Abstract, the Ethereum layer-2 network built by Igloo Inc., the parent company of Pudgy Penguins, will cease operations on December 15. Users must transfer their assets before this date via the Migration Hub or native bridge, or risk losing access to their funds. The platform attributes its shutdown to a limited DeFi ecosystem, thin on-chain liquidity, little institutional crossover and a smaller budget compared to rivals. Abstract processed over 325 million transactions and generated over $6 billion in decentralized exchange volume. This closure comes just days after Blast, another Paradigm-backed layer-2, announced its own shutdown.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
