Pudgy Penguins-backed Ethereum L2 Abstract to shut down after losing ‘tens of millions’

60-second summary

Abstract, the Ethereum Layer‑2 backed by Pudgy Penguins, announces it will shut down on December 15, forcing users to bridge their assets off the network before that date. The project reportedly lost “tens of millions” of dollars, prompting the closure. This exit highlights the volatility of niche L2 ventures and may dampen investor confidence in similar community‑driven scaling solutions.