Abstract, the Ethereum layer 2 from Igloo Inc., parent company of Pudgy Penguins, will shut down on December 15, 2026. In an October 6 announcement on X, it said that funds not bridged by then “will be inaccessible.” It’s the second Ethereum L2 to shut down in a week, after Blast on October 2.
If you have funds on it, you have 69 days left:
- withdraw through the official Migration Hub or the native bridge (3-hour delay);
- verify every link via the official X account—the team is warning users about fake migration sites;
- a balance held in an app also depends on that app’s migration.
A difference from Blast, noted by Onchain Diary: after October 26, Blast funds will remain recoverable through Ethereum L1. For Abstract, no recovery option after the deadline has been announced.
Why shut down? CEO Luca Netz says the project lost “eight figures” in 18 months, without launching a token. Over 24 hours, DefiLlama (via CoinDesk) puts the chain’s fees at about $3,900, compared with about $39,000 in revenue for its apps. Between $47 million and $76 million may remain on the network, depending on the estimate (L2BEAT, DefiLlama).
In the market, $PENGU is down about 12% over 24 hours on Binance, hitting a low of $0.008414—the lowest since September 21. A caveat: PENGU is on Solana and Pudgy NFTs are on Ethereum; neither is on Abstract. The decline is coinciding with a broader pullback ($BTC down 4.2% below $83,000, $OP down 11%).
My take: Igloo’s renewed focus on the brand could help PENGU in the long term, but before the Fed minutes (18:00 UTC), beta is in the driver’s seat. A move back above $0.0090 would mean the news has been priced in. Below $0.0084, the September 21 zone (around $0.0078) becomes the reference point again.
After Blast and Abstract, what do you look at before bridging to an L2: the fees it actually earns, or the promised yield?
#Layer2 #PudgyPenguins
If you have funds on it, you have 69 days left:
- withdraw through the official Migration Hub or the native bridge (3-hour delay);
- verify every link via the official X account—the team is warning users about fake migration sites;
- a balance held in an app also depends on that app’s migration.
A difference from Blast, noted by Onchain Diary: after October 26, Blast funds will remain recoverable through Ethereum L1. For Abstract, no recovery option after the deadline has been announced.
Why shut down? CEO Luca Netz says the project lost “eight figures” in 18 months, without launching a token. Over 24 hours, DefiLlama (via CoinDesk) puts the chain’s fees at about $3,900, compared with about $39,000 in revenue for its apps. Between $47 million and $76 million may remain on the network, depending on the estimate (L2BEAT, DefiLlama).
In the market, $PENGU is down about 12% over 24 hours on Binance, hitting a low of $0.008414—the lowest since September 21. A caveat: PENGU is on Solana and Pudgy NFTs are on Ethereum; neither is on Abstract. The decline is coinciding with a broader pullback ($BTC down 4.2% below $83,000, $OP down 11%).
My take: Igloo’s renewed focus on the brand could help PENGU in the long term, but before the Fed minutes (18:00 UTC), beta is in the driver’s seat. A move back above $0.0090 would mean the news has been priced in. Below $0.0084, the September 21 zone (around $0.0078) becomes the reference point again.
After Blast and Abstract, what do you look at before bridging to an L2: the fees it actually earns, or the promised yield?
#Layer2 #PudgyPenguins