Axelar has introduced the Mobius Development Stack, a technology designed to make building decentralized applications across different blockchains easier.
The company’s new infrastructure, announced in an Oct. 3 Blockworks article, allows developers to connect various blockchain networks, including Solana (SOL), Stellar (XLM), and XRP Ledger (XRP), without the need for bridges — software tools that usually link blockchains. This infrastructure will streamline developers’ processes and enhance cross-chain functionality.
Cross-chain connectivity simplified
MDS integrates with popular OpenZeppelin libraries, which developers use to build secure smart contracts, and supports both on-chain and off-chain resources.
Off-chain resources could include AI or zk co-processors, which handle tasks outside of the blockchain but interact with it.
One key feature of Axelar’s new offering is the Interchain Amplifier. Secured by Axelar’s native token, AXL (AXL), or other assets like Ether (ETH) and Bitcoin (BTC), the Amplifier ensures that cross-chain connections remain secure.
Another feature, the Interchain Token Service, supports the creation and movement of native cross-chain tokens. This could allow developers to tokenize real-world assets or enable new use cases for liquidity and fractional ownership.
In simple terms, Axelar’s stack helps developers build apps that work across many blockchain platforms, removing the need to rely on single chains or inefficient methods of connecting them.
This technology is part of a broader trend in Web3 to improve the experience for developers and end-users by offering more seamless infrastructure solutions.
SUI experienced a sharp drop on Oct. 4, emerging as the day’s largest loser, dropping over 15%.
According to data from crypto.news, Sui (SUI) plummeted from an intraday high of $1.97 on Oct. 3 to a low of $1.62, with its market capitalization falling from $5.46 billion to $4.45 billion. At press time, the token recovered slightly, trading at $1.78, still down 4% over the past 24 hours, with a market cap of $4.92 billion.
Token unlock and market volatility
SUI’s price movement coincided with the unlocking of 64.2 million tokens on Oct. 1, representing 2.4% of the circulating supply. Token unlocks can often trigger volatility as early investors or team members sell tokens to realize profits.
However, despite the large unlock, SUI’s price correction was relatively contained, likely due to the market’s optimistic outlook on the token, which had already rallied 115% in September.
The limited impact of the unlock reflects confidence in SUI’s long-term potential, with investors seemingly unwilling to part with their holdings. This sentiment is supported by the rapid growth and increasing utility within the SUI ecosystem.
Speculation on profit rotation to Aptos
Amidst the price correction, some analysts have speculated that traders may have shifted profits from SUI to its close competitor, Aptos (APT). Both SUI and Aptos are positioned as high-performance layer-1 blockchains, and such rotations between assets are common in the crypto market when traders seek to maximize short-term gains.
maybe it’s time to rotate from one Solana killer to the next. I’ve heard that Aptos tech might be even better pic.twitter.com/LB8YeLNRBm
Despite the recent volatility, SUI’s underlying ecosystem continues to expand rapidly, driven by a surge in developer and user interest.
Data from DefiLlama shows that the total value locked in the SUI ecosystem has soared to a new high of $1 billion, up from $383 million in August. This growth has seen SUI overtake more established blockchains such as Polygon and Avalanche in TVL rankings.
Several factors are fueling SUI’s recent growth. Grayscale’s launch of the SUI Trust in September opened the door for accredited investors to gain exposure to the token, adding serious momentum.
At the same time, SUI’s strategic dive into the blockchain gaming world has turned heads, with Mysten Labs teaming up with Playtron to launch pre-orders for the SuiPlay0X1 console, a web3-native gaming device. Meanwhile, Circle, the company behind USDC, announced plans to bring the stablecoin to the SUI blockchain, boosting its potential for decentralized finance applications.
Sui’s latest partnership with Atoma brings decentralized AI to its network, leveraging Sui’s consensus and low transaction fees. The integration enables apps on Sui to incorporate open-source AI models with verifiability guarantees, supporting use cases like code generation, AI-powered non-fungible tokens, and automation in decentralized finance.
These collaborations seem to have propelled the token into the spotlight, with SUI ranking as a top trending search term on Google since the start of October.
SUI shows signs of recovery
From a technical perspective, SUI appears to be regaining bullish momentum. On the daily chart, SUI is positioned above the middle Bollinger Band at $1.55, indicating a potential upward trend, while the Relative Strength Index is approaching the overbought level.
sui price, Bollinger Bands and RSI chart – Oct. 4 | Source: crypto.news
The Average Directional Index, a key metric for assessing trend strength, has risen to 54 — well above the threshold of 25, which signals a strong trend. Additionally, the Moving Average Convergence Divergence indicator shows bullish momentum, with the two lines trending upwards.
SUI ADX and MACD chart – Oct. 4 | Source: crypto.news
These indicators suggest that SUI may continue its recovery, with the $2 mark acting as the next key resistance level. If the bullish momentum holds, the token could target its all-time high of $2.17, representing a 19% gain from current levels.
SWIFT will trial live transactions of tokenized assets and digital currencies in 2025, aiming to integrate blockchain-based tokens into the broader financial system.
Global financial messaging network SWIFT will trial live transactions of tokenized assets and digital currencies in 2025, marking a step toward broader adoption of blockchain-based finance, per a Reuters report on Oct. 3.
Banks and asset managers have long explored tokenizing assets like bonds, hoping blockchain technology can streamline trading and cut costs by eliminating middlemen. However, these efforts have struggled to gain traction in the wider market.
SWIFT has been involved in trials of central bank digital currencies and tokenized assets. The network’s latest initiative aims to connect these innovations with traditional banking, a move SWIFT says reflects rising industry demand for real-world digital asset transactions.
“To successfully trade and settle a tokenized bond transaction, you need the cash and that’s where a tokenized deposit or wholesale CBDC comes in. It’s not good enough if you just have delivery or just payment, you need both.”
SWIFT
As 90% of the world’s central banks explore digital currency options, SWIFT’s new platform — expected to launch within the next one to two years — aims to integrate CBDCs into the financial ecosystem. The organization believes that successful trading and settlement of tokenized bonds require both tokenized deposits or wholesale CBDCs, ensuring that payment and delivery are equally supported.
However, despite SWIFT’s integration efforts, not all countries are rushing to develop their digital currencies. Concerns persist regarding technological and regulatory hurdles, as highlighted by Sweden’s Riksbank, which emphasized the need for extensive technical and regulatory development to ensure secure offline payments with e-kronas.
Layer 1 blockchain network Aptos announced its acquisition of Japanese blockchain developer HashPalette, marking a key expansion into Japan’s blockchain market.
Aptos Labs, the firm behind layer 1 blockchain Aptos Network, announced the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and developer of the Palette blockchain, in a strategic push into Japan’s blockchain market.
In an Oct. 3 Medium announcement, Aptos Labs said that under the agreement, HashPalette, which has established ties with multiple Japanese firms, will migrate its Palette Chain as well as its applications to the Aptos Network by early 2025. Holders of Palette Chain’s governance token, PLT, are expected to have the option to exchange it for APT, though the specifics of the process have yet to be clarified.
The integration is scheduled to be completed before Expo 2025 in Osaka, where Aptos will serve as the exclusive blockchain powering the event’s digital wallet system. The partnership will allow participants at the Expo to engage with non-fungible tokens, digital assets, and decentralized applications through Aptos’ infrastructure, the announcement reads.
Following the announcement, the price of (APT), the native token of Aptos Network, surged 7.32% to $8.24, while PLT plunged 15%. Aptos pointed out that the acquisition is still pending customary closing conditions and approvals.
The acquisition follows Aptos Foundation’s recent collaboration with OKX Ventures to launch a $10 million fund aimed at supporting projects on the Aptos blockchain. The fund, named Ankaa, is intended to drive growth through an accelerator program that offers venture support, targeted mentorship, market exposure, and access to a wide network of industry experts for selected projects.
Poland’s second-largest bank, Bank Pekao, is using blockchain technology to preserve the country’s cultural heritage.
According to a Pekao press release, the bank partnered with Aleph Zero to launch Archiv3, a project aimed at tokenizing Polish artwork and securely storing it for future generations.
Tokenization is the process of turning physical assets, like art, into digital tokens on a blockchain, making them easier to store and track.
For this project, Bank Pekao is digitizing famous Polish artworks, like those by Jan Matejko and Stanisław Wyspiański, using advanced 3D scanning technology. These digital versions are then stored as non-fungible tokens on the eco-friendly Aleph Zero blockchain, ensuring their long-term preservation.
Arctic World Archive
The tokenized artwork will also be archived in the Arctic World Archive, a facility in Svalbard, Norway, designed to protect important data from threats like cyberattacks and natural disasters. The AWA is known for storing cultural and scientific data from organizations like UNESCO and the Vatican, according to an Archiv3 release.
The bank hopes that by using a decentralized ledger, the artworks will remain safe and accessible for future generations, even in the event of a global catastrophe.
This initiative reflects a broader trend of integrating traditional banking with modern technologies like blockchain, opening new avenues for digital asset management.
Earlier, on Oct 2, Christie’s announced plans to use blockchain technology to issue blockchain-based ownership certificates for art sold at auction.
Crypto wallet provider Kresus has partnered with Christie’s to bring blockchain technology to art ownership.
As part of Christie’s photography auction, “An Eye Towards the Real: Photographs from the Collection of Ambassador Trevor Traina,” Kresus will issue digital Certificates of Ownership for over 130 artworks, according to a press release shared with crypto.news.
Christie’s is one of the world’s leading auction houses, specializing in the sale of fine art, antiques, jewelry, and collectibles.
Certificate of art ownership via the blockchain
This partnership involves using the Base blockchain, developed by Coinbase, to mint unique digital certificates for each art piece sold. These certificates provide a secure way to verify ownership and track the history of the artwork.
Buyers will be able to access their certificates through the Kresus wallet, offering a modern alternative to traditional paper records. Blockchain is often used in crypto transactions, but in this case, it provides an unchangeable digital record of who owns each artwork.
For collectors, this means they have a secure, digital way to prove ownership, replacing paperwork that can easily be lost or forged.
Trevor Traina, the founder of Kresus, emphasized that managing art collections can be complicated, and blockchain simplifies this process.
“As an art collector, I am well aware of the burden of managing and maintaining provenance and proper documentation- often in paper form and in file cabinets. This partnership with Christie’s exemplifies how technology can enhance the experience for collectors, providing a secure, digital way to manage physical assets.”
Trevor Traina
The auction features works by renowned photographers, including Diane Arbus and Cindy Sherman, with Kresus’ blockchain certificates highlighting how art ownership is evolving into the digital age.
Router Protocol, a Coinbase Ventures-backed decentralized blockchain network, is improving cross-chain functionality through a new integration with Solana.
The partnership enhances cross-chain interactions, enabling users to access multiple blockchain ecosystems and improve decentralized applications, according to a press release shared with crypto.news.
This move allows Solana’s (SOL) ecosystem, including its decentralized exchanges, non-fungible token marketplaces, and decentralized finance projects, to connect with other major blockchain networks like Ethereum (ETH), Avalanche (AVAX), and Polygon (POL).
Router Protocol is a decentralized tool for cross-chain communication. It essentially helps blockchains interact with each other. This is important because many blockchains operate in isolation, limiting their ability to share assets, data, or services across networks.
By integrating with Router, Solana users and developers can now engage with over 25 other blockchains, expanding their reach and liquidity, according to the release.
Solana’s ecosystem
Solana has built a strong presence in DeFi, NFTs, and even meme coins. Top DeFi projects like Jupiter (JUP) and Raydium have billions in total trading volume, while NFT marketplaces such as Magic Eden have minted millions of NFTs.
However, despite this growth, Solana has faced challenges due to its unique Proof of History consensus, which has limited its interoperability with other networks.
Why cross-chain matters
Cross-chain functionality allows different blockchains to interact, unlocking new opportunities for users and developers. For example, Solana’s decentralized apps can now perform transactions across multiple chains from a single interface.
This includes tasks like swapping tokens, staking assets, or trading NFTs across different networks, simplifying the user experience.
Router Protocol launched its Layer-1 solution, Router Chain, in July to enable cross-chain interoperability between Bitcoin, Ethereum, and the Cosmos (ATOM) ecosystem. The launch introduced chain abstraction technology, allowing developers to build decentralized applications for cross-chain money markets and omnichain tokens.
EigenLayer Actively Validated Service Ava Protocol will power automation for Sony Block Solution Labs new layer-2 blockchain, Soneium.
According to the protocol’s press release, Ava Protocol will deploy its event-driven automation infrastructure to power the Soneium Spark incubation program.
By doing so, creators and developers have the chance to monetize as well as manage their work on Sonieum using Ava Protocol’s intent-based, no-code automation.
Speaking to crypto.news, founder of Ava Protocol Chris Li explained that Ava Protocol benefits from lower computation and storage costs, surpassing even the traditional layer-2 solutions.
“Our technology provides creators and developers with the tools they need to be truly empowered when it comes to their assets,” said Chris to crypto.news.
Regarding the debate between layer-1 and layer-2 solutions, Li remarked that Ava Protocol’s solutions “allow users to bridge assets across layer-2s and layer-1s with a single click.”
“With this collaboration, we’re taking a significant step toward our vision of being the leading solution for smart contract automation on Soneium,” said Li to crypto.news.
Li also clarified that the launch of Ava Protocol’s native asset will not affect the Soneium integration as they are viewed as “two separate events”.
Creators on Soneium can also use Ava Protocol to tokenize real-world assets, opening up opportunities for users to monetize art, intellectual property, and physical goods through decentralized marketplaces.
Soneium was designed to be an open-source, all-purpose blockchain that serves the needs of users across all platforms. Through this partnership, Ava Protocol will be able to execute transactions and smart contracts on Soneium based on specific conditions like price changes, time, or events.
It supports recurring payments, stop-loss orders, and yield harvesting, as well as NFT updates and minting.
Previously, Ava Protocol launched an AVS on the Ethereum restaking protocol EigenLayer, achieving the total value locked of $3 billion. So far, more than 35 ecosystem dApp developers have used its automation technology.
Pantera Capital is set to launch its fifth venture-style fund in 2025, offering co-investment options to LPs with commitments of $25 million or more.
Californian crypto venture giant Pantera Capital is set to launch its fifth venture-style fund in 2025, granting $25 million limited partners co-investment rights in key blockchain deals.
In an email announcement seen by crypto.news, the Menlo Park-headquartered venture capital firm said that its new Pantera Fund V will offer investors exposure to a broad spectrum of blockchain assets, continuing the firm’s decade-long strategy of allocating capital across venture equity, early-stage private tokens, and locked-up treasury tokens.
Pantera says LPs committing $25 million or more will gain co-investment rights, allowing them to participate in at least 10% of each venture equity, private token, and special opportunity deal valued over $10 million. This co-investment option comes without management fees or carried interest. Pantera has also indicated it will endeavor to offer co-investment opportunities, on a capacity-available basis, to other LPs, albeit with a 1/10% fee.
The venture capital giant added that LPs could choose between investing solely in venture deals or diversifying into more illiquid assets, including private tokens and treasury tokens.
Pantera positions Fund V as a continuation of its Pantera Blockchain Fund IV, launched in 2021, which served as a “wrapper” for the entire blockchain asset class. The firm, known for its pioneering role in crypto investments, aims to raise $1 billion for the new fund, with the first closing expected in April 2025.
