Layer 2 Abstract, developed by Igloo, the company behind the Pudgy Penguins NFT collection, has announced its definitive shutdown scheduled for December 15. The cited reasons include stagnant growth, insufficient liquidity, a reduced DeFi ecosystem, and marginal institutional adoption. Igloo lost tens of millions of dollars over two years, including the last 18 months spent funding Abstract. Users must withdraw their funds before December 15 through the Migration Hub or Native Bridge or risk losing all access to their assets. CEO Luca Netz also revealed that launching a native token was considered but ultimately abandoned to avoid harming the community, despite having previously estimated that an immediate launch could have valued the project between 2 and 3 billion dollars.
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