Ethereum · The Block
In July 2024, Igloo raised more than $11 million, led by Founders Fund
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
✓ KHAO Verified
Netz said Igloo ultimately decided against launching an Abstract token or continuing to fund the network at the expense of the Pudgy Penguins business.
Key facts
- In July 2024, Igloo raised more than $11 million, led by Founders Fund, to develop Abstract as a consumer-focused L2 and leverage Pudgy Penguins' distribution to bring consumers onchain
- Abstract, a consumer-focused Ethereum Layer 2 network, said it will wind down operations and shut down the chain on Dec
- Igloo Inc., the parent company behind Pudgy Penguins, had been funding Abstract for the past 18 months and lost "tens of millions of dollars," according to CEO Luca Netz
- Abstract said more than 144 apps were deployed on the chain and more than 400,000 users were onboarded through consumer-focused partnerships with brands including Red Bull Racing and Disney
Summary
Abstract, a consumer-focused Ethereum Layer 2 network, said it will wind down operations and shut down the chain on Dec. 15, 2026, citing stagnant growth, thin liquidity, a restricted DeFi ecosystem and limited institutional adoption. Abstract said more than 144 apps were deployed on the chain and more than 400,000 users were onboarded through consumer-focused partnerships with brands including Red Bull Racing and Disney. "But the industry has evolved considerably since Abstract was first conceived, and operating a chain focused exclusively on consumer crypto has ultimately proven to be unsustainable as a standalone model," Abstract said Tuesday in a post on X. The project said users must bridge their assets off Abstract before the shutdown date or risk losing access to their funds. Igloo Inc., the parent company behind Pudgy Penguins, had been funding Abstract for the past 18 months and lost "tens of millions of dollars," according to CEO Luca Netz.