NBA-Branded 'Top Shot Moments' NFTs May Be Securities, Judge Rules in Dapper Labs Case (5 min read)
A federal judge has ruled that Dapper Labs' NBA-branded "Top Shot" NFTs might be securities and denied the company's motion to dismiss the class-action lawsuit against them, as the judge ruled that the first and second prongs of the Howey Test are met. He concluded that Dapper Labs' offer of Moments could be an "investment contract" and a "security", requiring registration with the SEC. Dapper Labs now has three weeks to respond to the lawsuit. |
Layer 2 Network Arbitrum Surpasses Ethereum in Daily Transactions (2 min read)
On Tuesday, Arbitrum surpassed Ethereum in daily transactions and unique addresses for the first time, increasing its dominance as the leading L2 rollup. Numerous financial applications have emerged on the platform, but its one-day fees are still much lower than Ethereum's. The increased activity may be due to speculation of a potential Arbitrum airdrop. |
Router Protocol Now Has Its Own L1 Blockchain (2 min read)
Router Protocol has launched the devnet of its own L1, Router Chain, aiming to address the cross-chain communication problem. Built on the Cosmos SDK and relying on Tendermint's BFT consensus algorithm, Router Chain allows for cross-chain dapps and uses a stateful middleware to enable liquidity to flow between chains. The protocol plans to add at least 50 external validators in April to increase security and aims to facilitate mainstream adoption of blockchain technology by improving interoperability. |
Uniswap Traders Can Now Buy NFTs With UNI, SHIB or Any Ethereum Token (3 min read)
Uniswap's NFT Marketplace has launched a new feature that lets users pay for their NFTs with any ERC-20 token. The new feature can simplify the NFT purchasing process, reduce taxable events, and help sellers find liquidity more quickly. Although Uniswap has seen some success with its NFT platform, it has yet to gain significant market share and is still far behind rivals like Blur and OpenSea. |
Liquid Staking Legality (2 min read)
Two white papers have been published to provide legal research and analysis of liquid staking tokens. The papers suggest that LSTs for digital commodities should not be treated as securities, swaps, or taxable events, and offer four industry principles to promote responsible growth. These principles include labeling LSTs accurately, developing tools to enable direct staking, focusing promotion on expanding liquidity, and refraining from providing investment advice. |
Beyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance (10 min read)
This dashboard looks at the impact of airdrops from Blur, LooksRare, and X2Y2 on marketplace performance with a focus on customer acquisition cost and how the top traders profited from them. While, overall, the airdrops have generated some increases in volume and user engagement, they were not enough to generate long-term impact and users were quick to dump the tokens; however, this hasn't been fully played out with Blur yet. |
Sepolia Shapella Announcement (3 min read)
The Shanghai-Capella upgrade on the Sepolia testnet, part of a series of upgrades aimed at enabling ether withdrawals from network validators, has been officially scheduled for Feb. 28. The upgrade has already been tested on the Zhejiang testnet, revealing some minor bugs that have been addressed, and will be followed by a final phase of testing on the Goerli testnet in March before finally launching on mainnet. |
dYdX: A new era for decentralized perpetual protocols (12 min read)
DEXs have been gaining more and more traction in light of regulations around and failures of some centralized exchanges over the past year. This article runs through the thesis for dYdX and an in-depth breakdown of the structural dynamics of exchanges including comparisons between DEXs and CEXs. |
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