Pudgy Penguins-Backed Abstract L2 to Shut Down in December
Abstract, the Pudgy Penguins-backed Ethereum layer-2 network, is shutting down its operations on December 15.
Abstract, the Pudgy Penguins-backed Ethereum layer-2 network, is shutting down on December 15, according to TheBlock. The project will cease operations after losing tens of millions of dollars during its deployment. Users have been instructed to bridge their assets off the platform before the closure date.
Network Closure Details
Instant Telegram notifications for large on-chain moves.
The Ethereum layer-2 network launched with backing from the Pudgy Penguins ecosystem but failed to sustain operations. According to TheBlock, the platform accumulated losses amounting to tens of millions of dollars, prompting the decision to sunset the protocol.
Key facts
- Abstract to shut down: The Ethereum layer-2 network announced its impending closure.
- Closure date: Operations will officially cease on December 15.
- User action required: Users must bridge assets off the platform prior to the shutdown.
- Financial losses: The protocol suffered losses totaling tens of millions of dollars.
Source: theblock.co
This article is for information only and is not investment advice. BullishMarketCap news is produced with AI assistance from public sources and reviewed by our editors; see our editorial policy. Spotted an error? Tell us.
