Ethereum
Pudgy Penguins Parent Company Igloo to Wind Down Ethereum Layer-2 Abstract
Igloo Inc. will shut down its ZK-rollup network Abstract on December 15 after struggling with thin on-chain liquidity and a consumer-only model.
Abstract, the Ethereum layer-2 network developed by Pudgy Penguins parent company Igloo Inc., has announced that it will permanently cease operations on December 15. The team stated that operating an infrastructure network dedicated entirely to consumer-facing crypto applications proved unsustainable as an independent model, citing a limited decentralized finance presence, thin liquidity, minimal institutional adoption, and lower budgets compared to competing rollups.
Users and developers must bridge their assets off the zero-knowledge rollup before the December 15 cutoff using the native bridge or Abstract's Migration Hub. The team cautioned that any assets remaining on the network after the deadline will become permanently inaccessible. Technical staff will also assist hosted projects with moving to alternative chains.
During its operation, Abstract processed over 325 million transactions, generated upwards of $6 billion in decentralized exchange volume, and produced more than $40 million in ecosystem revenue. More than 4 million Abstract Global Wallets were created, attracting promotional campaigns from brands such as Disney and Red Bull Racing. The decision marks the second recent Ethereum layer-2 shutdown, following the closure of Paradigm-backed Blast.
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