Abstract, the Ethereum Layer 2 network backed by the Pudgy Penguins team, has confirmed it will shut down on December 15. The team says losses have reached "tens of millions of dollars," and users must bridge their assets out before the deadline.
A blockchain backed by a prominent NFT project is shutting down after failing to overcome mounting losses. Abstract, the Ethereum Layer 2 network supported by the Pudgy Penguins team, will officially cease operations on December 15.
According to The Block, Abstract stated that the L2 project has lost "tens of millions" of dollars. Officials did not disclose the exact loss figures, user data during its operational period, or further details behind the decision to shut down.
For users who still have assets on the Abstract network, December 15 marks a clear action deadline: they must complete the bridging process before then to move their assets off the soon-to-be-defunct chain. Pudgy Penguins, one of the few Web3 NFT IPs to successfully cross over into mainstream consumer markets, has seen its team's infrastructure spinoff reach this shutdown point — a reflection of execution-level realities rather than the brand's own market standing.
Publicly available information so far is limited to a general description of the shutdown timeline and the scale of losses. Details on the specific bridging process, whether official tools or guides will be provided, and the impact of the shutdown on Pudgy Penguins' other business ventures remain to be clarified in future updates.
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