Abstract didn’t shut down because it had no users. That’s precisely the point people overlooked.
This Ethereum L2, backed by Pudgy Penguins’ parent company Igloo, processed more than 300 million on-chain transactions and hosted 144 apps. Brand partnerships with companies like Red Bull Racing and Disney helped it attract over 400,000 users.
Yet Igloo still decided to cut its losses: the mainnet will shut down on December 15, and users need to bridge their assets out before then.
Pudgy Penguins CEO Luca Netz cited an underdeveloped DeFi ecosystem, limited liquidity, low institutional participation, and high costs. Demand for related products is also falling.
Neither building a user base nor attracting brands could save it. What determines whether a chain survives isn’t its user count, but whether liquidity and institutional capital flow in.
If I’m wrong, Igloo will quickly create new liquidity and institutional demand for PENGU, and the community-chain experiment can start over.
Save the QR code to keep the news and strategies at your fingertips!
#IglooShutsDown #AbstractBlockchain #PENGU
This Ethereum L2, backed by Pudgy Penguins’ parent company Igloo, processed more than 300 million on-chain transactions and hosted 144 apps. Brand partnerships with companies like Red Bull Racing and Disney helped it attract over 400,000 users.
Yet Igloo still decided to cut its losses: the mainnet will shut down on December 15, and users need to bridge their assets out before then.
Pudgy Penguins CEO Luca Netz cited an underdeveloped DeFi ecosystem, limited liquidity, low institutional participation, and high costs. Demand for related products is also falling.
Neither building a user base nor attracting brands could save it. What determines whether a chain survives isn’t its user count, but whether liquidity and institutional capital flow in.
If I’m wrong, Igloo will quickly create new liquidity and institutional demand for PENGU, and the community-chain experiment can start over.
Save the QR code to keep the news and strategies at your fingertips!
#IglooShutsDown #AbstractBlockchain #PENGU
