$PENGU đšLATEST: Pudgy Penguinsâ parent company shuts down its Abstract blockchain.
Abstract, the Ethereum Layer-2 launched by Pudgy Penguins parent company Igloo Inc., will shut down on December 15 after struggling to scale beyond consumer crypto.
The team says limited DeFi activity, thin liquidity, limited institutional adoption and a smaller budget made operating the chain unsustainable.
Users have until December 15 to bridge their assets off the network, with funds left behind becoming inaccessible.
Abstract, the Ethereum Layer-2 launched by Pudgy Penguins parent company Igloo Inc., will shut down on December 15 after struggling to scale beyond consumer crypto.
The team says limited DeFi activity, thin liquidity, limited institutional adoption and a smaller budget made operating the chain unsustainable.
Users have until December 15 to bridge their assets off the network, with funds left behind becoming inaccessible.