DECRYPT · 2026-10-06 20:28 UTC

Pudgy Penguins' Ethereum Layer-2 Abstract Is Shutting Down

Abstract, the Ethereum layer-2 built by Pudgy Penguins parent company Igloo Inc., will shut down on Dec. 15, with users required to bridge assets off the network by then or lose access. The team cited limited DeFi ecosystem, thin liquidity, lack of institutional adoption, and smaller budget than competitors as reasons for the shutdown. Abstract is the second Ethereum layer-2 to announce shutdown in days, following Paradigm-backed Blast.

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