Pudgy Penguins Parent Igloo to Shut Down Ethereum Layer-2 Abstract on Dec. 15
Abstract, the Ethereum layer-2 network built by Pudgy Penguins parent company Igloo Inc., will shut down on Dec. 15 after failing to grow beyond its consumer crypto niche. The team said users must withdraw assets before the deadline through Abstract’s Migration Hub or the network’s native bridge, which has a three-hour delay. Any funds left on the chain after the cutoff will become inaccessible, according to the project. In its explanation, Abstract said growth had stalled because its DeFi ecosystem remained limited, on-chain liquidity was thin, institutional overlap was minimal, and its budget was smaller than those of competing networks. The team said a standalone chain focused only on consumer crypto had proven unsustainable. Abstract said it processed more than 325 million transactions, recorded over $6 billion in decentralized exchange volume, and generated more than $40 million in ecosystem revenue. More than 4 million Abstract Global Wallets were created, and brands including Red Bull Racing and Disney used the network. The shutdown comes days after Blast, another Ethereum layer-2, also said it would wind down.
