Rethinking Crypto News: Avail Raises $27M, Uniswap Innovates, Yuga Labs Bans NFT Marketplaces, Gemini Commits to Refunding $1.1B, and SBF’s Legal Team Negotiates Prison Sentence
The Coin Weekly is the go-to source for staying up to date with the latest news in crypto, NFTs, DeFi, and GameFi!
Avail Raises $27M and Unveils Celestia Competitor
The Avail project, launched by Polygon Labs and led by Anurag Arjun and Prabal Banerjee, has successfully raised $27 million in a funding round led by Founders Fund and Dragonfly.
Their aim is to combat the fragmentation of Web3 by developing the Avail Trinity, consisting of the Data Availability (DA) layer, the Avail Nexus liquidity unification layer, and the Avail Fusion security layer, similar to what Eigen Layer offers.
With the goal of improving interoperability and security within the Web3 ecosystem, Avail plans to facilitate communication between thousands of blockchain networks through modular blockchain infrastructure, crucial for the future of Ethereum’s Rollups.
Learn more about Avail on their blog.
Uniswap Innovates with Browser Extension, Limit Orders, and Data Analytics
Uniswap has announced the launch of new features to enhance the user experience on its decentralized exchange platform.
These include a browser extension that facilitates asset management across multiple chains using QR code mobile connectivity, the introduction of limit orders for users to specify an exact exchange price for their transactions, and a data analytics dashboard to explore real-time data on new tokens and identify investment opportunities.
Yuga Labs Bans NFT Marketplaces Without Royalty Payment
Yuga Labs, a major player in the NFT ecosystem, is taking a firm stance in favor of creators’ royalties by cutting ties with NFT marketplaces that do not guarantee royalty payment.
In partnership with the marketplace Magic Eden, this initiative aims to encourage an environment where creators are fairly compensated for their work. While it may not immediately impact the revenue of Yuga Labs, as it excludes flagship collections like Bored Ape Yacht Club and Mutant Ape Yacht Club, it marks a significant commitment to protecting creators’ rights.
Gemini Commits to Refunding $1.1B in Crypto to Earn Program Customers
Gemini has reached an agreement with the New York State Department of Financial Services (NYDFS) to refund $1.1 billion to participants of its Earn program following the Genesis bankruptcy proceedings.
In addition to the refund, Gemini will pay a $37 million fine for failings that compromised the company’s security. This agreement demonstrates Gemini’s significant effort to resolve the consequences of the Genesis financial crisis and maintain trust in cryptocurrency exchanges.
SBF’s Legal Team Proposes 6-Year Prison Term Instead of 110 Years
Sam Bankman-Fried’s legal team is advocating for a significantly reduced prison sentence of 63 to 78 months, compared to the original threat of 110 years.
The defense argues that Bankman-Fried’s philanthropy, modest lifestyle, and letters of support from family members, former employees, and some victims should be taken into consideration. These documents aim to present a positive image of Bankman-Fried and appeal to the court’s leniency.
In Brief
- BTC: IBIT from BlackRock and Bitcoin Spot ETFs achieve a record volume of $2.4 billion.
- Justin Sun shares a screenshot of his HTX wallet revealing $1.6 billion in Bitcoin.
- Telegram announces a 50% revenue share via the Ton blockchain, leading to an increase in $TON.
- Vanguard’s CEO, after promising never to offer a Bitcoin ETF, steps down from his position.
- The Wall Street Journal faces defamation lawsuits following an article on Tether and Bitfinex.
