Igloo Inc., the company behind Pudgy Penguins, is shutting down its consumer-focused Ethereum layer 2 network, Abstract, on December 15, 2026, after incurring losses in the tens of millions. Despite onboarding over 400,000 users, processing 325 million transactions, and generating $40 million in revenue, Abstract failed to achieve sustainable growth or liquidity, leading to the decision to close. Users must migrate their assets before the shutdown deadline, as funds left on the chain will become inaccessible. Igloo will now focus on its core Pudgy Penguins brand and PENGU token, marking a strategic retreat from the costly Abstract project.
Igloo Inc. and its Abstract network are the story's subject, here is Pluang's market snapshot as of Oct 07, 2026 07:04 WIB: Among 50 major cryptocurrencies, 8 rose and 41 fell. Notable movers include SAND at Rp1.190 with a 1-day change of -5.00%, MANA at Rp1.827 down 4.50%, and CAKE at Rp42.894 down 3.93%. Typical hold times range from 75 to 156 days, with varying Pluang order activity percentages.
Ethereum's price remained stable around $2,700 with minimal daily movement, but derivatives data reveals significant leverage on both sides. About $414.1 million in long positions and $640.6 million in short positions are in potential liquidation zon...
Constellation Brands saw its shares fall 14%, now trading at a compelling 9 times earnings. The company reported 6% revenue growth and a 3% earnings per share (EPS) beat, driven mainly by strong beer sales despite margin pressure from increased marke...
XRP is trading below a key resistance near $1.65 and may either make a final push toward $1.70 or begin a pullback directly to $1.27 support, with a deeper drop to $1.10 possible. A breakout above $1.80 could turn $1.65 into a new support level, sign...
Abstract announced it will shut down on December 15, 2026, urging users to relocate their assets before the deadline. Meanwhile, Winklevoss has filed for a Zcash (ZEC) exchange-traded fund (ETF), signaling growing interest in crypto investment produc...
A leveraged long position of 3,728 Ether (ETH), valued at $9.85 million, was fully liquidated within three minutes after Ether's price dropped below $2,600. This rapid liquidation highlights the risks of leveraged trading, where a sharp price decline...
