RETURN TO PENGUIN: Igloo Inc Is Shutting Down Abstract And Refocusing On Pudgy Penguins And $PENGU

A Pudgy pivot is underway in the crypto space after Igloo Founder Luca Netz announced that the company would be shutting down its blockchain, Abstract, and huddling back around what works, Pudgy Penguins and its token, $PENGU.

Roughly a year and a half after Abstract, an Ethereum Layer 2 chain built with the goal of becoming a home for consumer crypto, officially went live, Netz announced that the chain would begin winding down before completely shutting down on December 15, 2026.

 

“the industry has evolved considerably since Abstract was first conceived, and operating a chain focused exclusively on consumer crypto has ultimately proven to be unsustainable as a standalone model,” Netz and the team wrote in a lengthy X article titled Abstract Is Winding Down. “We explored every angle behind the scenes over these last 12-months in an attempt to find product-market fit and make the chain scale… After extensive deliberation, we agreed that the best path forward was to wind down the chain.”

 

 

Shortly after breaking the news to the community, Netz, ActuallyAgents, Lorenzo, and Michael Lee opened an impromptu Space that began with an apology.

 

“I’m sorry,” Netz said from the start. “I just want to let everyone know that we are in that boat with you, we put our best foot forward and did our best to make this work…it’s a tough decision to say the least, and whether people see it or not, closing down was the highest integrity decision we could come to. Sometimes things work, sometimes things don’t.”

 

As the Space continued, the team revealed that there will be no rewards for XP points or Badges earned and encouraged everyone to move their funds off Abstract through the blockchain’s bridge.

 

While Netz said he was saddened to see Abstract come to an end, he also said he was excited to get everyone at Igloo waddling in the same direction for the first time in a long time.

 

“I think the huge focus for us is concentrating the focus, and focusing on the things that have been a huge net positive for the space which I think Pudgy Penguins and  $Pengu is,” he said. “As people who want to be here for a very long time, I think this was the right decision. It’s time to lean in and go back to our roots and return to penguin.”

 

For more information on all things Abstract and what today’s announcement means, check out the chain’s X article below:

 

 

The Gazette will continue to follow Abstract’s shutdown and how the community reacts to the news. Stay tuned for updates!