Weekly Crypto Recap (January 29th - February 4th)

Type: 

News

Here's a weekly recap from Metaverse.SG and the most notable crypto events this week were:


  • Solana Saga 2 Snapshot

  • Mode Network's Rise

  • Ryder Ripps’ Compensation to Yuga Labs

  • The Largest Seizure of Digital Assets in Germany 

  • Blast L2 Copypast Concerns 



Let’s dive headfirst into the main crypto news of this week!

Solana Saga 2 Snapshot 

Solana Labs has unveiled the Saga "Chapter 2" smartphone, a more affordable successor to its inaugural crypto-focused device. This announcement came on the heels of a sellout frenzy fueled by a surge in the value of free tokens awarded to the original Solana Saga phone owners. The new version, set to launch in 2025, is pegged at a preorder price of $450, significantly lower than its predecessor's initial $999 price tag​​​​.

Growing interest 

The Solana Saga 2 has generated significant interest, amassing over 30,000 pre orders within just 30 hours of its announcement, a testament to the growing excitement surrounding web3 features and Solana's ecosystem. This model is designed with web3 integration in mind, featuring a built-in crypto wallet, a secure seed vault for enhanced protection, and a dedicated decentralized application store, making it an appealing option for tech enthusiasts and crypto users alike​​.


Big Promises

Despite its more modest price point compared to the original Saga, the Chapter 2 phone aims to maintain its focus on the Solana ecosystem, offering native wallet solutions with security features, as well as access to decentralized apps built on the blockchain. This strategy underscores Solana Labs' commitment to making web3 universally accessible, leveraging the mobile market to expand its reach and influence. Snapshot will be taken tomorrow and devs promise airdrops and different rewards for the next 12 months!


Mode Network’s Rise

Mode Network is a Modular DeFi Layer 2 (L2) platform built on the Ethereum blockchain, focused on rewarding users for contributing to the growth of the network through innovative economic mechanisms. It is powered by Optimism, aiming to offer a user-centric blockchain experience with lower fees compared to Ethereum. Mode Network introduces various features such as a built-in crypto wallet, secure seed vault, and a decentralized application store, making it an attractive option for both developers and users interested in decentralized finance (DeFi) and Web3 applications​​.


Details of Airdrop

One of the key initiatives of Mode Network is its Sunrise Mainnet and Airdrop campaign, designed to distribute 550,000,000 MODE tokens to users who actively participate in and contribute to the network's growth. The campaign rewards users for various activity: 

  • past on-chain activity across multiple protocols

  • bridging assets to Mode

  • inviting friends

  • using ecosystem apps.


Dev Features 

For developers, Mode Network offers comprehensive documentation and tools to support building and interacting with smart contracts on its platform. The network provides a unique RPC endpoint, a specific Chain ID (34443), and a currency symbol (ETH), along with a bridge for connecting to the Ethereum mainnet. These features are designed to facilitate seamless development and integration of DeFi and Web3 applications within the Mode ecosystem


Ryder Ripps' Compensation to Yuga Labs

The legal battle between Ryder Ripps, Jeremy Kauna, and Yuga Labs over copyright infringement has culminated in a significant $8.9 million compensation, marking a pivotal moment in the NFT and digital art world. This case underscores the complexities of intellectual property rights within the rapidly evolving NFT space and sets a precedent for future disputes. Here’s an in-depth look at the various facets of this landmark case.


Background of the Dispute

Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, accused Ryder Ripps and Jeremy Kauna of creating and selling "fake" BAYC tokens, which they alleged devalued their original works. These counterfeit tokens were marketed under the guise of RR/BAYC, directly infringing on Yuga Labs' trademarks and intellectual property.


The Legal Proceedings

The lawsuit, filed in June 2022, revolved around allegations of trademark infringement and dilution, unfair competition, and cybersquatting. Yuga Labs argued that Ripps and Kauna's actions not only misled consumers but also harmed the BAYC brand and its community. The court's decision to order Ripps and Kauna to pay $8.9 million in damages to Yuga Labs is significant, highlighting the legal system's stance on protecting intellectual property in the digital age.



The Largest Seizure of Digital Assets in Germany

In a landmark operation, German authorities have executed the country's most significant cryptocurrency seizure to date, confiscating 50,000 bitcoins valued at approximately $2.17 billion. This action marks a historic moment for law enforcement in Germany.


Piracy Website

The seized bitcoins were linked to a piracy website operation that ceased in 2013, implicating two individuals in activities related to copyright violations and potential commercial money laundering. The suspects reportedly acquired the bitcoins through the proceeds of pirated works and voluntarily transferred them to official wallets provided by the BKA during the ongoing investigation​​​​.



Blast L2 Copypast Concerns

Blast L2, associated with the Blur NFT marketplace, has faced allegations of unethically forking Optimism's open-source code. According to critics, the team behind Blast made minimal changes to the codebase, including adding a typo, removing a function, and changing the license, without properly crediting Optimism for its original work. These actions have sparked controversy within the Ethereum ecosystem, especially since altering the license in such a manner contradicts the principles of the MIT license under which Optimism's code was shared. Despite these accusations, Blast has not publicly responded to the claims. The situation has drawn attention to the importance of ethical practices in software development and the use of open-source licensing and attribution.


Controversies

The controversy emerged amidst broader discussions around Blast's promotional strategies and its approach to generating yield for early depositors. The project promised "native" yield for users transferring ETH and stablecoins to a deposit contract ahead of its network launch in February 2024, raising concerns about the project's lack of code shipment and security guarantees, despite attracting significant deposits.


This was the Metaverse.SG team! Don't forget to subscribe and see you next week!

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