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.
Abstract, a consumer-focused Ethereum layer-2 blockchain built by Igloo Inc., the parent company of Pudgy Penguins, will shut down on December 15. According to Igloo CEO Luca Netz, the company spent 18 months and tens of millions of dollars supporting Abstract, but ultimately failed to find product-market fit.
Despite attracting major brands and a community of millions, Abstract struggled to scale and find a sustainable business model. The network, which launched its mainnet in January 2025, aimed to drive consumer crypto adoption by targeting mainstream entertainment, but cited minimal institutional crossover, thin liquidity, and a restricted DeFi ecosystem as constraints on growth.
Abstract's shutdown follows that of Blast, another Ethereum layer 2 network, which also announced it was no longer worth operating. Abstract has urged users to bridge their assets off the network before the shutdown date.
Brief written by urgent.news from CoinDesk, Cointelegraph, Decrypt — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
