Pudgy Penguins-backed Abstract to shut down its Ethereum layer-2 in December
Abstract, the consumer-focused chain funded by Igloo, will close on Dec. 15 after what its backers described as tens of millions in losses.
AfroEuropa Newsroom
AfroEuropa desk
Abstract, an Ethereum layer-2 network backed by the Pudgy Penguins brand, will shut down on Dec. 15, according to reports from CoinDesk, Decrypt and Cointelegraph.
The chain was built with a focus on consumer crypto applications. Those behind it concluded that a network aimed solely at that segment proved unsustainable, Decrypt reported. The project is advising users to move their assets off the chain before the shutdown date by bridging them elsewhere.
According to Cointelegraph, Igloo CEO Luca Netz said the company had funded Abstract for 18 months but did not reach product-market fit, even after drawing in major brands and a community numbering in the millions. CoinDesk reported that Igloo spent tens of millions supporting the network.
The closure makes Abstract the second Ethereum layer-2 to announce it would wind down within a week, CoinDesk reported. Days earlier, Blast stated that its own network was no longer worth running.
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