🦍Yuga Labs To Focus On Otherside Amid Major Restructure

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Yuga Labs, the major NFT studio, is the latest web firm to overhaul its operations amid the web3 downturn. Yuga said it will eliminate several positions and pivot its focus towards Otherside.

Uniswap v3 is now live on the ZkSync Era Layer 2 via GFX Labs' Oku interface. GFX received a $1.6M grant from the Uniswap Foundation to develop Oku.

And THORSwap suspended trading after researchers identified significant flows of stolen assets moving through the exchange. One on-chain analyst estimates more than half of ETH swapped to BTC via THORChain over the past four months was illicitly acquired.

✍️ In today’s newsletter:

Yuga Labs to downsize and prioritize Otherside development
Oku brings Uniswap v3 to ZkSync Era
THORSwap trading suspended amid sizable illegal asset flows

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📈 Markets in last 24 hrs:

Ticker	Value	24h
BTC	$27,942	↗ 0.54%
ETH	$1,646	↙ -0.11%
S&P 500	$4,308	↗ 1.18%
GOLD	$1,847	↗ 1.67%
Arch WEB3	0.75pts	↙ -1.5%
↳ FINANCE	0.77pts	↙ -0.99%
↳ INFRA	0.75pts	↙ -1.78%
↳ CONSUMER	0.81pts	↙ -2.58%

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NFTS

BAYC Creator Yuga Labs Announces Major Restructuring

TLDR Yuga Labs, the team behind leading NFT collections including Crypto Punks and Bored Ape Yacht Club, announced it will downsize amid a strategic refocus. The company added that its metaverse project, Otherside, will become its strategic priority moving forward.

SO WHAT Yuga was hit particularly hard by the protracted NFT downturn, with the floor prices of many of its collections losing more than 90% from their all-time highs. Further, Yuga has found itself embroiled in legal battles, including from former Bored Ape Yacht Club celebrity endorsees.

Layer 2

Uniswap v3 Deployed on ZkSync Era Via Oku

TLDR Uniswap v3 is now live on the ZkSync Era Layer 2 network following an integration with Oku, a front-end interface for the leading decentralized exchange. Oku also offers advanced features such as order books and charting for Uniswap v3.

SO WHAT Airdrop speculation has helped to position ZkSync Era as the top L2 by throughput and fourth by TVL. The Uniswap v3 integration is likely to drive further adoption for the network.

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DeFi

THORSwap Suspends Trading After Illicit Fund Flows Identified

TLDR THORSwap suspended trading after on-chain researchers flagged numerous flows of stolen assets via the THORChain-based decentralized exchange. THORSwap said it chose to enter "maintenance mode" after consulting legal counsel and law enforcement.

SO WHAT While THORSwap neglected to provide specific details at this time, the researcher Tay Vano estimated more than half of the ETH swapped to BTC via THORChain comprised stolen funds. Vano also flagged sizable transactions from wallets associated with North Korean hackers.

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🌍 ELSEWHERE

Basel Committee to consider disclosure requirements for banks’ crypto assets (Cointelegraph)
Web3 platform Galxe hit by DNS attack on front-end website (The Block)
Former Alameda Research CEO Caroline Ellison to Testify Tuesday in Sam Bankman-Fried Trial (CoinDesk)