Pudgy Penguins-backed Ethereum layer 2 network Abstract will shut down on Dec. 15, according to multiple reports. Users are told to move or “bridge” their assets off the network before the shutdown deadline.
The outlets attribute the closure to Abstract’s difficulty sustaining operations. CoinDesk and The Block say Igloo, the consumer-focused blockchain sponsor associated with Pudgy Penguins, spent tens of millions supporting the network before deciding to end it. Decrypt adds that Abstract acknowledges focusing on consumer crypto alone proved unsustainable.
CoinDesk also places the news in a broader pattern of Ethereum layer-2 failures or withdrawals. It notes that Abstract’s shutdown follows another network, Blast, which reportedly said its own chain was no longer worth operating just days earlier. Across coverage, there is no indication of a replacement network being launched immediately, but the shared emphasis is on timely asset withdrawal to avoid losses when the chain stops.
