Pudgy Penguins' Abstract Ethereum Layer-2 Shutting Down on Dec 15
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Abstract, the Ethereum layer-2 network by Igloo Inc., is shutting down on Dec. 15 due to challenges in scaling beyond its consumer crypto niche. Users must migrate their assets via Abstract's Migration Hub or native bridge before the deadline, as funds left behind will be inaccessible. Abstract's engineers will assist projects in migrating to other chains. The network's growth was hindered by a limited DeFi ecosystem, low on-chain liquidity, minimal institutional crossover, and a smaller budget compared to competitors. Abstract processed over 325 million transactions, recorded over 6 billion dollars in decentralized exchange volume, and generated more than 40 million dollars in ecosystem revenue. It created over 4 million Abstract Global Wallets and attracted brands like Red Bull Racing and Disney. Abstract is a ZK-rollup network that uses zero-knowledge proofs for transaction verification. It is the second Ethereum layer-2 to announce a shutdown recently, following Blast.
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