Abstract, the Ethereum layer 2 of Pudgy Penguins’ parent company Igloo, will definitively shut down on December 15, 2026, after losing tens of millions of dollars in two years despite impressive metrics: over 325 million transactions processed, 4 million wallets created, and more than $6 billion traded on decentralized platforms. Igloo declined to launch a token or ICO to offset losses, leaving users responsible for migrating their funds via the Migration Hub or native bridge before closure. Approximately $48 to $76 million remained on the network before the announcement, and any assets not transferred after December 15, 2026, will become inaccessible. This shutdown comes days after Blast, another layer 2, also declared its model unsustainable, highlighting the broader challenges facing L2 solutions targeting mainstream adoption.
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