Token2049 Roundup: Solana Seeker, BitGo Stablecoin and More

As the two-day Token2049 conference in Singapore wrapped up on Sept. 19, attendees were treated to everything from Ethereum co-founder Vitalik Buterin's impromptu singing to an in-flight party thrown by crypto enthusiasts.

But beyond the memes and fun, several product launches and announcements took center stage.

Solana Reveals 'Seeker' Web3 Phone

Solana Mobile’s big reveal at Token2049 was its second-generation crypto phone, the ‘Seeker.’

Scheduled for release in 2025, the new model aims to be a step up from the Saga, which barely survived its initial launch.

Initially, the Saga struggled with sales, priced at $1,000 and failing to gain traction until its price was slashed to $599. The turning point came in December 2023, when the price of Solana's dog-themed memecoin BONK soared, presenting an arbitrage opportunity since the phone came with 30 million BONK tokens. The device quickly sold out in the U.S. and Europe, with the limited stock of 20,000 phones flying off the shelves.

Originally known as “Chapter Two” during its stealth phase in January, the Seeker has now secured over 140,000 pre-orders across 57 countries. This spike in demand followed two cat-themed memecoin airdrops, which briefly offset the cost of the device.

On April 1, Solana Mobile offered an airdrop of 37,600 Cat in a Dog’s World (MEW) tokens, followed by 5,199 Maneki (MANEKI) tokens on April 24. Together, these airdrops reached a value of $459 at the time, slightly exceeding the Seeker’s $450 price tag.

The Seeker offers many improvements over the Saga, including better battery life, a stronger camera, and a lighter design, while also delivering a tailored crypto experience. It features a wallet integrated with a partitioned seed vault for key storage to make crypto transactions smoother than on the Saga.

The dApp store, initially launched with the Saga, will also be upgraded. Solana has partnered with Solflare to develop a custom software wallet, and each phone will ship with a Genesis NFT, expected to act as a "rewards magnet," similar to the Saga's success.

BitGo Announces USDS Stablecoin

BitGo, a major cryptocurrency custody firm, announced at Token2049 that it will enter the stablecoin market with USDS, set to launch in January 2025.

Unlike major players like Tether (USDT) and Circle's USD Coin (USDC), BitGo's USDS aims to distribute 98% of its earnings to network participants. The stablecoin will be backed by treasury bills, overnight repos, and cash. BitGo aims to create a more rewarding ecosystem by sharing the interest income with those who support the network.

"Traditional stablecoins earn interest on their reserves, and 100% of that interest income is retained by the issuer or funneled to exchanges, leaving you with nothing," BitGo argues on the USDS website.

Anyone who generates "sufficient liquidity" and registers with BitGo will be eligible for these rewards. Once registered and approved, participants must prove ownership of their USDS addresses. Compensation will be tiered based on how much USDS is held.

Ride-Hailing with TON Crypto Payments

TON Foundation's partnership with ride-hailing app Tada was another highlight.

Token2049 attendees in Singapore could book rides through a Telegram mini app and pay with Toncoin or Tether (USDT) on The Open Network (TON) blockchain.

Tada's zero-commission policy provides benefits to both drivers and riders. The collaboration was promoted by offering 4,000 free rides and discounts, showcasing a practical use case for crypto in daily life.

Tada, founded in 2018, operates in Singapore, Thailand, Vietnam, and Cambodia, with plans to expand to Hong Kong later in 2024.

Sui Foundation Partners with MoviePass

The Sui Foundation announced a partnership with MoviePass, the US-based movie subscription platform.

This partnership enables MoviePass to accept payments in native USD Coin (USDC) through the Sui blockchain. Soon, MoviePass members will be able to use the stablecoin to sign up for the service. This collaboration also includes Sui taking an equity stake in MoviePass.