A consumer chain just admitted the quiet part.
Pudgy Penguins’ Abstract L2 is winding down on December 15. Igloo says it lost tens of millions over two years. The chain still did 300 million transactions, built a portal, and onboarded brands.
What killed it was not users. It was no real DeFi, thin liquidity, and almost no institutional flow.
Culture got people in the door. Markets are what kept the lights on.
Funds left on Abstract after December 15 become inaccessible. Bridge out.
Not financial advice.
#Web3
Pudgy Penguins’ Abstract L2 is winding down on December 15. Igloo says it lost tens of millions over two years. The chain still did 300 million transactions, built a portal, and onboarded brands.
What killed it was not users. It was no real DeFi, thin liquidity, and almost no institutional flow.
Culture got people in the door. Markets are what kept the lights on.
Funds left on Abstract after December 15 become inaccessible. Bridge out.
Not financial advice.
#Web3
