Crypto Weekly: Google Cloud Backs Cronos, BNB Chain’s Tokenization Tool, and Ozean’s $100M Private Credit Push
In Brief
The digest covers major developments from the past week, including strategic partnerships, blockchain launches, and innovations reshaping digital finance.
The past week has delivered a lineup of standout developments for crypto investors, with strategic partnerships, major blockchain launches, and innovations reshaping digital finance. As always, big players are entering the decentralized finance space, while luxury brands and tech giants are making their mark on Web3. These moves signal a strong momentum in crypto’s push into mainstream markets, and here’s a dive into the highlights that are capturing attention across the industry.
Ozean and HELIX Team Up to Tokenize $100M in Private Credit
Ozean, the RWA-focused blockchain developed by Clearpool, has partnered with HELIX to bring $100 million in private credit on-chain. This collaboration unlocks access to a range of private credit options, from diversified funds to loan facilities. Backing the partnership are HELIX’s robust credit analytics and Clearpool’s established position in DeFi.
HELIX’s array of fixed-income offerings will be accessible through Ozean’s blockchain, allowing DeFi investors to engage directly with tokenized private credit assets. With support from Hex Trust, the partnership simplifies the path for institutional funds and family offices to invest on-chain, overcoming previous barriers between traditional finance and DeFi. Ozean and HELIX already boast a collective track record approaching $1 billion in private credit and are now poised to drive the next wave of private credit innovation in blockchain.
Eclipse Launches as First Ethereum L2 on Solana’s Mainnet
Eclipse, a first-of-its-kind layer-2 solution that fuses Ethereum’s liquidity with Solana’s speed, has officially launched. It leverages the Solana Virtual Machine (SVM) for faster, cheaper transactions and settling them on Ethereum. Thus, Eclipse promises an advanced, hybrid solution for decentralized finance (DeFi), gaming, and consumer applications. The platform rolled out on November 7 with 60 decentralized apps (DApps) ready to go, including high-profile names like Orca and Save, and has already drawn $65 million in funding from major backers, including Placeholder and Hack VC.
This unique bridge between Ethereum and Solana gives developers from both ecosystems a chance to scale their apps on one powerful platform. Eclipse CEO Vijay Chetty, who took over earlier this year, aims to create seamless cross-chain capabilities, drawing strength from both Ethereum’s liquidity and Solana’s transaction efficiency. Having support from Solana co-founder Anatoly Yakovenko and other key investors, Eclipse is positioning itself as a game-changer in the layer-2 space.
Coinbase Brings Wrapped Bitcoin (cbBTC) to Solana, Expanding BTC’s Reach in DeFi.
Coinbase has rolled out cbBTC, its version of wrapped Bitcoin, on Solana to fuel growth in DeFi by bringing Bitcoin liquidity into Solana’s ecosystem. Backed 1:1 with Bitcoin, cbBTC is structured as a Solana Program Library (SPL) token. Once implemented, cbBTC will give users access to BTC across various DeFi platforms, including Jupiter, Raydium, and Drift.
This launch marks Coinbase’s first token on Solana, addressing a gap left by soBTC’s de-pegging post-FTX and joining other wrapped BTC options like tBTC and zBTC. Since its mid-September launch, cbBTC has surged in market cap and now challenges BitGo’s WBTC in the programmable BTC arena. Solana DeFi rebounding and total value locked (TVL) have already jumped 250% in 2024, and this deployment aims to capitalize on the network’s momentum.
Hut 8 Powers Up: 66% Hashrate Boost with 31K New Bitcoin Miners
Bitcoin mining giant Hut 8 is set for a 66% surge in hashrate by early 2025, thanks to a deal to acquire over 31,000 Bitmain Antminers S21+. The new machines, priced at $15 per terahash, will push Hut 8’s capacity from 5.6 EH/s to 9.3 EH/s, with the potential to hit 24 EH/s by Q2 2025 if a further purchase option is exercised.
The Antminer S21+ model promises faster returns and better efficiency, lowering Hut 8’s fleet energy use by 37% to 19.9 J/TH, with potential to improve further. Hut 8 is known for its push to leverage increased hashrate for AI and high-performance computing. Following the announcement and Bitcoin’s recent price jump, Hut 8’s stock rose 11% to $18.59.
BNB Chain Unveils No-Code Asset Tokenization Tool for Real-World Assets
BNB Chain’s new no-code tool lets users tokenize real-world assets in minutes, providing a streamlined way to bring physical assets like art, collectibles, and securities onto the blockchain. The service has in-built compliance tools, can lower costs, and simplifies the process, thus opening doors for small businesses and individuals to enter the tokenization space.
This move aligns with forecasts that real-world asset tokenization could grow into a $30 trillion market by 2030. As BNB Chain steps up to support this emerging sector, the potential for fractional ownership and broader accessibility to valuable assets is set to drive interest in on-chain finance.
Lamborghini Launches ‘Revuelto NFT’ Mint with Animoca and Transak
Lamborghini is hitting the gas on Web3 with its new Revuelto NFTs, launched in partnership with Animoca Brands and powered by Transak’s payment on-ramp. Starting November 7, users can mint digital Lamborghinis that will be drivable across various Motorverse games, an Animoca project focusing on virtual vehicles.
Despite a recent dip in NFT sales volume, Lamborghini is targeting high-value collectors and fans by offering exclusive digital assets that go beyond mere ownership. As Transak’s head of marketing noted, the initiative is more about building long-term, immersive experiences for Lamborghini’s community than driving immediate sales – a step toward a digital future where luxury brands engage in virtual spaces.
Google Cloud Joins Cronos as Lead Validator, Pushing Web3 Forward
Google Cloud has stepped up as the main validator on the Cronos blockchain, expanding its strategic partnership with Cronos Labs. This move not only strengthens Cronos’ security and decentralization but also signals Google Cloud’s deeper commitment to the Web3 space. As a primary validator among 32 participants, including Crypto.com and Blockdaemon, Google Cloud will support new block production while driving innovation for developers.
According to Cronos Labs’ managing director, Ken Timsit, the collaboration leverages Google Cloud’s infrastructure and AI capabilities. Cronos is now positioned as a more appealing platform for startups and developers looking to create the next wave of decentralized applications.
Magic Labs and Polygon Unveil Crosschain Smart Wallet for AggLayer
Magic Labs and Polygon have launched a cross-chain smart wallet on the Newton testnet for AggLayer, targeting the liquidity fragmentation plaguing DeFi. Built on Polygon’s CDK, Newton offers chain-abstracted wallets, global liquidity access, and cross-chain launches, aiming to streamline transactions across multiple blockchains with a “single command line.”
By tackling liquidity spread across platforms, Newton aims to reduce trading costs and increase transaction speeds. Backed by PayPal and industry leaders, Magic Labs is shaping the DeFi ecosystem’s evolution toward a seamless, unified network akin to the SWIFT system in traditional finance.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
