Abstract, Pudgy Penguins’ layer 2, $PENGU , is shutting down on December 15. Igloo funded it for 18 months and lost tens of millions. They scrapped a token to extend the runway and will focus the budget on the IP. It’s the second Ethereum network, $ETH , to announce a shutdown in a week, after Blast.
There were more than 325 million transactions and around 400,000 users, but fees weren’t enough to cover operating costs. Nearly 76 million remains to be bridged before the shutdown.
How many consumer L2s are living off the balance sheet of whoever founded them, rather than fee revenue?
Source: CoinDesk
#AbstractChain
There were more than 325 million transactions and around 400,000 users, but fees weren’t enough to cover operating costs. Nearly 76 million remains to be bridged before the shutdown.
How many consumer L2s are living off the balance sheet of whoever founded them, rather than fee revenue?
Source: CoinDesk
#AbstractChain
