⚠️ Abstract network closes on 15 December
Igloo, the company behind Pudgy Penguins, announced on 6 October that its Ethereum layer-2, Abstract, is shutting down.
What Abstract had:
- 4M+ wallets and around 400,000 users
- 144 apps
- Partnerships with Disney and Red Bull
What it lacked:
- Deep on-chain liquidity
- An active trading and lending market
- Enough fee income to cover its costs
If you hold assets there:
- Move them back to Ethereum before 15 December using the official migration tools
- The native bridge takes about 3 hours
- No token or airdrop is coming, so ignore anyone offering one
$PENGU fell about 5.6% on the news. Around $47M was still on the network when it was announced.
Have you moved your assets yet?
#Abstract #Layer2 #PENGU
Not financial advice. DYOR.
Igloo, the company behind Pudgy Penguins, announced on 6 October that its Ethereum layer-2, Abstract, is shutting down.
What Abstract had:
- 4M+ wallets and around 400,000 users
- 144 apps
- Partnerships with Disney and Red Bull
What it lacked:
- Deep on-chain liquidity
- An active trading and lending market
- Enough fee income to cover its costs
If you hold assets there:
- Move them back to Ethereum before 15 December using the official migration tools
- The native bridge takes about 3 hours
- No token or airdrop is coming, so ignore anyone offering one
$PENGU fell about 5.6% on the news. Around $47M was still on the network when it was announced.
Have you moved your assets yet?
#Abstract #Layer2 #PENGU
Not financial advice. DYOR.