Pudgy Penguins-backed Ethereum L2 Abstract to shut down after losing 'tens of millions'
Abstract, a consumer-focused Ethereum Layer 2 network backed by Pudgy Penguins’ parent company Igloo Inc., will shut down on Dec. 15, 2026, citing stagnant growth, thin liquidity, and limited institutional adoption. Igloo’s CEO Luca Netz stated the project lost "tens of millions" over 18 months; despite having over 144 apps and 400,000 users, the team decided against launching a token to avoid devaluing the community. Igloo will redirect resources to Pudgy Penguins and PENGU, following the recent shutdown announcement by another L2, Blast.
$PENGU #BinanceLaunchesBinanceIntelligence
Abstract, a consumer-focused Ethereum Layer 2 network backed by Pudgy Penguins’ parent company Igloo Inc., will shut down on Dec. 15, 2026, citing stagnant growth, thin liquidity, and limited institutional adoption. Igloo’s CEO Luca Netz stated the project lost "tens of millions" over 18 months; despite having over 144 apps and 400,000 users, the team decided against launching a token to avoid devaluing the community. Igloo will redirect resources to Pudgy Penguins and PENGU, following the recent shutdown announcement by another L2, Blast.
$PENGU #BinanceLaunchesBinanceIntelligence