GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Binance Exec Released from Nigerian Prison After Eight-Month Detention

- Microsoft Shareholders to Vote on Bitcoin Investment Proposal

- Binance Launches Ethereum Layer-2 Token Scroll (SCR)

- Uniswap Rolls Out Cross-Chain Bridging Across Nine Networks

- BingX Introduces ‘ShieldX’ Firewall After $52M Breach

- Improbable Unveils Somnia DevNet, Claims 400,000 TPS Capability

Former U.S. Special Agent and Binance Executive Tigran Gambaryan Freed from Nigerian Prison After Eight-Month Detention Amid Crypto Dispute

Tigran Gambaryan, a Binance executive and former U.S. Special Agent, has been released from a Nigerian prison following an eight-month detention. Detained since February amid Nigeria’s escalating dispute with Binance, Gambaryan faced charges of money laundering that were dropped due to his deteriorating health. During his imprisonment, he suffered from multiple health issues, including malaria, pneumonia, and a herniated disk, conditions that his legal team cited in repeated, denied pleas for medical treatment. Nigeria’s Economic and Financial Crimes Commission (EFCC) lifted charges against Gambaryan, citing health concerns, though they denied him formal acquittal.

Diplomatic efforts, including advocacy from U.S. lawmakers and a visit from FBI Director Christopher Wray in June, contributed to the push for his release. While Gambaryan’s charges have been dropped, the EFCC continues its case against Binance, alleging the platform facilitated tax evasion and the laundering of $35 million, which the Nigerian government claims contributed to the naira’s devaluation. Gambaryan’s release follows months of advocacy from his wife, legal team, and Binance, who pledged to cooperate with Nigerian authorities.

Microsoft Shareholders to Vote on Proposal for Bitcoin Investment Assessment, Despite Board Opposition

Microsoft shareholders will vote on December 10 regarding a proposal to assess the potential for the tech giant to invest in Bitcoin, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The proposal, led by the National Center for Public Policy Research (NCPPR), argues that Bitcoin could serve as a hedge against inflation and that its adoption among corporations is rising, highlighting MicroStrategy’s success with Bitcoin investments. However, Microsoft’s board has recommended voting against the proposal, stating that they already consider a “wide range of investable assets,” including Bitcoin.

The board cited Microsoft’s existing asset evaluation processes and noted that it remains more focused on artificial intelligence than blockchain initiatives. Microsoft briefly accepted Bitcoin payments for Xbox purchases from 2014 to 2018, though it has not pursued further Bitcoin integration since. NCPPR, a conservative think tank advocating for free-market policies, contends that even a minimal Bitcoin allocation could offer benefits for Microsoft. Microsoft’s share price was stable following the announcement, trading at $424.7 on October 24, according to Google Finance data.

Binance Lists Ethereum Layer-2 Solution Scroll (SCR), Sparking Interest in Zero-Knowledge Rollup Technology Amid Price Swings

Ethereum Layer-2 scaling solution Scroll (SCR) was officially listed on Binance on October 22, 2024, enhancing its liquidity and accessibility. Known for its zero-knowledge (zk) rollup technology, Scroll aims to reduce transaction costs and improve Ethereum’s scalability. Binance now offers SCR trading pairs like SCR/BTC and SCR/USDT, a move expected to increase investor interest despite recent volatility. Following a sharp 10% drop in its price, SCR has still managed to surge 200% in the last few weeks.

Its future value is closely tied to its governance functions, decentralization objectives, and broader adoption within the Ethereum network. Binance has applied a "seed" tag to the token, reflecting both its potential for significant growth and associated volatility. Investor sentiment around SCR remains cautiously optimistic due to the token's role in Ethereum scaling, especially as zk-rollup technology is anticipated to be instrumental in Ethereum’s future development. Many traders are closely monitoring SCR’s performance as it becomes a focal point in Layer-2 scaling solutions on Binance.

Uniswap Introduces Permissionless Cross-Chain Bridging Across Nine Networks to Enhance Decentralized Swaps

Uniswap has launched a much-anticipated permissionless cross-chain bridging feature, now available across nine networks: Ethereum, Polygon, OP Mainnet, ZKsync, Base, Arbitrum, Zora, Blast, and World Chain. Powered by Across Protocol, this bridging tool leverages decentralized liquidity pools and relayers for faster, more secure transactions, and exclusively supports native tokens and stablecoins. Users can access the feature directly through Uniswap’s Wallet and Interface, bypassing external bridges that previously extended transaction times. Uniswap developed this bridging feature in response to user demand, with in-app bridging receiving the highest votes in a recent poll, highlighting it as a top priority.

This new addition aligns with Uniswap’s vision for efficient cross-chain swaps, promising more features to enhance user experience.Despite the rollout, Uniswap’s UNI token saw a 3.58% drop in price, closing at $7.73, with market cap and trading volume also declining. Nonetheless, October has marked key milestones, including the launch of Unichain, a Layer 2 solution aimed at reducing costs and improving cross-chain functionality. On October 21, Uniswap announced it had surpassed $3.7 billion in total transaction fees and $2 trillion in all-time trading volume on Ethereum, reflecting its sustained usage among decentralized exchange users.

BingX Launches ‘ShieldX’ Wallet Firewall Following $52M Hack to Enhance Security Measures

Singapore-based cryptocurrency exchange BingX has launched "ShieldX," an enhanced wallet firewall initiative, aimed at strengthening platform security after a recent $52 million hack. This hot wallet exploit, which occurred in September, affected various blockchains, including Ethereum, BNB Chain, Base, and Optimism. ShieldX provides upgraded protections and employs round-the-clock threat monitoring through collaborations with several security firms, though their identities remain undisclosed. According to BingX’s Chief Product Officer Vivien Lin, the launch of ShieldX is a proactive measure to bolster defenses and prevent future attacks.

The hack led to temporary withdrawal suspensions for major assets like Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ether (ETH), with BingX covering all affected funds from its own reserves. Despite initial downplaying of the incident, the loss was later confirmed to be substantial. Previously, BingX faced scrutiny for allegedly allowing Iranian users to evade U.S. sanctions, permitting swaps between the Iranian rial and Tether in contravention of OFAC rules. Since its inception in 2018, BingX has grown to rank among the top 20 global crypto exchanges, handling over $300 million in daily trading volume. The launch of ShieldX is part of its broader security and compliance enhancement efforts.

Improbable to Launch Somnia Blockchain DevNet Phase, Promises 400,000 Transactions per Second for Yuga Labs’ Otherside

British metaverse company Improbable, the creator behind Yuga Labs’ Otherside platform, is set to launch the DevNet phase of its new Somnia blockchain in the coming weeks. The blockchain is designed to handle over 400,000 transactions per second (TPS) with low latency and minimal fees, and it is compatible with the Ethereum Virtual Machine (EVM). This high throughput capacity aims to support large-scale applications, potentially advancing the performance of blockchain for consumer-level metaverse platforms. Improbable's CEO, Herman Narula, expressed disappointment with the current blockchain landscape, arguing that no system has yet solved the problem of high-performance transactions.

He attributes this to short-term thinking and lack of innovation, with some existing blockchains averaging only single-digit transaction volumes. The Somnia project is led by the Virtual Society Foundation, which Improbable co-launched in March, and is supported by investors like a16z and SoftBank. Narula, drawing from years of research, sees Somnia’s architecture as the key to enabling seamless, large-scale virtual interactions. Using an analogy of waiters in a restaurant, Narula explained that Somnia focuses on optimizing efficiency, aiming to prevent the breakdowns seen in other blockchain structures. With this launch, Improbable intends to reshape blockchain’s role in the metaverse by finally delivering the capacity needed for real-world applications.

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