GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Bank of Korea to Launch CBDC Payment Trial in December

- Iggy Azalea to Launch Crypto Casino ‘Motherland’ in November

- Coinbase to Introduce cbBTC on Solana

- Germany Seizes 47 Crypto Exchanges Linked to Underground Economy

- Stellar & OnlyDust Partner to Boost Open-Source Contributions

- Grass Secures Series A Funding to Redefine Internet Incentives

Bank of Korea to Test CBDC Payments in Supermarkets and Convenience Stores with 100,000 Participants

The Bank of Korea (BOK) is set to launch a central bank digital currency (CBDC) trial in December, allowing participants to use digital tokens for payments in supermarkets and convenience stores. As part of this pilot, 100,000 individuals will convert their bank deposits into CBDC tokens, which function similarly to vouchers, to make purchases at various retail outlets. The trial, conducted in collaboration with six major South Korean banks, aims to explore the effectiveness of CBDCs in streamlining transactions and settlements within the banking system.

The project is also part of a broader global initiative, Project Agora, which explores the tokenization of cross-border payments. Banks like NH Nonghyup are partnering with retailers to ensure a smooth rollout, with other banks negotiating similar arrangements with major convenience stores and supermarkets. The success of this trial could mark a significant milestone in the global shift toward a digital economy, demonstrating the potential of CBDCs to improve or replace traditional banking processes. Despite slight delays, officials remain optimistic about the project's impact and international significance.

Iggy Azalea to Debut Crypto-Powered Casino ‘Motherland’ in November, Featuring Solana Memecoin MOTHER

Rapper Iggy Azalea is entering the online gambling space with the launch of her crypto-powered casino, "Motherland," set for November 2024. The casino will run on her Solana-based memecoin, MOTHER, and will offer a variety of gaming options such as slots, blackjack, poker, roulette, and sports betting. Azalea’s venture aims to provide real-world utility for holders of the MOTHER token, fostering a community around the coin.

The project was unveiled at the “Motherland Rodeo” event in Singapore, which gained attention for its innovative blend of cryptocurrency and adult entertainment. With this launch, Azalea plans to push boundaries in both the online gaming and crypto spaces, creating a unique fusion of entertainment and digital finance. The Motherland casino promises to be an engaging platform for fans and crypto enthusiasts alike.

Travala Integrates Solana for Booking Flights and Hotels, Offering Up to 10% SOL Rewards on Travel Purchases

Crypto travel platform Travala has announced its integration with Solana, allowing users to book flights, hotels, and accommodations using Solana-based tokens such as SOL, USDT, and USDC. This integration enables Travala users to take advantage of Solana’s fast, scalable, and low-cost network, improving the overall crypto travel experience. As part of the offering, Travala will reward users with up to 10% of their booking value back in SOL, along with Bitcoin (BTC) and Travala’s native AVA token. Travala CEO Juan Otero shared the news during a panel at the Solana Breakpoint conference in Singapore, highlighting Solana’s technology as key to driving the next phase of the platform’s development.

The company also plans to deploy the AVA token on Solana, in addition to its existing presence on Ethereum and BNB Chain. Users will also benefit from zero-fee deposits and withdrawals of Solana-based tokens directly into their Travala accounts. Earlier this month, Travala partnered with Skyscanner, expanding its inventory to over 2.2 million hotels and aligning itself with major travel agencies such as Expedia and Booking.com.

Coinbase Announces Plan to Bring Wrapped Bitcoin (cbBTC) to Solana, Expanding the Platform’s Utility

During the Solana Breakpoint conference, it was announced by Hassan NY that Coinbase is planning to bring its wrapped Bitcoin product, cbBTC, to the Solana blockchain. This integration will enable Bitcoin to be used within the Solana ecosystem, unlocking new opportunities for decentralized finance (DeFi) and cross-chain interoperability. cbBTC, Coinbase's wrapped Bitcoin, will allow users to leverage Bitcoin's value on Solana’s fast and scalable network.

The move is expected to enhance liquidity within Solana's DeFi platforms, while also expanding the real-world use cases of Bitcoin across different blockchain networks. Solana’s low fees and high transaction throughput make it an ideal network for hosting such assets, allowing users to enjoy a more efficient experience when transacting with Bitcoin in decentralized applications (dApps). This collaboration between Bitcoin and Solana could further solidify Solana’s position in the growing DeFi space, while also providing Coinbase with broader exposure across multiple blockchain ecosystems.

dYdX to Launch Perpetual Futures on Prediction Markets, Aims to Differentiate DeFi Offerings from Centralized Venues

Decentralized exchange (DEX) dYdX is expanding its offerings by introducing perpetual futures on prediction markets, according to dYdX Foundation CEO Charles d'Haussy. The move aims to differentiate decentralized finance (DeFi) from centralized trading platforms, offering users the ability to place leveraged bets on binary events such as political outcomes, financial prices, and even weather conditions. The initiative is part of dYdX Unlimited, the platform’s upcoming upgrade, which will include permissionless market listings and a master liquidity pool called MegaVault.

This pool will provide liquidity for new markets while offering users passive income by allowing them to deposit USDC and share in the vault’s profits and protocol revenue. Prediction markets have struggled with liquidity in the past, but dYdX hopes to overcome these challenges and draw more attention to DeFi through this unique offering. By focusing on innovative trading tools like perpetual futures, the DEX seeks to position itself at the forefront of decentralized finance.

Grass Closes Series A Funding Round Led by Hack VC, Aiming to Redefine Internet Incentives

Grass, a company focused on transforming internet incentives, has successfully closed its Series A funding round, led by Hack VC. The funding round also saw participation from prominent investors, including Polychain, Delphi Digital, BH Digital, and Lattice Fund. This milestone brings Grass closer to achieving its vision of reshaping how incentives operate on the internet. By attracting backing from well-established venture capital firms, Grass has gained the financial momentum to further innovate and disrupt traditional internet incentive models.

The company aims to introduce a new framework for digital interactions and reward structures, positioning itself as a leading force in this emerging sector. The involvement of key investors reflects strong confidence in Grass's potential to impact the digital landscape, signaling the company's role in fostering a more decentralized and efficient internet economy.

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