GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- WalletConnect Launches WCT Token 

- Phantom Introduces Custom Usernames 

- Cathedra Bitcoin Moves Away from Traditional Bitcoin Mining

- Circle Expands USDC Access in Brazil and Mexico

- DBS Bank to Offer OTC Crypto Options for Institutions

- TON Foundation Announces Partnership with Curve Finance

WalletConnect Foundation Unveils Connect Token and Decentralizes Network 

The WalletConnect Foundation has announced significant updates, unveiling its new Connect Token (WCT) as part of its mission to decentralize the WalletConnect Network. Since its launch in 2018, WalletConnect has supported over 23 million users, facilitating 150 million connections, and now boasts 4 million monthly users making 15+ million connections. Over the last year, WalletConnect has grown by 240%, playing a pivotal role in web3’s $2 trillion ecosystem. The new WCT will serve as the native utility token, facilitating governance, staking, rewards, and fees to enhance user experience and decentralization.

Major milestones include the migration from v1 to v2 and the involvement of notable node operators like Consensys, Ledger, and Figment. As WalletConnect continues its journey toward full decentralization, the introduction of WCT represents a major step toward empowering its community to drive the future of onchain user experiences. The WCT is designed to fuel innovation and provide users with a voice in shaping the UX landscape. With more than 40,000 apps already built on WalletConnect, the ecosystem is set to expand further with developments in identity, payments, and security.

Phantom Introduces Custom Usernames for a Streamlined Crypto Experience

Phantom has introduced a feature allowing users to create custom usernames, making the web3 experience more accessible and personalized. With this new option, users can replace complex wallet addresses with easily recognizable names, simplifying the process of sending and receiving crypto. The personalized usernames also synchronize settings across devices, ensuring a seamless user experience whether accessed from a phone or desktop. Phantom’s address book feature makes adding friends and managing contacts by username much easier, avoiding errors when handling transactions.

Importantly, the username feature is opt-in, meaning users retain full control of their privacy and can choose which wallets to associate with the username. Phantom’s commitment to privacy ensures that seed phrases and private keys are never linked to the username. Looking forward, Phantom plans to roll out even more features to enhance personalization and make crypto interactions more fun and social. As users adopt their own custom usernames, the platform aims to foster a more intuitive, secure, and community-driven experience.

Cathedra Bitcoin Inc. Shifts Focus to Increase Bitcoin Per Share

Cathedra Bitcoin Inc. is reorienting its strategy to focus on growing its shareholders’ bitcoin holdings, moving away from traditional bitcoin mining toward more predictable cash-generating businesses like data centers. As the company embraces its Bitcoin thesis, management believes Bitcoin will emerge as a dominant global reserve asset over the coming decades due to its unique monetary properties and macroeconomic conditions. Despite Bitcoin’s success, mining has proven to be an unreliable way to increase bitcoin per share, as many top mining companies hold less bitcoin per share today than three years ago.

Cathedra's recent merger with Kungsleden is expected to enable the company to generate sustainable cash flows from its data centers, which can then be reinvested to acquire more bitcoin. Other strategies include retaining mined Bitcoin, purchasing additional bitcoin through cash flow, and using bitcoin-linked derivatives for income. By formalizing this approach, Cathedra aims to deliver consistent bitcoin-per-share growth, positioning itself as a leader in the space of bitcoin accumulation and long-term value creation for its shareholders.

Circle Expands USDC Access in Brazil and Mexico through Local Financial Systems

Circle has expanded access to its USDC stablecoin in Latin America, now enabling businesses in Brazil to access USDC directly via the country’s PIX payment system, which has nearly 160 million users. In Mexico, Circle is integrating USDC into the SPEI system, facilitating cross-border payments and currency conversion. This expansion aligns with Circle’s broader efforts to bring USDC to additional blockchain networks, including the upcoming integration with the Sui Network.

As the second-largest stablecoin with a market cap of $35.50 billion, USDC is increasingly being used in emerging markets for everyday transactions such as savings and remittances. Stablecoins like USDC provide a reliable alternative to volatile local currencies, making them attractive for businesses and individuals alike. Circle’s push into Latin America underscores the growing demand for digital assets in regions where financial stability can be uncertain. The company’s strategic move highlights its vision to establish USDC as a trusted medium for cross-border commerce and financial services.

Singapore’s DBS Bank to Launch OTC Crypto Options and Structured Notes for Institutions

DBS Bank has announced plans to offer over-the-counter (OTC) crypto options trading and structured notes to its institutional clients, starting in Q4 2024. These financial products will be linked to the prices of Bitcoin and Ether, the two largest digital assets by market capitalization. Through this offering, DBS aims to provide its clients with a way to manage crypto asset volatility by engaging in options contracts that allow them to buy or sell assets at pre-agreed prices and dates. The bank will also offer structured notes, a type of debt security that derives its value from underlying assets like Bitcoin and Ether.

Institutional clients who hold crypto with DBS will be able to hedge their positions using these financial tools, adding a new layer of sophistication to their crypto investment strategies. DBS's move into crypto options trading reflects the growing institutional demand for diversified exposure to digital assets, as well as a desire to manage risks in a highly volatile market. This initiative further cements DBS as a key player in the institutional crypto space, offering advanced financial instruments to meet the evolving needs of its clients.

TON Foundation and Curve Finance Partner to Develop TON-Based Stable Swap Project

The TON Foundation, a key player in accelerating The Open Network Blockchain (TON), has joined forces with Curve Finance, a prominent decentralized exchange (DEX), to launch a TON-based stable swap project. This collaboration marks a significant step forward for the TON ecosystem, focusing on enhancing stablecoin trading within its network. By leveraging Curve's proven expertise in decentralized market-making, the project aims to create more efficient trading conditions for stablecoins on the TON blockchain.

Curve's constant-function market maker (CFMM) technology will serve as the backbone of the new stable swap platform, enabling smoother stablecoin exchanges and reducing slippage for users. This integration is designed to offer a user-friendly experience, making it easier for traders to move assets across the TON blockchain. The use of CFMM technology on TON is expected to bolster liquidity, ensuring trades can occur at more favorable rates.

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