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Quick Take

• LooksRare has very quickly taken a large portion of the NFT market in both trading volumes and protocol revenue.
• Yet this is largely due to the way it incentivizes traders to use the platform.
• The Block spoke to the LooksRare team to find out who created it and how they’re planning to solve the rampant amount of wash trading.

Another spot bitcoin ETF proposal — this time from investment giant Fidelity — has been sidelined by the Securities and Exchange Commission.

The post SEC rejects Fidelity’s proposed spot Bitcoin ETF appeared first on The Block.

Silvergate Capital has swooped to buy Meta-backed crypto project Diem’s technology for $200 million, according to a report in the Wall Street Journal. 

The post Meta to wind down stablecoin project Diem with $200 million asset sale: report appeared first on The Block.

An NFT project centered around Bud Light has launched, targeting consumers over the age of 21.

The post Beer giant Anheuser-Busch launches NFT project for Bud Light appeared first on The Block.

Just four months since its public beta launch, the derivatives DEX is driving unprecedented growth by giving traders the freedom to list any trading pair. 

The post SynFutures Crosses $3B in Total Trade Volume as the Market for Decentralized Derivatives Expands appeared first on The Block.

Quick Take

• In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding
• Facing elevated user demand from ongoing growth and recent market volatility, L1 blockchains are continuing to confront the difficulties of scaling
• As new chains begin to emerge at an accelerated pace, deliberate strategies for concentrating liquidity are showing effectiveness in bootstrapping early ecosystem growth
• This week, we will take a look at Avalanche, Cosmos, Osmosis, Terra, and Polkadot, along with a brief update on Fantom and Solana

An attempt by OpenSea to solve a problem of NFTs selling at unexpectedly low prices has somehow led to more such sales.

The post OpenSea is trying to save people’s NFTs but pesky frontrunners are poaching them appeared first on The Block.

Wonderland’s token (TIME) has seen its market cap drop from $511.8 million to $352.6 million in the last 24 hours.

The post Wonderland co-founder revelations spark market sell-off for associated tokens appeared first on The Block.

Putin is veering away from the central bank’s anti-crypto stance with calls for regulated cryptocurrency mining in the country.

The post Putin is in favor of regulating crypto mining in Russia: Report appeared first on The Block.

CoinTracker, a crypto startup that helps users report and file taxes, has raised $100 million in a Series A funding round.

The post Crypto tax reporting platform CoinTracker raises $100 million in Series A funding appeared first on The Block.