Founders Fund backs Pudgy Penguins owners in $11M round

What's next: Igloo raised the funds in order to support its new venture, Cube Labs. Cube will incubate and contribute to a new blockchain called Abstract, which touts itself as made for consumer-facing cryptocurrency products.

• Abstract relies on zero-knowledge proof (zk) technology, which has been found to enable much faster blockchains, and EigenDA, a new data availability application built by the team behind EigenLayer, the year's best performing decentralized finance application.

💭 Our thought bubble: It feels like lots of blockchains have been launching over the last year or so.

• It reflects a tension between the idea embodied by a chain that does basically everything, like Solana and Ethereum, or the idea that the Cosmos ecosystem put forward years ago: that many many chains will be needed, designed for specific kinds of applications.