockchain functionality, focusing on onboarding verified human users and providing free gas allowances to encourage participation. Despite these major updates, the price of Worldcoin (WLD) saw a minor drop of 1.4%, although it remains up 28.4% over the past week and 47% in the past month.

BlackRock’s Spot Bitcoin ETF Tops $1 Billion in Inflows Amid Strong Demand

BlackRock's IBIT spot Bitcoin exchange-traded fund (ETF) has drawn in over $1.07 billion in net inflows this week, leading the surge in U.S. spot Bitcoin ETFs, which saw total inflows of $470 million on Thursday. The 12 U.S.-based Bitcoin ETFs have accumulated more than $1.85 billion in net inflows this week, benefiting from favorable macroeconomic conditions, such as falling global interest rates. Investors are seeking alternative assets like Bitcoin as central banks ease monetary policies. Other ETFs, including Ark and 21Shares’ ARKB and Grayscale’s GBTC, also contributed significantly, with $100 million and $45.7 million in inflows, respectively. Fidelity’s FBTC and Franklin Templeton’s Bitcoin ETF posted smaller, but notable, gains.

The total trading volume of these Bitcoin ETFs reached $1.47 billion on Thursday, slightly down from the $1.58 billion reported the previous day. Spot Ether ETFs also experienced positive flows, with net inflows of $48 million, led by Fidelity’s FETH at $31.12 million and BlackRock’s ETHA at $23.56 million. These are the largest Ether inflows since September. Despite the recent uptick, Ether ETFs still report cumulative net outflows of $481.9 million since launch. Bitcoin’s price saw a modest increase of 1.06% in the past 24 hours, trading at $67,944, while Ether traded at $2,624, up by 0.12%. Market analysts are cautiously optimistic that the strong inflows could be a positive indicator for Bitcoin’s price in the coming weeks, though new all-time highs may take more time to materialize.

Solv Launches Bitcoin Liquid Staking Token on Solana, Offering Yield Opportunities for Institutional Traders

Solv, a rapidly growing Bitcoin liquid staking platform, has introduced a new product called SolvBTC.JUP on the Solana blockchain. Launched on October 17, this liquid staking token allows institutional traders to stake Bitcoin and earn yield by providing liquidity on Jupiter Exchange, a decentralized exchange aggregator on Solana. SolvBTC.JUP is part of a pilot program that will help Solv fine-tune its Staking Abstraction Layer before making it widely available. The yield strategy for SolvBTC.JUP involves hedging net open interest on centralized exchanges to reduce liquidity risk, with Jupiter's Liquidity Provider pool offering yields of up to 28%.

After factoring in its hedging strategy, Solv estimates that tokenholders will receive around 12% yield in Bitcoin. Solv emphasized that this product offers Bitcoin holders the opportunity to earn yield without sacrificing liquidity or exposure to Bitcoin's price movements. Solv has seen meteoric growth since launching a points program in April, with its total value locked (TVL) skyrocketing from $114.6 million to an all-time high of $1.75 billion, according to DeFi Llama. SolvBTC is the largest Bitcoin staking protocol, boasting a TVL of $528.1 million. The platform is planning to expand similar Bitcoin staking products across other blockchain networks in the near future.

Sotheby’s to Auction Six AI Artworks by Botto, a Decentralized AI Artist Operated by a DAO

Sotheby’s is hosting an exhibition titled "Exorbitant Stage: Botto, a Decentralized AI Artist," featuring six artworks by Botto, an AI art star created by German artist Mario Klingemann in collaboration with ElevenYellow. The exhibition, marking Botto’s third anniversary, runs from Oct. 19 to Oct. 23, with the auction open from Oct. 17 to Oct. 24. The six works are expected to fetch between $220,000 and $310,100, with starting bids ranging from $9,000 to $70,000. Botto is unique as an AI artist managed by a decentralized autonomous organization (DAO). The system autonomously generates thousands of images and presents them to the community of BottoDAO token holders. The most-voted images are minted and sold, shaping Botto’s artistic evolution based on community preferences.

Notably, over 15,000 people have contributed to Botto’s creative process. The exhibition highlights works like "The Threshold of Reverie" and "Exorbitant Stage." Botto’s previous works have sold for as much as $31,449 on NFT platforms like OpenSea. Botto’s creator, Klingemann, expressed pride in the project’s success but also admitted feeling envious of his creation’s Sotheby’s debut—a milestone he hasn’t personally achieved as an artist. In the press release, Botto discussed the broader implications of its debut, noting that it ignites a dialogue on AI’s role in creativity and challenges the traditional boundaries between human and machine in the art world. The exhibition seeks to push these conversations further into the mainstream of artistic discourse.

SUI Ecosystem Surpasses $6 Billion: Could It Be the Next Big Contender After Solana?

SUI's ecosystem has seen a significant surge, surpassing a market cap of $6 billion, positioning itself as a serious contender following Solana's success. Since reaching a low in June, SUI's price has skyrocketed, climbing 120% in the past 30 days to hit a six-month high of $2.16. The token now commands 0.26% of the total cryptocurrency market and has captured over 9% of capital previously flowing out of Ethereum. SUI’s co-founder, Evan Cheng, has pointed out Ethereum's security limitations, further underscoring SUI’s potential to outperform. The SUI ecosystem has rapidly expanded, attracting decentralized applications (dApps) like decentralized exchanges (DEXs), meme coins, and lending protocols.

Notably, the market capitalization of meme coins within the SUI network has surged by 170%, reaching $296 million, reflecting its appeal to both developers and users. In addition, SUI recently integrated Circle's USDC stablecoin, enhancing liquidity and transaction efficiency, which is expected to further boost adoption and solidify SUI’s position in the competitive blockchain space. Comparisons are being drawn between SUI's trajectory and Solana’s explosive growth in 2023, with many suggesting that SUI could be on the brink of a similar meteoric rise. While short-term corrections may be on the horizon, analysts see long-term growth potential due to SUI's solid fundamentals and expanding user base. With increasing adoption and a diverse range of applications, SUI is emerging as a formidable player in the evolving blockchain landscape.

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