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.

Our Summary:Abstract, a blockchain for consumer crypto apps, is shutting down after almost three years, shifting focus to Pudgy Penguins NFTs and token PENGU. The shutdown has led to a surge in Pudgy Penguins floor price and a decline in PENGU value, as Igloo Inc. puts its full attention on the NFT collection. The move may help lift the token's value, but its long-term prospects remain uncertain.

Our Summary:Pudgy Penguins, the owner of the abstract chain ₿ITS, is shutting down its platform due to financial struggles, leaving $47 million in assets behind. The decision comes amid growing concerns over the sustainability of abstract chains in the crypto space. The shutdown affects users and investors who had been holding assets on the platform.

Our Summary:Abstract, the Ethereum Layer 2 platform backed by the popular NFT collectibles brand Pudgy Penguins, will cease operations due to significant financial losses, forcing users to migrate their assets before December 15th.