Abstract, the Ethereum L2 backed by Pudgy Penguins, will cease operations by mid-December. After losing tens of millions of dollars over two years without finding product-market fit, Igloo Inc. decided to stop funding the chain. TVL plummeted by 83%, dropping from $56 million to $9.5 million, while stablecoin market cap fell from $12 million to $5.6 million. Focus will now shift to the PENGU memecoin, with a whale investing $1 million in the token following the shutdown announcement.
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