GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Whale Dumps $13.2M in ETH on OKX

- Canto Targets Fix Amid 33-Hour Outage

- Tether Eyes AI Sector, Challenges Tech Giants

- Marathon Digital Aims to Raise $250M for Bitcoin Purchase

- MakerDAO Weighs WBTC Offboarding Amid Restructuring

- Donald Trump back on Twitter for a conversation with Elon Musk

Ethereum Whale Continues $154M ETH Dump with 5,000 ETH Deposit to OKX

An Ethereum whale, who reportedly acquired 1M ETH during Ethereum's ICO, has been on a massive selling spree, recently depositing 5,000 ETH (worth $13.2M) to OKX. Over the past 35 days, the whale has moved around $154M in ETH to the exchange, sparking speculation within the crypto community.

While some traders speculate this could be the actions of an Ethereum co-founder, others believe the selling is nearly complete, with the whale holding just 16,000 ETH remaining. Meanwhile, another whale purchased a similar amount of ETH on the same day, counterbalancing the market impact.

BiCanto Blockchain Faces 33-Hour Outage Due to Consensus Issue, Fix Planned for Aug 12 

The Canto blockchain, a Cosmos-based layer-1 network, has experienced a 33-hour outage caused by a consensus issue, halting all transactions. The team plans to implement an upgrade on Aug. 12 at 12:00 pm UTC to resolve the problem.

Despite the downtime, Canto reassures users that all funds are safe and that normal activities will resume once the issue is fixed. The outage follows the blockchain's recent decision to remain a layer-1 network, reversing plans to migrate to Ethereum as a layer-2 solution.

Tether CEO Paolo Ardoino Hints at Challenging Microsoft and Amazon with Investments in Decentralized AI and Brain-Computer Interfaces

Tether, the world’s largest stablecoin issuer, is setting its sights on challenging tech giants like Microsoft and Amazon by investing in decentralized AI and brain-computer interfaces. CEO Paolo Ardoino revealed that Tether's substantial profits over the last two years are being reinvested into venture capital efforts that align with the firm’s ethos of decentralization and financial freedom.

Tether’s AI initiative focuses on developing open-source models and collaborating with other firms to tackle real-world challenges, marking a significant expansion beyond its traditional crypto-focused ventures.

Marathon Digital Seeks to Raise $250 Million to Expand Bitcoin Holdings Through Private Offering of Convertible Notes

Marathon Digital Holdings, is planning to raise $250 million through a private offering of convertible senior notes due in 2031. The funds will be used to acquire additional Bitcoin, doubling down on the company’s strategy to expand its crypto holdings.

This move follows Marathon’s recent purchase of $100 million worth of Bitcoin, pushing its holdings to over 20,000 BTC. Despite the expansion efforts, Marathon's stock saw a 3.11% decline in pre-market trading. The firm aims to achieve a hash rate of 50 EH/s by the end of 2024, doubling its capacity since the beginning of the year

MakerDAO Considers Offboarding WBTC as Wrapped Bitcoin Restructures Under BiT Global and Justin Sun

MakerDAO is evaluating whether to stop users from minting DAI stablecoin using Wrapped Bitcoin (WBTC) following BitGo's announcement of transferring WBTC control to a joint venture with BiT Global and Justin Sun's Tron. BA Labs has proposed reducing WBTC vault debt ceilings to 0 DAI, citing concerns over Sun's involvement due to previous issues with TrueUSD under his control.

The proposal has sparked debate within the MakerDAO community, with some supporting the move and others calling it an overreaction. WBTC currently backs 10% of DAI's supply, raising significant implications for MakerDAO.​​

Donald Trump Set to Return to Twitter with Live Conversation Hosted by Elon Musk

In a highly anticipated move, Donald Trump is making his return to 𝕏. Elon Musk has announced a live conversation with Trump scheduled for 8 PM ET on Monday. The event promises to be a significant moment in social media history as the former President takes the stage once again, engaging directly with Musk in what is expected to be a captivating and unfiltered dialogue.

For many, this moment signifies more than just a return—it’s a reentry into the public sphere where Trump has historically thrived. With millions expected to tune in, this live event could redefine the social media landscape and set the tone for future discourse.

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