🚨 Pudgy Penguins just admitted its blockchain failed — and it is shutting down.
Abstract, the consumer L2 built by Pudgy Penguins' parent company Igloo Inc., will shut down on December 15, 2026. CEO Luca Netz says Igloo lost tens of millions of dollars over two years trying to find product-market fit — and never found it.
The shocking part: the chain had over 144 apps, 400,000+ users, and partnerships with Disney and Red Bull Racing. Even that was not enough.
It joins a growing L2 extinction wave — Blast said last week its operating costs exceed revenue, and Botanix closed in June.
Are too many blockchains fighting for too few users? 🤔
$PENGU
#PENGU #L2 #CryptoNews
Abstract, the consumer L2 built by Pudgy Penguins' parent company Igloo Inc., will shut down on December 15, 2026. CEO Luca Netz says Igloo lost tens of millions of dollars over two years trying to find product-market fit — and never found it.
The shocking part: the chain had over 144 apps, 400,000+ users, and partnerships with Disney and Red Bull Racing. Even that was not enough.
It joins a growing L2 extinction wave — Blast said last week its operating costs exceed revenue, and Botanix closed in June.
Are too many blockchains fighting for too few users? 🤔
$PENGU
#PENGU #L2 #CryptoNews
