Pudgy Penguins' Ethereum Layer-2 Abstract Is Shutting Down
Summary
Abstract, an Ethereum layer-2 network created by Pudgy Penguins parent Igloo Inc., will shut down on Dec. 15 after failing to grow beyond consumer crypto. Users must transfer assets before the deadline using its Migration Hub or native bridge; funds left on the chain will become inaccessible. The team cited limited DeFi activity, low liquidity, weak institutional interest and insufficient funding. It said the network handled more than 325 million transactions, $6 billion in DEX volume and generated over $40 million in ecosystem revenue. Abstract will assist projects migrating elsewhere and warned users about fake migration services. Its shutdown follows Blast’s recent wind-down announcement.
