10/6/23: Yuga Doubles Down On Metaverse Plans 🐵🏦😅

Author

Valko
October 06, 2023

Top News ⌐◪-◪

  • 🐵 Yuga Labs makes strategic investment in spatial computing startup

  • 🏦 JP Morgan says Ethereum is “more centralized” since the Merge

  • 😅 FTX’s co-founder, Gary Wang, testifies and admits to fraud

Bored Ape Creator Yuga Labs Invests in Spatial Computing Startup to Power 'Otherside' - Decrypt

Hadean will establish a U.S. team to help Yuga Labs build out tech for the Bored Ape Yacht Club-themed Otherside metaverse.

⌐◪-◪ → Yuga’s investment in Hadean makes it clear that they’re doubling down on Otherside’s metaverse plans. This investment should help Otherside scale to much larger player numbers. For reference, the last Otherside event supported 7,200 simultaneous players.

Ethereum Has Become More Centralized Since the Merge and Shanghai Upgrades: JPMorgan

The increase in staking has reduced the appeal of ether from a yield perspective, the report said.

⌐◪-◪ → JP Morgan calling Ethereum centralized is a bit ironic considering they’re a centralized bank - but they bring up a good point. Since the Merge and Shanghai upgrade, Lido’s decentralized staking protocol has accumulated a lot of staking power. However others say this critique is a bit misguided.

Sam Bankman-Fried, Other FTX Execs Committed Financial Crimes, Co-Founder Wang Testifies

Gary Wang, the former chief technology officer and co-founder of FTX, told a jury that he, Bankman-Fried and fellow former executives Caroline Ellison and Nishad Singh committed multiple forms of fraud.

⌐◪-◪ → You know things are bad when Sam’s co-founder and former CTO admits to multiple counts of fraud, incriminating himself, Sam, and Sam’s ex-girlfriend Caroline. Gary said they, “gave Alameda special privileges to withdraw unlimited funds from FTX and lied about it”. I’m not sure the “dumb defendant” defense SBF’s lawyers are using is going to work anymore. Full summary of day 3 (yesterday) here.

Peripheral Vision ⌐◪-◪

⛓️ Crypto & DeFi

  • Ledger lays off 88 employees, 12% of its staff, amid bear market

  • THORSwap DEX in maintenance mode amid illicit fund movement

  • Michael Lewis gets slammed for his portrayal of SBF in new book

  • Idris Elba discusses blockchain with Sam Ewen from Coinbase

  • Layer 1 blockchain that uses USDC for gas fee opens to testnet

  • Bitdeer’s BTC production growing 195% YoY, with 35% in Sept. alone

  • Magic mushrooms and hemp can now be certified on Avalanche

  • New images of Blocks Bitcoin wallet leak as beta version ships

🏦 Wallstreet & VC

  • Nexo plans to phase out cashback for UK exchange and card clients

  • Phaver raises $7M in seed funding for new web3 social platform

  • Fidelity Digital Assets says BTC could be the primary monetary good

  • Fairblocks raises $2.5M for fully private blockchain transactions

🏛️ Legal & Regulatory

  • Presidential Candidate Robert F. Kennedy says he is against CBDCs

  • Dapper Labs hit with class action lawsuit regarding Video Privacy Act

  • BlackRock ex-director says SEC will approve ETFs within 6 months

  • SBF’s lawyers using “dumb defendant defense”, which rarely works

  • Critical bug at FTX trial was discussed regarding the “fiat@” account

  • FTX employees found $65M backdoor months before collapse

🌎 Rest of the World

  • Coinbase adopting “International First Mentality” says policy lead

  • Taiwan hopes to propose a special crypto law by November

  • Former head of crypto at Galaxy Europe to lead Deus X Capital

  • 17 wallets sanctioned after being linked to Chinese fentanyl trade

  • El Salvador sees first BTC mining projects using geothermal energy

🖼️ NFTs & Metaverse

  • Breakdown of Nifty Gateway’s publisher policy controversy

  • Pudgy Penguins toys available in all UK Smyths stores now

  • Snowfro, Art Blocks CEO, discusses generative art in SCENE interview

  • Line Next launches new web3 game called “Sweet Monter Guardians”

  • Mythical Games launches game with NFT cars and Deadmau5 collab

  • Starbucks celebrates 20 years of pumpkin spice with NFT stamps

Specs Fren Of The Day ⌐◪-◪

Thank you for the kind words @lorenz0x.eth!

Means a lot coming from a talented writer such as yourself!

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