Abstract, an Ethereum layer-2 blockchain built by Igloo Inc., the parent company of Pudgy Penguins, announced it will shut down on December 15, 2026 after losing tens of millions of dollars over two years. Despite launching its mainnet in January 2025, onboarding more than 400,000 users, deploying over 144 applications and securing partnerships with brands including Red Bull Racing and Disney, the company failed to find product-market fit. Users are urged to bridge their assets off the network before the deadline or risk losing access to their funds. This shutdown follows similar closures by Blast and Botanix, highlighting the challenges facing consumer-focused blockchain projects struggling to build sustainable businesses.
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