Pudgy Penguins' Abstract L2 to shut down Dec. 15

Abstract, the consumer-focused Ethereum layer-2 launched by Pudgy Penguins parent Igloo, will shut down on December 15 after Igloo spent tens of millions supporting it. The closure comes days after Blast said its own network was no longer worth operating, making Abstract the second Ethereum layer-2 to wind down in a week.

• Igloo had funded the chain's operation for years before concluding it was no longer viable.
• The shutdown adds to a wave of blockchain consolidation as security and development costs persist while activity dries up.