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BLAST 
PENGU Abstract announces closure: Users need to transfer assets before December 15, 2026.
Abstract Network issued a statement on the X platform stating that users must withdraw assets from the Ethereum Layer-2 network before December 15, 2026, otherwise funds left on the chain after that date will not be accessible.
Abstract has attracted more than 400,000 users and deployed more than 144 applications since its launch. The project is developed by Igloo Inc. (the parent company of Puggy Penguins) was established and provided financial support. However, CEO Luca Netz revealed that Igloo lost eight figures in funding before deciding to withdraw.
Decisions and reflections on token issuance
Netz said on the X platform: "Even after losing eight figures of capital, we could have issued a token or conducted an ICO (initial coin offering). But in the end we decided not to do it." He pointed out that tokens need to be driven by actual demand, and issuing a token without confidence will betray the support of the community.
Igloo provided investment support to Abstract for 18 months, with cumulative losses reaching "tens of millions of dollars." Today, the company is refocusing resources on Puggy Penguins and its PENGU token project. Netz admitted that his only regret was not being able to witness the victory moment with the Abstract community.
Netz emphasized that Igloo would never do so if continuing to fund Abstract would damage Puggy Penguins 'business. He also noted that many people may be happy with Abstract's closure.
Insufficient liquidity makes project unsustainable
Abstract官方账户近期活跃度下降，两名高级团队成员据报已于8月离职，开发者钱包活动也受到关注。项目方指出，增长停滞、流动性薄弱、机构采用率有限以及去中心化金融（DeFi）生态系统受限是其面临的主要挑战。
Abstract表示，仅面向消费者加密用户的链模式本身并不具备可持续性。该项目于2024年7月通过Founders Fund领投的融资轮筹集超过1,100万美元，旨在依托Pudgy Penguins的影响力构建生态，并于2025年1月正式推出主网。合作伙伴包括红牛车队和迪士尼等知名品牌。
行业背景：Layer-2市场波动加剧
Abstract的退出发生在Blast宣布关闭一周后。根据相关报道，获得Paradigm支持的Blast于10月2日宣布因成本超出收入而停止运营，并要求用户在10月26日前提取资金。数据显示，Blast年化费用约为75.55万美元，而年化链上收入仅为约2.27万美元。
此外，其DeFi锁定价值已降至约3,200万美元，BLAST代币在公告后下跌17%，部分交易所如Upbit和Bithumb将其列为交易警示资产。
截至2025年10月，以太坊Layer-2网络的总锁定价值（TVL）峰值曾超过500亿美元，随后下降了约36%。其中，Arbitrum One、Base和OP Mainnet占据了近75%的市场份额。
Statistics show that 17 well-known encryption projects have been shut down in 2026, with a total of 95 in the whole year. This trend reflects that the encryption industry is facing more severe survival tests and structural adjustments after experiencing rapid growth.
