GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Aptos Foundation Partners with Nvidia-Backed Ignition AI

- Powerledger Integrates with Solana Ecosystem

- BingX Resumes Withdrawals After $52M Hack

- Germany Seizes 47 Crypto Exchanges Linked to Underground Economy

- $ME to Become an SPL Token on Solana

- Stellar and OnlyDust Partner to Boost Open-Source Contributions

Aptos Foundation Collaborates with Nvidia-Backed Ignition AI to Drive AI and Blockchain Integration in Asia 

At Token2049, the Aptos Foundation announced a partnership with Nvidia-backed Ignition AI Accelerator to enhance blockchain integration into the fast-growing artificial intelligence (AI) sector. The collaboration aims to support AI startups in Asia by leveraging Aptos’ blockchain expertise. Ignition AI, launched in May 2024 and based in Singapore, is backed by industry leaders like Nvidia, Tribe, and Digital Industry Singapore (DISG). The program focuses on accelerating the success of growth-stage tech founders.

Bashar Lazaar, Head of Grants at Aptos Foundation, emphasized the unmatched growth potential of AI and the foundation's commitment to driving innovation. Aptos will provide resources and support to AI startups incubated by Ignition AI, facilitating their access to global markets. Ng Yi, Director of Ignition AI Accelerator, highlighted the importance of this partnership in fueling AI innovation and building applications that define the next phase of technology. Following the announcement, Aptos' APT token saw a nearly 5% rise in 24 hours, with a 15% gain over the past week.

Powerledger Expands into Solana Ecosystem, Aiming to Drive Sustainable Blockchain Solutions through Regenerative Finance

Powerledger, an Australian energy tech company, has announced its integration into the Solana ecosystem, marking a significant step in aligning blockchain technology with sustainability efforts. The partnership emphasizes shared values of innovation and environmental responsibility, aligning with the growing trend of Regenerative Finance (ReFi), which focuses on creating economic systems that enhance social and environmental well-being. Powerledger’s co-founder, John Bulich, highlighted that the expansion underscores how sustainability is a goal that transcends ecosystems and positions crypto as a force for good.

The integration also signals the end of Powerledger’s operation on the Solana Virtual Machine (SVM) blockchain, having gained valuable experience from its 12-month use of SVM. The company will now offer its POWR token as a native Solana ecosystem token while maintaining its ERC-20 format. Powerledger’s blockchain-based solutions include peer-to-peer energy trading, virtual power plants, and renewable energy certificate trading. This move comes amid growing interest in sustainable blockchain solutions, with POWR tokens seeing a price rise of 16.75% since September 14.

BingX Confirms Resumption of Withdrawal Services Following $52 Million Hack; Ensures Client Protection with Cold Storage and Frozen Funds

BingX, a leading cryptocurrency exchange, announced that it would resume withdrawal services on September 21, 2024, after a significant hacking incident. Initially reported as a $26 million loss, the total damage has now risen to $52 million. Withdrawals for major assets like USDT, USDC, Bitcoin, Ethereum, Tron, and Solana will be restored first, with other digital assets following over the next two weeks.

Deposit services are also set to resume in the coming weeks, but previous withdrawal requests have been canceled and must be resubmitted. Vivien Lin, BingX’s Chief Product Officer, noted that the impact was mitigated due to most client funds being secured in cold storage. Additionally, $10 million of stolen funds have already been frozen. The exchange is collaborating with on-chain security firms like SlowMist and Chainalysis to investigate the breach and recover the stolen funds. Lin reassured customers that BingX has sufficient reserves to cover all potential losses, pointing to its six-year history of reliability.

German Authorities Seize 47 Cryptocurrency Exchanges Allegedly Tied to Underground Cybercriminal Activities

German authorities have shut down 47 cryptocurrency exchanges, accusing them of fostering an underground economy that facilitated cybercrime. The seized platforms were allegedly involved in laundering criminally obtained funds and allowing ransomware operators, botnet users, and black market traders to convert illicit funds into regular currency. Authorities, including Germany's federal criminal police and cybercrime office, issued a warning to users of the platforms, stating that they have access to transaction data, registration details, and IP addresses.

While authorities plan to investigate and prosecute some users, they acknowledged that cybercriminals residing in countries with less stringent laws may evade German law enforcement. One of the largest platforms seized, Xchange.cash, had reportedly facilitated 1.3 million transactions for 410,000 users since 2012. Other notable exchanges include 60cek.org, Baksman.com, and Prostocash.com. The German government’s action sends a clear message that cryptocurrency platforms used for illegal activities are under scrutiny.

$ME Token to Join Solana Ecosystem, Aiming to Power Cross-Chain dApps for Retail

The ME token is set to become an SPL token, officially integrating into Solana’s ecosystem. The move aligns with ME’s vision to empower a cross-chain dApps ecosystem tailored for retail, which mirrors Solana’s retail-focused infrastructure. By transitioning to the Solana blockchain, ME token aims to attract users from various chains into Solana's ecosystem, enhancing accessibility and functionality for decentralized applications.

This integration is expected to bring more users into the Solana ecosystem, reinforcing its reputation as a leading platform for retail-focused blockchain projects. ME’s cross-chain compatibility further underscores the goal of building a robust, interconnected environment for decentralized applications. The partnership promises to boost both ME and Solana, offering developers and users seamless solutions across chains.

Stellar Development Foundation Teams Up with OnlyDust to Drive Open-Source Contributions and Expand Developer Engagement

The Stellar Development Foundation has partnered with OnlyDust to strengthen its ecosystem by attracting and retaining developers through open-source contributions. This collaboration comes at a pivotal time following Stellar's launch of its smart contract platform, Soroban, and aims to leverage OnlyDust's platform to drive innovation. OnlyDust CEO Gregoire Gambatto expressed excitement about introducing Stellar projects to their developer community and accelerating the growth of the ecosystem. Stellar, a decentralized public blockchain known for speed, efficiency, and sustainability, empowers developers to build innovative financial applications.

The partnership will focus on two main goals: attracting new developers to the Stellar ecosystem and retaining top talent by providing support and resources to projects. As part of the initiative, 15 Stellar projects will be onboarded to OnlyDust, where they will gain visibility and engagement through the platform’s monthly open-source event, ODHacks. The collaboration is set to provide developers with opportunities to contribute to Stellar's growth while helping projects flourish with fresh talent and ongoing support.

Don’t forget to hit the button that you see below!