Our Summary:Abstract, a Layer 2 Ethereum blockchain, will shut down by mid-December due to a lack of product-market fit and high costs. The move comes after the chain lost tens of millions of dollars over two years and failed to find a market for its services. Pudgy Penguins-backed Abstract joins the growing list of Ethereum L2s calling it quits, including Blast. The shutdown is seen as a setback for users who had invested time and effort in accumulating XP, a reward system for users who brought utility to the platform. Igloo CEO Luca Schnetzler justifies the move, stating that the company cannot justify taking funds from Pudgy Penguins to support a chain that has not found product-market fit.