Weekend Wrap: Aping in… to the Otherside

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Behind the Headlines
  • Otherside Land NFTs sell out in hours as Yuga Labs rakes $317 million. The much-hyped metaverse land sale from the creators of the Bored Ape Yacht Club sold out all 55,000 “Otherdeed” NFTs within three hours of launching a public sale last night. The mint caused Ethereum’s gas fees to soar, and the 27,000 buyers each had to pay between $4,000 and $10,000 in transaction fees.
  • Solana restarted after seven-hour outage. Solana’s validators successfully restarted the blockchain on Saturday night following a roughly seven-hour outage when the network failed to reach consensus. According to a Twitter post, the network’s engineers are still investigating the cause of the outage.
  • New on The Scoop: Last time Wolfie Zhao sat down with Frank Chaparro to talk about mining, he discussed the unprecedented growth of North American bitcoin mining companies in 2021. In this episode, he explains how the current market — and particularly the need for cash — is pushing long-time mining hodlers to start selling.
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This post is commissioned by Copper and does not serve as a testimonial or endorsement by The Block. 
Last week, a user of decentralized exchange protocol Uniswap filed a class-action lawsuit against Uniswap Labs, the startup that develops and maintains the protocol as well as its popular frontend website. 
Nessa Risley of North Carolina has alleged that Uniswap failed to adequately comply with know-your-customer(KYC) rules and failed to register as a broker-dealer with the Securities and Exchange Commission (SEC), actions which enabled scammers to execute pump and dump schemes on the Uniswap protocol, ultimately causing Risley and others to lose money. 
The complaint contends that if Uniswap Labs had registered with the SEC and met the burden of securities laws, investors would be better protected from fraudulent activity.
Cases like this often never reach oral arguments inside a courtroom. But potential outcomes aside, what’s interesting about this case is that it spotlights fundamental questions about decentralized finance (DeFi) platforms that regulators have yet to address.  
Read the full story
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This post is commissioned by BitMex and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
Follow the Money
  • Stablecoin DEX Saddle Finance was hacked fro $10 million.
  • Crypto wallet firm Venly raised $23 million in a Series A round led by Courtside Ventures. Coinbase Ventures participated
  • Berlin-based soccer media company OneFootball raised $300 million from Animoca Brands, Dapper Labs and others, in part to pursue a web3 strategy.
  • Deus Finance, a multi-chain DeFi protocol, suffered a flash-loan exploit that netted the attacker $13.4 million.
  • DeFi wallet Argent raised $40 million from a number of crypto-focused investors. 
  • Meta’s metaverse-focused unit Reality Labs lost $2.9 billion in Q1.
  • Multiple Ivy League universities, KKR back DragonFly’s new $650 million fund. 
The Block Research Spotlight
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