THE BLOCK · 2026-10-06 20:11 UTC

Pudgy Penguins-backed Ethereum L2 Abstract to shut down after losing 'tens of millions'

Abstract, an Ethereum L2 backed by Pudgy Penguins parent company Igloo, will shut down on Dec. 15, 2026, citing stagnant growth, thin liquidity, and limited institutional adoption despite onboarding 400,000+ users. Igloo lost 'tens of millions of dollars' funding Abstract over 18 months and decided against launching a token to keep the network alive. Users must bridge assets off Abstract before shutdown or risk losing access to funds; Igloo will redirect resources toward Pudgy Penguins and PENGU token.

Loading the story on Tree News…