Pudgy Penguins-backed Abstract to shut down after ‘tens of millions’ in losses
Summary
Abstract, an Ethereum layer-2 network launched by Pudgy Penguins’ parent company Igloo Inc. in January 2025, will shut down on Dec. 15, 2026. Igloo CEO Luca Netz said the company spent tens of millions of dollars over two years but failed to find product-market fit for its consumer-crypto strategy. Despite more than 144 apps, 400,000 users and partnerships with brands including Disney and Red Bull Racing, Abstract faced thin liquidity, a limited DeFi ecosystem and little institutional activity. Users are urged to bridge their funds off the network before the shutdown deadline; remaining funds will be inaccessible. Abstract’s teams will assist projects in migrating to other chains.
