Abstract, the Ethereum layer-2 network built by Igloo Inc., the parent company of Pudgy Penguins, will shut down on December 15, 2026. The company lost tens of millions of dollars over eighteen months of operation despite onboarding over 400,000 users and processing more than 300 million transactions since its mainnet launch in January 2025. CEO Luca Netz confirmed that no Abstract token will be launched, eliminating any hope of an airdrop for early users. Asset holders on the network must transfer their funds through migration hubs before the deadline or risk permanently losing access to their holdings. Igloo, which had raised over $11 million in July 2024, now plans to concentrate its resources on the Pudgy Penguins brand and its associated PENGU token.
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