Ethereum layer-2 network Abstract to shut down on Dec 15 after 18 months of losses

Abstract, an Ethereum layer-2 network by Igloo Inc., will cease operations on December 15, 2026, following 18 months of financial losses totaling tens of millions of dollars. The network, which onboarded over 400,000 users and processed 300 million transactions, struggled with stagnant growth, low liquidity, and limited institutional adoption. Igloo will focus resources on its core Pudgy Penguins brand instead, and users must move their assets off Abstract before the shutdown or risk losing them permanently. No new Abstract token will be issued, impacting users hoping for future airdrops.

While Abstract's Ethereum layer-2 network prepares to shut down by December 15, 2026, its parent brand Pudgy Penguins (PENGU) trades on Pluang at Rp164 as of October 7, 2026, 03:52 WIB, down 6.95% in one day. Despite the price drop, PENGU maintains a substantial market cap of Rp10.33 trillion and a high 24-hour trading volume of Rp3.67 trillion, with 71% of its circulating supply active. This contrasts with Abstract's stagnant growth and financial losses, highlighting Pudgy Penguins' stronger market presence currently on Pluang.