2024

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<h2 id="pudgy-penguins-to-build-an-ethereum-layer-2">Pudgy Penguins to build an Ethereum layer 2</h2>
Non-fungible token (NFT) company Pudgy Penguins is planning to build an Ethereum layer 2 blockchain, which it claims will be “consumer-focused.”
Igloo, Inc., Pudgy Penguins’ parent company, <a href="https://www.prnewswire.com/news-releases/igloo-inc-acquires-the-frame-team-and-announces-plans-to-contribute-towards-consumer-focused-blockchain-302186105.html" target="_blank" rel="noopener nofollow">said</a> on June 28 that it acquired the crypto development firm Frame with its team and anonymous co-founders “Cygaar” and “Beans” to join Igloo. It added the financial terms of the deal are not being disclosed and Frame will be sunset.
The Frame team will be pitching in to make an Ethereum <a href="https://cointelegraph.com/learn/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology">layer 2</a> called “Abstract,” which Igloo said would include zero-knowledge <a href="https://cointelegraph.com/learn/zero-knowledge-proofs-vs-transparent-blockchain">proofs</a>. Igloo said the chain would be “consumer-focused,” with Frame’s Cygaar adding it would power “consumer crypto applications.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/ab2ad57f-086d-4125-9d73-a32766ff3218.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/frame_xyz/status/1806790432724254846" target="_blank" rel="noopener nofollow">Frame</a>
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The Pudgy Penguins NFT collection floor price saw a nearly 20% rise over June 28, jumping from 9.1 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) to a top of 10.8 ETH — about $37,000 — <a href="https://nftpricefloor.com/pudgy-penguins" target="_blank" rel="noopener nofollow">according</a> to NFT Price Floor.
Its floor price has only slightly dropped since but it still priced higher than Yuga Labs’ Bored Ape Yacht Club collection with its 9.9 ETH floor.
<h2 id="supreme-court-s-chevron-decision-a-win-for-crypto">Supreme Court’s Chevron decision a win for crypto </h2>
The United States Supreme Court on June 28 threw out a 40-year-old legal doctrine, potentially weakening the Securities and Exchange Commission’s crypto-related actions.
The court killed the so-called “Chevron doctrine” in a 6-3 <a href="https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf" target="_blank" rel="noopener nofollow">vote</a> which previously gave power to federal agencies to interpret unclear laws as they were presumed to be experts in their areas.
“This decision puts an end to what was a cornerstone of administrative law and regulation,” venture firm Paradigm’s policy director Justin Slaughter <a href="https://x.com/JBSDC/status/1806821412713201756" target="_blank" rel="noopener nofollow">wrote</a> on X. “Agencies before could be confident that they could try and apply an old law to a new subject and a court would allow any reasonable effort, now that path is less clear.”
Slaughter added the court didn’t say Congress can’t delegate rulemaking powers to agencies but said the “delegations have to be ‘expressly delegated.’” 
“Chevron is all about regulations not enforcement. Some clever folks on the left have figured a way to dodge the Court cracking down on Chevron by focusing on enforcement actions. Such as the SEC on crypto,” he added.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/451535aa-3413-43ca-b670-724bd6c40dd2.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/JBSDC/status/1806826743640052088" target="_blank" rel="noopener nofollow">Justin Slaughter</a>
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Crypto advocacy group the DeFi Education Fund <a href="https://www.defieducationfund.org/post/redefining-boundaries-in-administrative-law-how-the-loper-bright-decision-could-reshape-crypto-regu" target="_blank" rel="noopener nofollow">explained</a> in January that a Chevron doctrine overturn would see courts “choose the most compelling interpretation [of a law] rather than automatically deferring to an agency’s interpretation.”
<h2 id="animoca-and-futureverse-partner-for-ai-and-metaverse">Animoca and Futureverse partner for AI and metaverse</h2>
Crypto venture firm Animoca Brands and artificial intelligence and metaverse company Futureverse have partnered to bring Futureverse’s AI to Animoca’s invested projects.
A June 28 Animoca blog <a href="https://www.animocabrands.com/futureverse-and-animoca-brands-form-strategic-partnership-with-mutual-investment" target="_blank" rel="noopener nofollow">post</a> said the firms plan an equity swap of each other’s shares valued at $5 million subject to definitive agreements and board approval the two expect to wrap up within two months.
Animoca plans to add Futureverse’s AI tech to its investment portfolio, which it said was over 400 Web3 projects, including <a href="https://cointelegraph.com/learn/sandbox-sand-metaverse-platform">The Sandbox</a> metaverse game.
Related: <a href="https://cointelegraph.com/news/most-claims-in-binance-sec-case-to-proceed-says-court">Court allows most SEC claims to proceed in Binance suit</a>
Both firms’ metaverses will also work to be interoperable and open. Animoca <a href="https://cointelegraph.com/news/animoca-mocaverse-kucoin-streamline-identity">runs its Mocaverse</a>, which has an NFT-based digital identity, and Futureverse’s Readyverse is <a href="https://cointelegraph.com/news/ready-player-one-metaverse-author-producer-intellectual-property-web3">based on the IP</a> of the metaverse-centered sci-fi story Ready Player One.
Futureverse-related tokens Sylo (SYLO) and The Root Network (ROOT) both&nbsp;<a href="https://www.coingecko.com/en/coins/the-root-network" target="_blank" rel="noopener nofollow">saw</a>&nbsp;slight price bumps to bring their respective seven-day gains to 6.1% and 10%, <a href="https://www.coingecko.com/en/coins/sylo" target="_blank" rel="noopener nofollow">according</a>&nbsp;to CoinGecko.
<h2 id="other-news">Other news</h2>
Bloomberg’s ETF analysts Eric Balchunas and James Seyffart <a href="https://cointelegraph.com/news/sec-delays-ethereum-etf-launch-to-mid-july">predict a delay</a> for the trading launch of spot ETH exchange-traded funds (ETFs).
Ethereum co-founder Vitalik Buterin <a href="https://cointelegraph.com/news/vitalik-buterin-crypto-regulations-anarcho-tyranny">wrote a lengthy post</a> hitting out at U.S. crypto regulations.
Web3 Gamer: <a href="https://cointelegraph.com/magazine/socialfi-gaming-revenue-sky-mavis-discord-metarun-review-web3-gamer/">Axie Infinity creator wants to ditch Discord, SocialFi boosts gaming revenue</a>

Weekend Wrap: Pudgy Penguins plan L2, court kills Chevron doctrine and more

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