Pudgy Penguins-Backed Ethereum L2 Abstract to Shut Down Dec. 15 After 'Tens of Millions' in Losses
Abstract, the Ethereum layer-2 network backed by Pudgy Penguins parent company Igloo, will shut down on Dec. 15, according to The Block, Decrypt, The Defiant and Cointelegraph.
Igloo CEO Luca Netz said the company funded Abstract for 18 months but never found product-market fit, despite drawing major brand partners and a community of millions, according to Cointelegraph. The chain lost “tens of millions” of dollars, according to The Block and Cointelegraph.
Decrypt reported that the team attributed the shutdown to the difficulty of sustaining a chain built solely around consumer crypto use cases.
Users have until the Dec. 15 deadline to move their assets off the network, according to The Block and Decrypt. The Defiant reported that withdrawals can be made through Abstract’s Migration Hub or its native bridge, and that the team plans to help existing applications migrate to other chains.
Sources: The Block, Decrypt, The Defiant, Cointelegraph
This article is for information only and is not financial advice.
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