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Pudgy Penguins' parent company is shutting down its own blockchain, Abstract, on December 15, 2026.
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Igloo Inc. announced the closure on October 6, 2026, after funding the chain for about 18 months.
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CEO Luca Netz said Igloo lost tens of millions of dollars trying to make Abstract sustainable.
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Abstract processed over 325 million transactions and saw roughly 4 million wallets created, but revenue never caught up.
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Around $47 to $48 million in user funds was still sitting on the chain when the shutdown was announced.
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Users must move assets through Abstract's Migration Hub or native bridge before December 15 or risk losing access.
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Four days earlier, another Ethereum layer-2, Blast, announced its own shutdown for the same reason: costs exceeded revenue.
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Igloo says it is redirecting its resources to the core Pudgy Penguins brand and the PENGU token instead.