GM. This is Layer3's weekly newsletter, helping you stay updated on all things apes and non-apes in web3. Welcome to another week in web3.

This week, we cover:

• Yuga Labs' lawsuit against Ryder Ripps, an NFT conceptual artist

• FTX bails out distressed lender BlockFi in a $250m deal

• Harmony Protocol offers $1m bug bounty for recent exploit

• We've launched e-mail notifications!

Sarah at Layer3

Your Web3 Briefing 📝

A roundup of the biggest Web3 headlines over the last week

All you need to know from Yuga Labs' 46-page lawsuit against Ryder Ripps

A big lawsuit is a-coming. And according to Yuga Labs, the famed company behind Bored Ape Yacht Club, "this is no mere monkey business."

Yuga Labs has sued conceptual artist Ryder Ripps in a 46-page lawsuit alleging false advertising, trademark infringement, unfair competition, and a whole list of additional charges.

Ryder is known for his provocations in NFT art, including re-minting CryptoPunk #3100 (worth $7.58m when it sold) back in 2021 and selling the newly minted version on Foundation, as well as his RR/BAYC collection, which minted exact replicas of the BAYC collection and re-sold them for a profit.

The purpose of all this? Satire. According to Ryder, RR/BAYC uses "satire and appropriation to protest and educate people regarding The Bored Ape Yacht Club and the framework of NFTs."

But Yuga Labs claims that Ryder's persistent use of Yuga Labs' marks, logos, and branding intentionally confuses consumers, and infringes on their various trademark registrations (which are still pending). You can read the full lawsuit here.

FTX provides BlockFi with a $250m bailout

SBF to the rescue! Distressed lender BlockFi has secured a $250m line of credit from FTX on Friday.

However, many have noted that the contagion is far from over, especially in the world of "centralized DeFi." What began with Celsius pausing withdrawals a couple weeks ago has descended into a chaotic hodgepodge of overexposed assets and limits on user withdrawals—not so good when you've spent months convincing users to put money into your platform or protocol.

With that said, what exactly will SBF's loan do for BlockFi? According to BlockFi CEO Zac Prince, the line of credit will be subordinate to all client balances across all account types, meaning that the loan will be paid after customer deposits and withdrawals are taken care of.

SBF has noted that BlockFi is still "financially strong" and that "all operations are normal," but others have been skeptical of whether the loan will actually help BlockFi survive down the line:

Whatever the result—this won't be the only crypto bailout we see in our lifetime.

What else you should know

• Harmony Offers $1M Bounty after losing $100m in Horizon Bridge hack

• Goldman Sachs plans to raise $2b to buy Celsius

• ConstitutionDAO and UkraineDAO team members announce ChoiceDAO to fund reproductive justice

• Cristiano Ronaldo is creating NFTs for Binance

What we've been BUIDLing 🏗️

We've officially launched e-mail notifications!

If you're an existing user on our site, you can navigate to your profile and verify your email by clicking on the Notifications button. You can opt into product updates, weekly digests of Layer3 bounties, and updates about any Contests or Projects you've participated in.

🛣️ Stay up to speed on what we're building: Take a look at our roadmap to see what we've been cooking at Layer3, and a preview of what’s to come.

🚢 And if you want to help decide what we ship next: You can submit a feature request here and vote on your favorites! Some top community requests have already made it onto our roadmap.

Web3 101: DAO Contribution Models💡

Originally published on Medium by Layer3 part-time contributor @felwintrr

Each week we’ll cover an essential web3 concept in simple terms. This week we’re looking at DAO contribution models ✨

What is a DAO?

A DAO, or Decentralized Autonomous Organization, is fundamentally a group of people who share the same goals or vision. This can be a company, investment group, or even a social club!How do DAO contribution models differ from traditional companies?

DAOs are very flexible in what they can be and what they offer, resulting in a range of contribution opportunities for those looking to get involved. The key features that distinguish a DAO from a traditional entity include:

• No central authority (i.e. a CEO or board of directors)

• Governed by code

• Collectively owned by the community

• Shared cap table and/or treasury

• An open source codebase

How do I contribute to a DAO?

How exactly you can contribute will be highly dependent on the DAO itself; their flexible nature results in quite a broad spectrum of tasks available. The best first step is to find a DAO that aligns with what you want to do — it’s like being able to look at a list of companies, and deciding which one you want to work for.

Once you’ve found one, you can almost guarantee that the DAO will have some variation of a job board where you can complete a task for a reward. In fact, Layer3 aggregates contribution opportunities across various DAOs, making it easy for you to get started!

Disclaimer: Cryptocurrencies are inherently volatile assets. We recommend you do your research into each protocol and platform before proceeding. This newsletter is not sponsored and does not contain financial advice.

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That's all for today!