【Old Leek Watch】 #Abstract
Is Abstract really shutting down? Just like that, the frenzied airdrop-farming activities of yesteryear are coming to an end $ETH
This Ethereum L2, built by Igloo, the parent company of Pudgy Penguins, has officially announced that it will cease operations on December 15.
What stings most:
It already has over 400,000 users, more than 144 apps deployed on-chain, and brand partnerships with companies like Red Bull Racing and Disney.
Yet it still couldn’t make it.
Igloo’s CEO revealed that the project has burned through tens of millions of dollars over the past 18 months.
The team was also very direct about the reasons:
The DeFi ecosystem is too thin, on-chain liquidity is insufficient, institutional participation is low, and competitors have more funding.
Users now have less than two and a half months to move their assets.
Igloo will next refocus its resources on Pudgy Penguins and PENGU.
Even an L2 with 400,000 users can shut down.
This shows that the real competition today isn’t about “having users”—it’s about whether those users can generate enough genuine economic activity.
Is Abstract really shutting down? Just like that, the frenzied airdrop-farming activities of yesteryear are coming to an end $ETH
This Ethereum L2, built by Igloo, the parent company of Pudgy Penguins, has officially announced that it will cease operations on December 15.
What stings most:
It already has over 400,000 users, more than 144 apps deployed on-chain, and brand partnerships with companies like Red Bull Racing and Disney.
Yet it still couldn’t make it.
Igloo’s CEO revealed that the project has burned through tens of millions of dollars over the past 18 months.
The team was also very direct about the reasons:
The DeFi ecosystem is too thin, on-chain liquidity is insufficient, institutional participation is low, and competitors have more funding.
Users now have less than two and a half months to move their assets.
Igloo will next refocus its resources on Pudgy Penguins and PENGU.
Even an L2 with 400,000 users can shut down.
This shows that the real competition today isn’t about “having users”—it’s about whether those users can generate enough genuine economic activity.
