Igloo Inc., the company behind Pudgy Penguins, is shutting down Abstract, its consumer-focused Ethereum layer 2 network, scheduled to go dark on December 15, 2026. CEO Luca Netz said Igloo funded the project for 18 months without finding product-market fit, with losses described as tens of millions of dollars in eight figures. The network showed solid metrics: over 400,000 users, 4 million wallets, 325 million transactions processed, 144 deployed apps, and more than $40 million in revenue, with brand partners including Red Bull Racing and Disney. The chain held between $47 million and $48 million in total value locked that must be migrated before the shutdown date. Igloo will refocus on its core business, Pudgy Penguins and the PENGU token, ruling out an Abstract token or ICO.
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