The Ethereum L2 Abstract, created by the makers of Pudgy Penguins, will cease operations on December 15, 2026. Funds remaining in the network after this date will become inaccessible; assets can be withdrawn via the official migration hub or the native bridge. The network served over 400,000 users and more than 144 applications.
CEO Igloo Luca Netz explained the decision: insufficient liquidity, weak ties with institutional players, and excessively high costs. The network managed to process over 300 million transactions.
According to Netz, it was no longer viable to keep taking money from the Pudgy Penguins business. The company did not launch a token or an ICO: "a token only works if there’s something that creates demand for it."
Now, Igloo’s entire focus is on Pudgy Penguins, Pudgy NFTs, and PENGU.
PENGU -2.5%
Floor Pudgy Penguins NFT +10%