Ethereum · Decrypt
Abstract is the second Ethereum layer-2 to announce a shutdown in a matter of days
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Abstract also urged users to watch out for impersonators, fake migration sites and direct messages claiming to represent the project.
Key facts
- By its own count, Abstract processed more than 325 million transactions, logged over $6 billion in decentralized exchange volume and generated more than $40 million in ecosystem revenue
- Abstract, the Ethereum layer-2 network built by Pudgy Penguins parent company Igloo Inc., is shutting down after struggling to scale beyond its consumer crypto niche
- Abstract is a ZK-rollup, a layer-2 network that bundles transactions and verifies them on Ethereum using zero-knowledge proofs, a type of cryptographic receipt
- The team announced on X that the chain will go dark on Dec. 15
Summary
Abstract, the Ethereum layer-2 from Pudgy Penguins parent company Igloo Inc., will shut down Dec. 15. The team blamed a limited DeFi ecosystem, thin liquidity, little institutional crossover and a smaller budget than rivals. It's the second Ethereum layer-2 to announce a shutdown in days, following Paradigm-backed Blast. Abstract, the Ethereum layer-2 network built by Pudgy Penguins parent company Igloo Inc., is shutting down after struggling to scale beyond its consumer crypto niche. The team announced on X that the chain will go dark on Dec. 15.