🦍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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Watch our video looking at the rise of Friend Tech and social trading apps. And check out our podcast with Blockchain Capital partner, Spencer Bogart, who walks us through the firm's new funds, plus its investment thesis for the controversial Worldcoin cryptocurrency.


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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.

READ MORE: BAYC Creator Yuga Labs Announces Major Restructuring

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.

READ MORE: Uniswap v3 Deployed on ZkSync Era Via Oku


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How does it work? Simple, Masterworks does all of the heavy lifting like finding the painting, buying it, storing it, and eventually selling it. It files each offering with the SEC so that nearly anyone can invest in highly coveted artworks for just a fraction of the price of the entire piece.

Shares of every offering are limited, but The Defiant readers can skip the waitlist with this exclusive link.

DISCLOSURE: Past performance is not indicative of future returns, Investing involves risk. See disclosures


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.

READ MORE: THORSwap Suspends Trading After Illicit Fund Flows Identified



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  • Former Alameda Research CEO Caroline Ellison to Testify Tuesday in Sam Bankman-Fried Trial (CoinDesk)