- Abstract said on 6 October it will shut down on 15 December, and any funds not bridged off the chain by then will be inaccessible.
- Igloo CEO Luca Netz said the Pudgy Penguins parent lost tens of millions of dollars over two years funding the chain and decided against launching a token.
- Abstract processed more than US$6 billion (AU$8.6 billion) in DEX volume, while DefiLlama puts its locked value at about US$9.5 million (AU$13.6 million).
Abstract, the Ethereum layer-2 built by Pudgy Penguins parent Igloo, will shut down on 15 December, its team announced on 6 October.
The team’s post on X says funds left on the chain after that date will be inaccessible. To move funds out, users can bridge through the Migration Hub or the native bridge, which carries a three-hour delay. Abstract’s engineering team will help projects built on the chain move to other networks.
The chain blamed lack of growth due to a restricted DeFi ecosystem, thin liquidity, minimal institutional crossover and a smaller budget than its competitors, saying that a chain focused only on consumer crypto had proven unsustainable as a standalone business.
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Igloo CEO Luca Netz said the company had funded Abstract for the past 18 months. He said Igloo lost tens of millions of dollars over two years without finding product-market fit. Igloo bought Frame in mid-2024 to build what Netz called the blockchain for consumer crypto.
Netz said Igloo could have raised money through an initial coin offering after those losses, and chose not to.
All of Igloo’s focus now shifts to Pudgy Penguins, its NFTs and the PENGU token, which launched on Solana in December 2024. The brand’s Pudgy Party mobile game launched in September 2025 on Mythos Chain.
Heavy Traffic, Thin Liquidity
Abstract processed more than 325 million transactions and more than US$6 billion (AU$8.6 billion) in DEX volume, according to figures in its shutdown post. The same post counted more than US$40 million (AU$57.2 million) in ecosystem revenue and more than 4 million Abstract Global Wallets created. More than 144 apps were deployed on the network, the post said.
Brands including Red Bull Racing and Disney used the chain for onchain experiences. Those campaigns brought more than 400,000 users to Abstract, the team said.
DefiLlama data puts the value locked on Abstract at about US$9.5 million (AU$13.6 million) as of 7 October.
Blast, another Ethereum layer-2, announced its own shutdown on 2 October. It said the costs of running the chain exceeded the revenue it generated. Blast has asked users to withdraw their assets through its normal interface by 26 October.
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