Abstract
A blockchain from the company behind Pudgy Penguins
A consumer-focused Ethereum layer-2 network developed through Cube Labs and the Abstract Foundation.
- Announced backing (minimum)
- Estimated
Igloo financing announced for Cube Labs and Abstract; the exact amount above this floor was not disclosed.
- Company-reported users
- Estimated
Abstract-reported cumulative onboarding at the October 2026 notice, as reported by Crypto Briefing; not daily active users.
- Company-reported applications
- Estimated
Applications deployed over the preceding 18 months, reported by Abstract at the shutdown notice.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Igloo strategic financing (more than $11M announced) | 23 July 2024 |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Luca Netz | — | CEO, Pudgy Penguins; co-founder, Igloo | Oct 2026 | |
| Michael Lee | — | Not established | Oct 2026 | |
| Lorenzo Melendez | — | President and CTO, Pudgy Penguins | Oct 2026 |
Timeline
28 June 2024
Frame was to be sunset while its developers contributed to the new network. The acquisition terms were not disclosed.
27 January 2025
Users could create an Abstract Global Wallet with an email address, bridge funds or use fiat onboarding, and earn XP by using applications.
6 October 2026
The engineering and ecosystem teams said they would help applications move to other networks. The chain's termination was still scheduled for a later date.
15 December 2026
The team warned that funds remaining after this date would become inaccessible. This is an announced future deadline, not evidence of completed shutdown or asset recovery.
How it ended
Abstract's team said its consumer-focused model was unsustainable, citing thin liquidity, limited DeFi and weak institutional adoption. Luca Netz said Igloo would redirect its resources to its existing consumer brand and PENGU rather than issue an Abstract token to fund the chain.
Still alive
Open spot
Abstract is gone. Is your chain still running?
Spotlight your project here.
Sources
5 sources behind this page.
- 1Blockworks: professional biography · Blockworks
- 2Abstract to shut down blockchain on Dec. 15 after consumer crypto model proves unsustainable · Crypto Briefing · Oct 2026
- 3Ethereum Layer-2 Network Abstract Launches, Offering XP Rewards for Users · Decrypt · Jan 2025
- 4Igloo, Inc. Acquires the Frame Team and Announces Plans to Contribute Towards Consumer-focused Blockchain · PR Newswire (release issued by Igloo, Inc.) · Jun 2024
- 5Igloo, Inc. Raises $11M+ from Founders Fund to Contribute to New Consumer-Focused Blockchain Abstract · PR Newswire (release issued by Igloo, Inc.) · Jul 2024
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.