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Pudgy Penguins Team to Shutter Ethereum Layer 2 Network Abstract

Pudgy Penguins Team to Shutter Ethereum Layer 2 Network Abstract

Another Ethereum Layer 2 chain bites the dust: Just days after the creators of the once-hyped Blast said they’re shutting down the scaler, Abstract is about to follow suit. On Tuesday, Igloo Inc.—the company behind the crypto-native Pudgy Penguins IP—said that it will shut down Abstract, its Ethereum Layer 2 network that launched in mainnet […]

Oct 7, 2026 · byBitcoin.com News
Why Abstract is killing its Ethereum L2 instead of launching a token to save it

Why Abstract is killing its Ethereum L2 instead of launching a token to save it

Abstract will shut down on Dec. 15 despite onboarding more than 400,000 users, hosting 144 apps, and landing brands including Disney and Red Bull Racing. The consumer-focused Ethereum layer-2 (L2) cited stagnant growth, thin liquidity, restricted DeFi activity, and limited institutional crossover. Igloo CEO Luca Netz said the company had lost “tens of millions of […] The post Why Abstract is killing its Ethereum L2 instead of launching a token to save it appeared first on CryptoSlate .

Oct 7, 2026 · byCryptoSlate