Timeline
- 8.0
Abstract to Shut Down Ethereum Layer 2 on Dec. 15
Abstract, the Ethereum layer-2 network built by Pudgy Penguins parent company Igloo Inc., announced that it will shut down on Dec. 15, with users required to move assets off the chain before then through Abstract's Migration Hub or its native bridge. Igloo said it lost tens of millions of dollars over two years keeping the chain running and will now refocus resources on Pudgy Penguins, Pudgy NFTs and PENGU. Funds not bridged off by the deadline will be inaccessible, and Abstract's engineers will help projects built on the network migrate to other chains. It is the second Ethereum layer-2 to announce a shutdown within days, following Paradigm-backed Blast. Abstract is a ZK-rollup, and its native bridge carries a three-hour delay. By the team's own count, the chain processed more than 325 million transactions, logged over $6 billion in decentralized exchange volume and generated more than $40 million in ecosystem revenue, with more than 4 million Abstract Global Wallets created and brands including Red Bull Racing and Disney using the chain. The team also warned users about impersonators, fake migration sites and direct messages claiming to represent the project.
- 7.5
FN Express | Blast Announces Shutdown: Drew In $2.2 Billion, Died from Zero Revenue Generation
Blast, the Ethereum Layer 2 launched by the team behind NFT marketplace Blur, has announced it is shutting down its network. Its total value locked has fallen from a peak of about $2.2 billion to roughly $32 million. The wind-down closes out one of the most heavily promoted Layer 2 launches of 2024, and users now face a deadline to move remaining funds out of the network. The team said the network costs more to run than it earns and that it saw no realistic way to close the gap. Reports say users must withdraw by October 26, with funds held in contracts controlled by three keyholders.