Pudgy Penguins to Construct Ethereum Layer 2 Blockchain amidst Key Court Ruling and Future Animoca-Futureverse Collaboration
Summary:
Pudgy Penguins, an NFT company, aims to construct a customer-centric Ethereum layer 2 blockchain, through a partnership forged with crypto development firm Frame. In Supreme Court news, the annulment of the 40-year-old "Chevron doctrine" could impact the further course of the SEC’s crypto-related actions. Meanwhile, crypto venture company Animoca Brands is teaming up with AI and metaverse firm Futureverse to incorporate the latter's AI into Animoca’s invested projects.
Pudgy Penguins, a company dealing in non-fungible tokens (NFTs), intends to design a consumer-oriented layer 2 Ethereum blockchain. The firm's parent entity, Igloo, Inc., announced their acquisition of crypto development company Frame on June 28. Members of Frame, including anonymous co-founders "Cygaar" and "Beans", will integrate with Igloo, though the financial specifics of the transaction remain undisclosed. Frame will subsequently cease to exist. Together, the teams will develop an Ethereum layer 2, aka "Abstract", which will feature zero-knowledge proofs and largely cater to consumers. Cygaar from Frame stated the pursuit is to create solutions for consumer-based crypto applications.
Pudgy Penguins' NFT collection experienced a near 20% increase in its floor price on June 28, soaring from 9.1 Ether (ETH) to approximately 10.8 ETH. This translates to around $37,000, according to NFT Price Floor. Though it has seen a minor dip since, its value remains higher than that of Yuga Labs’ Bored Ape Yacht Club collection.
In another major development, the United States Supreme Court decision on June 28 to abolish the 40-year legacy "Chevron doctrine" could potentially impact the SEC's crypto-related proceedings. The doctrine essentially granted federal agencies the authority to interpret ambiguous laws, given their domain expertise. "What was once the pillar of administrative law and regulation has now been ended," commented Justin Slaughter, policy director at venture firm Paradigm, further noting the lack of clarity that agencies confront while applying aged laws to contemporary issues. Interestingly, the verdict does not outrightly rule out Congress assigning rule-making authority to agencies, but necessitates explicit delegation.
Animoca Brands, a crypto venture form, has decided to partner with Futureverse, an AI, and metaverse firm . The aim – to integrate Futureverse's AI into Animoca’s project investments. A blog post by Animoca dated June 28 disclosed plans of an equity swap, involving shares worth $5 million from each firm. Subject to definitive agreements and board approval, the process is expected to conclude within two months. Animoca anticipates incorporating Futureverse's AI technology into its expansive investment portfolio of over 400 Web3 projects, including The Sandbox metaverse game. The metaverses of both firms are expected to maintain open and interoperable functionalities.
Meanwhile, ERC Balchunas and James Seyffart, Bloomberg's ETF analysts, predict a delayed trading launch for spot ETH exchange-traded funds (ETFs). Ethereum's co-founder, Vitalik Buterin, authored a lengthy critique of U.S. crypto regulations.
Published At
7/1/2024 6:36:59 AM
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