GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Blast Struggles After Airdrop Fallout

- Trump Announces Pro-Crypto Transition Team 

- Supra L1 Launches Incentivized Public Testnet

- TON Society Launches Developer Support Program

- Bybit Secures VASP Registration in Argentina

- Orderly Network raises $5M in a Strategic Round

Blast Faces Steep Decline Post-Airdrop as User Exodus and TVL Drop Shake Layer 2 Ecosystem 

The highly anticipated airdrop for Blast, a L2 blockchain, has led to a significant downturn in its ecosystem. Daily active users have plummeted to 30,000, a 91% drop from Arbitrum’s user count. Blast's TVL has also decreased by over 60%, now sitting at $875 Million, and key dApps like Thruster have seen their user base and TVL halve.

The BLAST token has dropped 63% from its opening-day valuation, and with major projects like PacMoon migrating to other chains, Blast's future remains uncertain despite ongoing airdrop incentives.

Donald Trump Assembles Pro-Crypto Transition Team Ahead of Potential Second Term, Strengthening Appeal to Crypto Community

Republican presidential candidate Donald Trump has named several pro-crypto figures to his transition team as he prepares for a possible second White House term. Key appointees include Cantor Fitzgerald CEO Howard Lutnick and America First Policy Institute chair Linda McMahon as co-chairs, both known for their strong support of cryptocurrency.

Trump’s pro-crypto stance is likely to resonate with the digital asset community, contrasting with Democratic candidate Kamala Harris, who has aligned with anti-crypto advisors from the Biden administration.

Supra L1 Launches Incentivized Public Testnet, Achieving 500k TPS in Early Trials, as It Edges Closer to Mainnet Launch

Supra, a vertically integrated Layer-1 blockchain, has launched its highly anticipated incentivized public testnet, marking a significant milestone toward its mainnet launch. The testnet has already demonstrated impressive performance, achieving over 500k TPS with sub-second consensus latency during internal trials.

Supra plans to open access to the public testnet within days, inviting users and developers to claim testnet tokens and provide feedback that will shape the final product. The testnet will support the deployment of Move smart contracts, with future plans for an EVM environment and support for Solana and Cosmos dApps.

TON Society Launches TON Nest to Support Early Developers on Telegram's Blockchain Ecosystem 

TON, the blockchain network integrated with Telegram, has introduced TON Nest, a new initiative by the TON Society to support early-stage developers. This program offers mentorship, workshops, and opportunities for developers to pitch projects and compete for rewards.

TON Nest is part of the broader effort to accelerate the growth of TON's ecosystem, which has already seen significant expansion through initiatives like the $5.9 Million web3 identity project with HumanCode. With Telegram's vast user base, TON Nest is poised to drive further innovation within the platform's blockchain environment.

Bybit Receives VASP and Card Operator Registration in Argentina Amid Growing Crypto Adoption

Bybit, the Dubai-based cryptocurrency exchange, has officially received registration as a Virtual Asset Service Provider (VASP) and card operator from Argentina's Financial Information Unit (FIU). This registration follows the introduction of legislation in March aimed at aligning Argentina with the Financial Action Task Force's (FATF) Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) standards.

As crypto adoption rises in Argentina due to economic instability, Bybit's compliance milestone is seen as a significant step in offering secure digital asset services in the region.

Orderly Network Secures $5M in Strategic Funding from Leading Web3 Investors

Orderly Network, a pioneering Web3 liquidity provider, has raised $5 million in a strategic funding round, signaling strong investor confidence in its vision and growth trajectory. This round attracted support from top-tier investors, including OKX Ventures (formerly OKEx Blockdream Ventures), Manifold, Presto Labs, LiquidityTech Protocol (LTP), Nomad Capital, and Origin Protocol.

This funding also underscores the growing interest and trust in Orderly Network's technology and team, setting the stage for the company to play a pivotal role in the future of decentralized finance. As the DeFi space continues to evolve, Orderly Network aims to leverage this strategic partnership to accelerate its product development, foster new collaborations, and solidify its leadership in the industry.

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