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  • 👀 Yuga Labs secures victory in court against a copycat NFT project

👀 Yuga Labs secures victory in court against a copycat NFT project

👀 Yuga Labs secures victory in court against a copycat NFT project 👻 AAVE community considers abandoning its V2 due to low demand 💰 FTM dev Andre Cronje is developing a crypto-friendly bank

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Here's what recently happened in the space:

👀 Yuga Labs secures victory in court against a copycat NFT project 

      👻 AAVE community considers abandoning its V2 due to low demand

     💰 FTM dev Andre Cronje is developing a crypto-friendly bank

Yuga Labs secures victory in court against a copycat NFT project

Yuga Labs, creators of the popular Bored Apes NFT collection, were awarded a summary victory in court against copycat Ryder Ripps, winning on all counts.

The legal battle began last summer when Ryder Ripps and his team were accused of ripping off (lol) Yuga Lab's Bored Apes collection, creating a copycat collection that they called the RRBAYC Collection.

Yuga Labs claimed in court that Ripps and his team had violated their intellectual property rights as well as engaged in false designation of origin.

The US Northern District Court agreed with the prosecutor's position, ruling that the RRBAYC collection was not a fair use or due artistic expression as claimed. The court also found against Ripps and his team on the false designation of origin charge and ruled that his free speech claims were not tenable in this case.

The ruling is a major victory for Yuga Labs and NFT creators in general, and shows that the court is taking digital intellectual property laws seriously. The ruling should also dissuade others from trying to copy NFT collections without the proper authorization, or else they may face legal action.

AAVE community considers abandoning its V2 due to low demand

AAVE v2 is facing a vote of no confidence from the community, with the Aave Community going to vote on the ARFC proposal to “Deprecate Aave V2 AMM Market” on April 24th at 8:00 PM UTC.

This comes after a low demand for the V2 market, and the decision to pool together liquid assets onto a single protocol. Previously, a proposal was made to offboard AAVE's v1 and move to v2 or v3. 99% of users who voted were in favor of this proposal.

The proposal recommends leaving the AMM V2 market due to its low use rate and the fact that only a few primary assets like DAI, USDC, USDT, WBTC, and ETH are accessible in the market. This involves freezing all assets except these primary assets and lowering the liquidation bar to zero for all LP tokens. It will also dissolve the Aave V2.

The vote is likely to pass but that doesn't mean that Aave will discontinue the V2 protocol entirely.

FTM dev Andre Cronje is developing a crypto-friendly bank

Andre Cronje, the dev of FTM has recently disclosed that he is working on a payments infrastructure project that could be of interest to those who are looking for crypto-friendly solutions in the industry.

According to Cronje, the project intends to provide card services by the end of 2023 and a crypto-friendly system which will be available sooner, but it will not be available in the U.S. The bank will operate with a standard banking license that includes compliance measures such as KYC and anti-money laundering protocols integrated into its services, according to him.

The project has already seen a lot of interest from the crypto community, with several people showing interest in being part of the closed beta. This demonstrates a large hole in the current banking landscape and a desire to fill it with crypto-friendly solutions. The one who does the first will definitely have a competitive advantage.