🚨 #iglooshutsdownabstractblockchain
Igloo Inc., the parent company of the popular NFT collection Pudgy Penguins, announced that it will permanently shut down Abstract, a consumer-focused Ethereum Layer 2 network, on December 15, 2026.
CEO Luca Netz confirmed that the company directly funded the network’s infrastructure for around 18 months, incurring losses estimated at tens of millions of dollars, without achieving sufficient product-market fit to ensure its commercial sustainability.
Despite Abstract’s partnerships with global brands such as Disney and Red Bull Racing, and the project raising more than $11 million in venture capital led by Founders Fund, the company cited rising operating costs and fragmented liquidity in the crypto sector as factors that made the network’s DeFi ecosystem and institutions unsustainable.
⚠️ Important notice for users: As the shutdown date approaches, users are advised to withdraw all funds and digital assets from the network and bridge them to another network before the deadline to avoid losing access to their assets.
🔄 The company has also abandoned plans to launch a native network token or hold an ICO. It will redirect its engineering budget, staff, and technical resources toward the global expansion of its flagship brand, Pudgy Penguins, focusing on increasing NFT activity and trading and developing the $PENGU ecosystem.
📉 Abstract’s shutdown is the latest example of a wave of infrastructure project closures
$PENGU
Igloo Inc., the parent company of the popular NFT collection Pudgy Penguins, announced that it will permanently shut down Abstract, a consumer-focused Ethereum Layer 2 network, on December 15, 2026.
CEO Luca Netz confirmed that the company directly funded the network’s infrastructure for around 18 months, incurring losses estimated at tens of millions of dollars, without achieving sufficient product-market fit to ensure its commercial sustainability.
Despite Abstract’s partnerships with global brands such as Disney and Red Bull Racing, and the project raising more than $11 million in venture capital led by Founders Fund, the company cited rising operating costs and fragmented liquidity in the crypto sector as factors that made the network’s DeFi ecosystem and institutions unsustainable.
⚠️ Important notice for users: As the shutdown date approaches, users are advised to withdraw all funds and digital assets from the network and bridge them to another network before the deadline to avoid losing access to their assets.
🔄 The company has also abandoned plans to launch a native network token or hold an ICO. It will redirect its engineering budget, staff, and technical resources toward the global expansion of its flagship brand, Pudgy Penguins, focusing on increasing NFT activity and trading and developing the $PENGU ecosystem.
📉 Abstract’s shutdown is the latest example of a wave of infrastructure project closures
$PENGU
