TL;DR
1
Igloo Inc., Pudgy Penguins’ parent company, lost tens of millions of dollars funding the Abstract Ethereum Layer 2 network.
Igloo Inc., Pudgy Penguins’ parent company, lost tens of millions of dollars funding the Abstract Ethereum Layer 2 network.
2
Abstract is shutting down after 18 months of financial support from Igloo failed to produce a sustainable ecosystem.
Abstract is shutting down after 18 months of financial support from Igloo failed to produce a sustainable ecosystem.
3
CEO Luca Netz chose not to launch a token, stating that issuing one without strong demand would have harmed the community.
CEO Luca Netz chose not to launch a token, stating that issuing one without strong demand would have harmed the community.
Igloo Inc. Pulls Funding from Abstract Ethereum Layer 2
Igloo Inc., the parent company of Pudgy Penguins, has been funding Abstract for the past 18 months but suffered losses of “tens of millions of dollars,” according to CEO Luca Netz.
Why Abstract Layer 2 Is Shutting Down
Netz explained the decision not to launch a token was deliberate: “Tokens only work when there are factors that create demand. We believed that issuing a token without conviction would harm our community.”
Read the full story here: The Block — Abstract Ethereum Layer 2 Shutting Down
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