Pudgy Penguins’ Abstract becomes second Ethereum layer 2 to shut in a week
Source: CoinDesk ·
From the source
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. The company behind Pudgy Penguins, the digital collectibles and toy brand, is closing its Abstract blockchain after losing “tens of millions of dollars” funding it, becoming the second Ethereum-linked network in less than a week to announce a shutdown. Abstract will stop operating Dec. 15. The team has told users to move their assets before then, warning that funds left on the network would become inaccessible. Abstract is a so-called layer-2 network, a separate system that handles transactions cheaply and sends batches to Ethereum for verification. It launched in January 2025 with a bet that the Pudgy Penguins’ audience could bring ordinary consumers into cryptocurrency applications. Pudgy Penguins began as a collection of cartoon penguin NFTs, digital collectibles whose ownership is recorded on a blockchain. It…