Crypto Weekly: Google Cloud Supports Cronos, BNB Chain's Tokenization Platform, and Ozean's $100 Million Private Credit Initiative
In Brief
This weekly overview showcases key advancements from the previous week, spotlighting strategic alliances, launches of blockchain technologies, and innovations that are reshaping the sphere of digital finance.
The past week has been packed with noteworthy developments for cryptocurrency enthusiasts, showcasing collaborations between major players, significant blockchain breakthroughs, and innovative solutions that are redefining finance in the digital age. Major corporations are stepping into the decentralized finance realm, while luxury brands and tech titans establish their presence in the Web3 space. These activities reflect a vigorous push for cryptocurrency to penetrate mainstream markets. Let's explore the highlights that have garnered attention across the industry.
Ozean and HELIX Collaborate to Tokenize $100 Million in Private Credit
Ozean, a blockchain platform focused on real-world assets and developed by Clearpool, has teamed up with HELIX to tokenize $100 million worth of private credit. This partnership aims to provide access to a variety of private credit options, ranging from diversified funds to loan arrangements. The collaboration is reinforced by HELIX's sophisticated credit analytics and Clearpool's established role within the DeFi ecosystem.
Investors in decentralized finance can now tap into HELIX's diverse fixed-income products available on Ozean’s blockchain, enabling direct interaction with tokenized private credit assets. With backing from Hex Trust, this alliance simplifies the investment process for institutional funds and family offices, bridging the gap between traditional finance and DeFi. Ozean and HELIX collectively approach a record of nearly $1 billion in private credit and are now set to lead the upcoming wave of innovation in private credit via blockchain technology.
Eclipse Launches as the First Ethereum Layer 2 Solution on Solana’s Mainnet
Eclipse, a pioneering layer-2 solution merging Ethereum’s liquidity with the speed of Solana, has officially been launched. Utilizing the Solana Virtual Machine (SVM), Eclipse promises quicker and more economical transactions settled directly on Ethereum. This innovative platform is set to provide a cutting-edge combination for decentralized finance (DeFi), gaming, and consumer applications. The launch on November 7 comes with 60 decentralized apps (DApps) ready to use, featuring well-known names like Orca and Save, and has already attracted $65 million in investments from notable backers such as Placeholder and Hack VC.
This remarkable integration between Ethereum and Solana offers developers from both ecosystems an opportunity to scale their applications on a single, powerful platform. Eclipse CEO Vijay Chetty, who took the helm earlier this year, is focused on establishing fluid cross-chain functionalities, leveraging both Ethereum's deep liquidity and Solana's impressive transaction speed. With endorsements from Solana's co-founder Anatoly Yakovenko and other significant investors, Eclipse aims to revolutionize the layer-2 landscape.
Coinbase Launches Wrapped Bitcoin (cbBTC) on Solana, Expanding BTC’s Influence in DeFi.
Coinbase has introduced cbBTC, its rendition of wrapped Bitcoin, within Solana to stimulate growth in the DeFi sector by channeling Bitcoin liquidity into Solana's ecosystem. Pegged at a 1:1 ratio with Bitcoin, cbBTC is designed as a Solana Program Library (SPL) token. Once fully operational, it will enable users to access BTC across numerous DeFi platforms, including Jupiter, Raydium, and Drift.
With this launch, Coinbase steps into the Solana arena, filling the void left by soBTC’s de-peg following the FTX collapse, and joining the ranks alongside other wrapped Bitcoin providers like tBTC and zBTC. Since its launch in mid-September, cbBTC's market capital has seen a remarkable increase, positioning it as a competitor to BitGo’s WBTC within the programmable Bitcoin sector. With Solana’s DeFi rebounding and total value locked (TVL) rising by 250% in 2024, this strategic deployment aims to leverage the network's burgeoning momentum.
Hut 8 Boosts Hashrate by 66% with the Addition of 31,000 Bitcoin Miners
Bitcoin mining powerhouse Hut 8 is gearing up for a 66% increase in hashrate by early 2025, following a deal to acquire over 31,000 Bitmain Antminers S21+. The new miners, priced at $15 per terahash, will elevate Hut 8’s capacity from 5.6 EH/s to 9.3 EH/s, with possibilities of reaching 24 EH/s by the second quarter of 2025 should they activate further purchase options.
The Antminer S21+ is engineered for superior efficiency, promising faster returns while cutting Hut 8’s energy consumption by 37% to 19.9 J/TH, with potential enhancements on the horizon. Hut 8 has carved a niche for itself by harnessing the increased hashrate for artificial intelligence (AI) and high-performance computing projects. Following this announcement and the recent surge in Bitcoin's price, Hut 8's stock experienced an 11% rise to $18.59.
BNB Chain Launches No-Code Tool for Tokenizing Real-World Assets
BNB Chain’s innovative no-code platform allows users to tokenize real-world assets in mere moments, offering an efficient method to transition physical items like art, collectibles, and securities into the blockchain realm. This service comes with integrated compliance measures, potentially lowering expenses and simplifying the entire process, thus paving the way for small enterprises and individuals to step into the tokenization arena.
This initiative aligns with projections indicating that the market for tokenizing real-world assets could reach a staggering $30 trillion by 2030. As BNB Chain actively supports this growing domain, the opportunities for fractional ownership and enhanced accessibility to valuable assets are likely to ignite interest in on-chain finance.
Lamborghini Unveils ‘Revuelto NFT’ Minting with Animoca and Transak
Lamborghini is racing ahead in the Web3 space with its latest Revuelto NFTs, launched in collaboration with Animoca Brands and powered by Transak’s payment gateway. Kicking off on November 7, users can mint digital Lamborghini models that will be operable in various Motorverse games, an Animoca initiative focused on virtual racing.
Even though there has been a recent downturn in NFT sales, Lamborghini is aiming for high-value collectors and enthusiasts by presenting exclusive digital assets that extend beyond simple ownership. As highlighted by Transak’s marketing lead, this project prioritizes crafting long-lasting, immersive experiences for Lamborghini's community rather than just driving immediate sales – a step forward into a digital future where luxury brands actively participate in virtual realms.
Google Cloud Enters Cronos as Chief Validator, Advancing Web3 Development
Google Cloud has assumed the role of leading validator on the Cronos blockchain, broadening its strategic relationship with Cronos Labs. This development not only bolsters the security and decentralization of Cronos but also indicates a deeper commitment from Google Cloud towards the Web3 sector. As a primary validator among 32 participants, which includes Crypto.com and Blockdaemon, Google Cloud will facilitate new block production while fostering innovation for developers.
As per Ken Timsit, managing director at Cronos Labs, this collaboration takes advantage of Google Cloud’s infrastructure and AI capabilities. Consequently, Cronos emerges as a more attractive platform for startups and developers eager to craft the next generation of decentralized applications.
Magic Labs and Polygon Launch Cross-Chain Smart Wallet for AggLayer
Magic Labs and Polygon have launched a cross-chain smart wallet on the Newton testnet for AggLayer, addressing the liquidity fragmentation within DeFi. Designed on Polygon’s CDK, Newton offers wallets that abstract across chains, providing access to global liquidity and facilitating cross-chain launches, all aimed at optimizing transactions across diverse blockchains with a streamlined 'single command line.'
By addressing the liquidity scattered across platforms, Newton strives to diminish trading fees and enhance transaction speeds. Backed by PayPal and other industry leaders, Magic Labs is playing a pivotal role in evolving the DeFi ecosystem towards a smooth, unified network comparable to the SWIFT system in traditional finance.
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