Abstract to Shut Down as Igloo Refocuses on PENGU

Abstract, the Ethereum Layer 2 backed by Pudgy Penguins parent company Igloo, will shut down on 15 December 2026. Users should withdraw assets before the deadline using Abstract’s official Migration Hub or native bridge; withdrawals currently take about three hours, and funds left on the network after closure may become inaccessible. As of 7 October, about $76 million in bridged value was associated with Abstract, but that figure does not mean all those assets will be stranded. Earlier figures put the network’s total value secured at about $47.9 million, with roughly $9.6 million held in its DeFi protocols. Abstract recorded more than 325 million transactions, over $6 billion in decentralised exchange volume and more than four million wallets. However, activity did not generate sufficient sustainable revenue for the network. DefiLlama data showed about $3,900 in chain fees over the latest 24 hours, compared with roughly $39,000 in revenue for applications on Abstract. Igloo cited stalled growth, limited institutional activity and low fee income, and CEO Luca Netz said the company had spent tens of millions of dollars funding the project over 18 months. Igloo will redirect resources to Pudgy Penguins, its NFTs and PENGU, and has ruled out issuing an Abstract token to raise funds. Abstract launched its mainnet in January 2025 after Igloo acquired rollup developer Frame and raised more than $11 million. Its shutdown follows Blast’s closure announcement, but the two decisions alone do not establish that Ethereum Layer 2 networks are broadly failing. Users should verify migration links through Abstract’s official channels and move assets well before the deadline.