Abstract has officially announced that it’s shutting down.
Put simply, the team must have run the numbers and realized that shutting down would cost less than launching a token would earn. They’d need to fund an airdrop and get listed on exchanges, and they’ve nearly burned through their cash. Then the token would go to zero and they’d get blamed for it. In this market, you can’t just casually launch at a few hundred million FDV anymore.
There are at least a thousand chains with lower TVL than Abstract. Plenty have launched tokens and gotten listed. Once a project has a token, it doesn’t actually need to be alive—it just needs to look alive.
Post an update every week, announce a partnership now and then, and make a bit of noise in the codebase. That’s why something like $pons, which genuinely earns revenue from its launchpad and uses it to buy back tokens, looks like a real gem.
Put simply, the team must have run the numbers and realized that shutting down would cost less than launching a token would earn. They’d need to fund an airdrop and get listed on exchanges, and they’ve nearly burned through their cash. Then the token would go to zero and they’d get blamed for it. In this market, you can’t just casually launch at a few hundred million FDV anymore.
There are at least a thousand chains with lower TVL than Abstract. Plenty have launched tokens and gotten listed. Once a project has a token, it doesn’t actually need to be alive—it just needs to look alive.
Post an update every week, announce a partnership now and then, and make a bit of noise in the codebase. That’s why something like $pons, which genuinely earns revenue from its launchpad and uses it to buy back tokens, looks like a real gem.