GizmoLab Report: Cutting-Edge Developments in Web3 📈

Today’s key beats:

- Sergey Nazarov Predicts Future Growth of Crypto ETFs and Web3

- Gate Becomes Inter’s Sleeve Partner for 2024/25

- WazirX Criticizes External Interference in Restructuring

- Nigerian Stakeholders Advocate for Compliance-Focused Crypto Regulatio

- PayPal, Anchorage Launch PYUSD Rewards Program

- 071labs Invests in UXLINK, A Web3 Social Platform for Mass Adoption

Chainlink Co-Founder Sergey Nazarov Predicts Crypto ETFs Will Extend Beyond Bitcoin and Ethereum, Foresees Convergence of Web3 and Traditional Finance 

Chainlink co-founder Sergey Nazarov foresees a future where crypto exchange-traded funds (ETFs) will expand beyond Bitcoin and Ethereum to include tokenized real-world assets traded by both Web3 companies and traditional banks. Speaking at Token2049, Nazarov predicted that the "ETF dynamic" will see significant growth this year and expects a convergence of Web3 and traditional finance through real-world assets within the next 3-4 years.

However, he emphasized that substantial improvements in crypto usability are crucial for mainstream adoption. Nazarov highlighted four key pillars to drive adoption: usability, scalability, connectivity, and privacy, urging the crypto community to prepare for these upcoming changes.

Gate Partners with Inter as Official Sleeve Sponsor for 2024/25 Season, Uniting Football Tradition with Digital Innovation

Gate, a leading cryptocurrency exchange, has announced a partnership with FC Internazionale Milano, also known as Inter, as the official sleeve partner for the 2024/25 season. Gate's logo will appear on the sleeves of Inter's playing kits for the Men’s, Women’s, and U20 teams. This collaboration aims to enhance the fan experience through exclusive content, joint marketing activities, co-branded merchandise, and unique opportunities for fan engagement. The partnership represents a fusion of traditional sports excellence with digital technology innovation.

Both Gate and Inter share a commitment to innovation and community engagement. The partnership will provide Gate with extensive visibility in all competitions that Inter participates in. Gate is a top cryptocurrency exchange known for its secure digital asset platform and wide range of services, while Inter is a globally recognized football club with a rich history and numerous titles.

WazirX Blames External Forces for Delaying Restructuring Efforts Amid Legal Challenges and Security Concerns

Indian cryptocurrency exchange WazirX has criticized external forces for allegedly delaying its restructuring efforts. The exchange recently announced a comprehensive plan aimed at restoring financial stability and enhancing asset security following a significant hack in July that targeted a multisignature wallet holding approximately $234 million. As part of its restructuring, WazirX plans to reinstate Indian rupee withdrawals on a staggered basis starting August 26 and has reduced withdrawal fees by 60% to ease the financial burden on users.

The company is also pursuing legal recourse in Singapore to negotiate fair terms for all parties affected by the hack, adhering to a court-approved scheme of arrangements. WazirX has emphasized the importance of robust security protocols to prevent future breaches. The restructuring is complicated by what WazirX describes as interference from external entities aiming to prolong uncertainty and hinder the resolution process. In response to the breach, India’s Bharat Web3 Association has increased efforts to enhance cybersecurity within the crypto industry.

Crypto Stakeholders Urge Nigeria to Embrace Compliance-Focused Regulation, Citing India's Balanced Approach as a Model

Stakeholders in Nigeria's cryptocurrency industry are advocating for a regulatory framework that emphasizes compliance rather than criminalization. Obinna Iwuno, former president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has criticized the country's current punitive approach, which has led to legal battles and detentions of crypto executives, arguing that it harms Nigeria's global reputation and stifles the growth of the sector.

He suggests a regulatory environment that prioritizes fines and operational restrictions unless there is a clear legal violation or national security threat. Stakeholders point to India as a model for crypto regulation, noting its resolution with Binance, where penalties and constructive engagement allowed the exchange to resume operations while ensuring compliance. Nigerian crypto professionals are urging the government to adopt a similar balanced approach, which fosters innovation and cooperation while minimizing disruptions and preserving investor trust.

PayPal Partners with Anchorage Digital to Launch Rewards Program for PYUSD Stablecoin, Expanding Presence on Solana

PayPal and Anchorage Digital have launched a new rewards program for holders of PayPal’s PYUSD stablecoin, an ERC-20 token on the Ethereum blockchain backed 1:1 by US dollars. The program is available to clients using Anchorage’s services or the Porto institutional self-custody wallet, allowing them to earn rewards without involving rehypothecation, staking, or lending. PYUSD, issued by Paxos Trust Company, aims to compete with other major stablecoins and offers integration with various developers, wallets, and web3 applications.

The stablecoin is increasingly favored for global transactions due to its programmability and ease of transfer. Additionally, PYUSD has expanded its presence on the Solana blockchain, surpassing its supply on Ethereum, and features privacy-focused "confidential transfers." The growth of PYUSD and other stablecoins reflects the broader trend towards regulated digital asset custodians in the US. Recently, Senators Cynthia Lummis and Kirsten Gillibrand proposed a bill to regulate stablecoins, which would impose reserve and operational requirements on issuers.

071labs Invests in UXLINK - A Pioneering Web3 Social Platform Focused on Mass Adoption and Social DEX Innovation

071labs has proudly invested in UXLINK, a cutting-edge Web3 social platform and infrastructure project. UXLINK is designed to drive mass adoption of Web3 technology by focusing on creating a user-driven social decentralized exchange (DEX) and social infrastructure. The platform's innovative approach emphasizes placing groups at the center of Web3 applications, aiming to revolutionize social and virtual interactions.

UXLINK allows users to create social assets and engage in cryptocurrency trading through its modular Dapps, which include features for onboarding, social graph formation, group tools, and socialized trading. To date, UXLINK has successfully raised $14 million.

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