Ethereum L2 Abstract, which officially reports more than 4 million wallets, is set to shut down on December 15. After that, assets left on the chain will be inaccessible. It’s been less than a week since the previous L2 announced its closure.
It wasn’t short on users. It was short on users willing to pay.
Official figures show more than 400,000 users, over 300 million transactions, and 144 apps. It also secured partnerships with Disney and Red Bull Racing. The parent company’s CEO admitted to funding it for about 18 months, racking up losses of tens of millions of dollars over two years. Some say the chain’s daily on-chain revenue was only in the low thousands of dollars. DEX volume and TVL have also fallen sharply from their peaks.
Activity seemed to be driven more by points and expectations of an airdrop than by paid demand.
In the end, the team chose not to issue a token or hold an ICO, saying that “a token without demand to support it would be irresponsible to the community.”
If users in an ecosystem were there for the airdrop in the first place, is not issuing a token the responsible thing to do—or does it just leave those expectations hanging until the very last day?
It wasn’t short on users. It was short on users willing to pay.
Official figures show more than 400,000 users, over 300 million transactions, and 144 apps. It also secured partnerships with Disney and Red Bull Racing. The parent company’s CEO admitted to funding it for about 18 months, racking up losses of tens of millions of dollars over two years. Some say the chain’s daily on-chain revenue was only in the low thousands of dollars. DEX volume and TVL have also fallen sharply from their peaks.
Activity seemed to be driven more by points and expectations of an airdrop than by paid demand.
In the end, the team chose not to issue a token or hold an ICO, saying that “a token without demand to support it would be irresponsible to the community.”
If users in an ecosystem were there for the airdrop in the first place, is not issuing a token the responsible thing to do—or does it just leave those expectations hanging until the very last day?