Igloo to shut down Abstract blockchain on December 15

Igloo Inc. will shut down its Abstract blockchain on December 15, 2026, after the Pudgy Penguins parent company spent about 18 months funding the Ethereum layer 2 and incurred losses it described as tens of millions of dollars. Abstract has instructed users to move their assets before the cutoff, warning that funds left on the network may become inaccessible. The project announced the decision on October 6, saying growth had stalled and that thin liquidity, limited decentralized finance activity and little institutional participation made the network difficult to sustain. Igloo Chief Executive Luca Netz said the company decided against continuing to fund Abstract at the expense of its Pudgy Penguins business and would not launch an Abstract token or conduct an initial coin offering to support the network. Abstract launched its mainnet in January 2025, aiming to bring mainstream audiences into cryptocurrency through consumer-focused applications and the Pudgy Penguins brand. The project reported more than 325 million transactions, over $40 million in ecosystem revenue, more than 400,000 users and 144 deployed applications.