$PENGU
The Abstract Chain is also closing ๐ฅฒ
After Blast, now there is news of the closure from the Abstract front, and frankly, when I look at what has happened recently, I think things are not easy to move forward, especially in terms of new generation blockchain projects.
When the abstract was released, the expectation was quite high, but over time, it was not as easy as expected to turn into a sustainable ecosystem
Especially the fact that DeFi cannot reach the desired size, there is not enough liquidity in the chain, limited corporate interest and having to compete with competitors with much larger budgets are some of the important problems in front of the project.
I think the point to be noted here is that the team did not pull the plug at once
According to the information shared, the team tried to make Abstract sustainable for about 12 months by trying different solutions, but failed to come up with a model that could work in the long term in terms of revenue, user growth and ecosystem continuity
Getting a blockchain back on its feet is no longer enough
It's necessary to bring people into the chain, keep them there, attract developers, make sure apps are actually used, and build a liquidity that's constantly circulating around all of that
When one of these is missing, things can change very quickly, especially in a market where competition is so intense
Eventually, the team continued the operation and chose to terminate the chain's operations instead of further increasing costs and losses.
The news naturally reflected on the $PENGU side, which is closely associated with the Abstract ecosystem, and the price began to see selling pressure
The initial reaction of the market is understandable because investors are trying to price not only the current situation but also the subsequent effects that news may have on the ecosystem.
The Abstract Chain is also closing ๐ฅฒ
After Blast, now there is news of the closure from the Abstract front, and frankly, when I look at what has happened recently, I think things are not easy to move forward, especially in terms of new generation blockchain projects.
When the abstract was released, the expectation was quite high, but over time, it was not as easy as expected to turn into a sustainable ecosystem
Especially the fact that DeFi cannot reach the desired size, there is not enough liquidity in the chain, limited corporate interest and having to compete with competitors with much larger budgets are some of the important problems in front of the project.
I think the point to be noted here is that the team did not pull the plug at once
According to the information shared, the team tried to make Abstract sustainable for about 12 months by trying different solutions, but failed to come up with a model that could work in the long term in terms of revenue, user growth and ecosystem continuity
Getting a blockchain back on its feet is no longer enough
It's necessary to bring people into the chain, keep them there, attract developers, make sure apps are actually used, and build a liquidity that's constantly circulating around all of that
When one of these is missing, things can change very quickly, especially in a market where competition is so intense
Eventually, the team continued the operation and chose to terminate the chain's operations instead of further increasing costs and losses.
The news naturally reflected on the $PENGU side, which is closely associated with the Abstract ecosystem, and the price began to see selling pressure
The initial reaction of the market is understandable because investors are trying to price not only the current situation but also the subsequent effects that news may have on the ecosystem.
