Pudgy Penguins’ Abstract becomes second Ethereum layer 2 to shut in a week
The consumer-focused blockchain will close Dec. 15 after Igloo spent tens of millions supporting it, days after Blast said its own network was no longer worth operating.
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Summary
- Igloo will shut down its Abstract blockchain on Dec. 15 after losing tens of millions of dollars funding the Ethereum layer-2 network.
- Users must move their assets before the shutdown or risk losing access to them, with about $76 million remaining on the network as of Wednesday.
- Abstract processed more than 325 million transactions but struggled with stalled growth, limited institutional activity and insufficient fee revenue to cover operating costs.
Igloo, the parent company, had funded Abstract for about 18 months, CEO Luca Netz said. It decided against continuing to support the chain at the expense of its Pudgy Penguins business or selling a token to raise more money.
