Pudgy Penguins-backed Ethereum L2 Abstract to shut down after losing ‘tens of millions’
Abstract, the Ethereum layer 2 tied to Pudgy Penguins parent Igloo Inc., will shut down on Dec. 15. Users are being told to bridge assets off the network before then, or their funds will no longer be accessible after that date. Igloo said it funded the chain for months to years and did not find a workable consumer-crypto business model, and one report says the team chose not to launch a token.
What this rests on
What it means
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People using Abstract are the group that will notice this first, because the chain is being set to shut down on Dec. 15 and funds left there after that date become inaccessible. That affects anyone still holding assets on the network, as well as the roughly $48 million sitting on the chain shortly before the announcement.
In practice, the network’s bridge-out deadline changes what users can do with assets on Abstract before Dec. 15. What remains the same is that the chain had already supported more than 400,000 users and over 144 apps, even as the shutdown notice tells users to move funds off the network.
What is still open is how much activity remains on the chain before the deadline and how much value will still be there at shutdown. One detail that would settle that is the final state of bridged-out versus stranded assets when the network closes. (per theblock.co)
Market reaction
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Decrypt
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Cointelegraph
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Crypto Briefing
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BeInCrypto
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Crypto News Australia
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AMBCrypto
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Protos
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Where this sits in the Ethereum series
| When | What happened | Figure |
|---|---|---|
| 1.0 years ago | ETH a 4.245 $ high | today it sits -43.0 % from there |
| 4 months ago | ETH a 1.566 $ low | today it sits +54.7 % from there |
From what we have stored, starting 1.0 years ago.
What could happen next
What the prediction markets currently price as likely. This is context, not a forecast of ours: there is money on it, and that is all we show.