12月15日起Pudgy Penguins将不再拥有独立区块链：PENGU代币未来何去何从？

PENGU：Pudgy Penguins品牌的代币，品牌正在失去技术根基

PENGU是Pudgy Penguins品牌的代币，而该品牌正逐渐丧失其技术基础。负责运营企鹅项目的公司Igloo宣布，将于2026年12月15日关闭其自建的第二层（Layer-2）区块链网络Abstract。如果持有者在此日期前未将资产转出，此后将无法访问这些资产。对于PENGU代币和Pudgy Penguins NFT持有者而言，这是整个过程中唯一的硬性截止日期。其他所有事项均可延后处理。

生态系统的现状

目前剩余的生态系统主要包括：在零售渠道销售毛绒玩具的品牌、一款免费的浏览器游戏、以太坊链上的8,888张图片以及市值接近5亿美元的代币。以上数据截至2026年10月14日。

Pudgy Penguins的起源与Igloo的收益模式

Pudgy Penguins于2021年7月作为以太坊链上8,888张手绘企鹅图像合集推出。NFT（非同质化代币）是单一数字对象的所有权证明，存储在区块链上并具备独立转让能力。2022年所有权变更后，Luca Netz接管了该项目，并将其重塑为行业罕见的方向：从纯粹的收藏品转向带有实体产品的授权品牌。

自2023年起，毛绒企鹅进入零售市场。首发时通过美国2,000家沃尔玛门店销售，截至2026年7月，根据公开数据，这些毛绒玩具已进入超过1,800家Target门店。玩具业务是公司主要的收入来源，这也是区块链项目最终走向终止的原因：Igloo是用品牌收益来支付区块链运营成本的。

尽管拥有3.25亿笔交易，Abstract仍将于12月15日关闭

Abstract主网于2025年1月上线。第二层区块链是一个独立的网络，它以低成本结算交易并将它们打包传递给以太坊以确保安全性。其背后的赌注是：企鹅的受众群体——即没有加密货币使用历史的人群——能够找到通往区块链应用的途径。从技术角度看，这一赌注成功了。据团队介绍，Abstract处理了超过3.25亿笔交易，拥有400万个钱包地址，其上的项目共同产生了超过4,000万美元的收入。迪士尼和红牛车队等品牌也曾入驻。

However, from a commercial perspective, this venture was not successful. The team identified several reasons for the failure: stagnant growth, limited supply of financial applications, poor liquidity, low participation from institutions, and budgets that were lower than those of competitors. The announcement was made on October 6, 2026, through both Abstract’s channels and the company’s CEO’s channel. According to DefiLlama data, as reported by CoinDesk, there was still approximately $76 million in funds available on the network at the time of the announcement. On October 2 of the same year, Blast also abandoned its own second-layer blockchain, as operating costs exceeded revenues.

Why Igloo abandoned its own blockchain and decided not to issue tokens?

CEO Luca Netz explained this decision publicly. Igloo spent about 18 months fundraising for its blockchain project, but lost billions of dollars within two years. They rejected obvious alternatives, such as issuing their own tokens or conducting an initial coin offering with Abstract: “Even after suffering losses of billions, we could have issued tokens or conducted an initial offering. But in the end, we decided not to do so,” he wrote. He believed that tokens would only be useful if there was some factor that drove demand for them.

This reasoning seems more attractive to investors. A company that could have issued tokens instead chose not to, thereby losing fresh capital and accepting a retreat from the project. Netz said that all the funds will be invested in the Penguin project, NFT collections, and PENGU tokens. We discussed in detail the impact of this decision on the tokens in our article about Abstract’s closure.

Delays in migration services and bridging efforts

There are two routes for migration. The first route involves using the migration center operated by Abstract, with the website being migrate.abs.xyz. The second route utilizes the bridging services provided by the network itself; however, there is an estimated delay of about three hours during the migration process. Bridging is a service that locks tokens on one blockchain and releases corresponding alternative tokens on another blockchain.

There are two important points to note here. First, the team has warned users about fake migration pages and individuals pretending to be staff members. Please only access the migration center through Abstract’s official channels. Do not enter any addresses provided in the messages. Second, users reported that they must confirm their decision to waive their rights to collective litigation before proceeding with the migration. Anyone who wishes to transfer assets of any size should carefully read the relevant text before giving consent.

How to find out which blockchain your PENGU tokens are located on?

PENGU tokens aren’t only available on Abstract. These tokens also exist on Solana, Ethereum, BNB Chain, HyperEVM, Hyperliquid, and Robinhood Chain. Only those tokens held on Abstract are affected by the deadline. You can determine whether this affects you by following these three steps:

• Open your wallet that holds PENGU tokens and check the networks involved. If the network shown is Abstract, then you are affected.
• If your tokens are stored in exchange accounts, usually the deadline doesn’t apply to you, as exchanges are responsible for managing these tokens. You can confirm this by asking the provider directly.
• The same applies to NFTs: Pudgy Penguins NFTs on Ethereum remain unchanged. However, collectibles created on Abstract require migration.

PENGU’s data shows that its trading price is currently $0.0079 (or €0.0071) per unit. This gives it a market value of approximately $497 million, placing it ranked 118th among all cryptocurrency assets. The total supply is 62.86 billion tokens, with a maximum supply of 88.89 billion tokens. There are still about 26 billion tokens remaining to be released. The distribution of tokens between the team and the company follows a monthly release schedule, with more tokens being released each time.

There is still a significant gap from the peak value. On December 17, 2024, the price of PENGU was $0.0684, which represents an increase of 88.4% compared to today’s level. Over the past year, the token price has decreased by 70.0%, while in the past 30 days, it has increased by 13.2%, with a daily increase of 5.7%. The trading volume of around $173.6 million per day indicates that the token remains liquid despite potential withdrawals.

There are 8,888 Pudgy Penguins NFTs, and their base price is $2.39 Ethereum. When the Ethereum price reaches $2,513, the entry cost would be approximately $6,000. The total value of all 8,888 NFTs is about $53.4 million, with 73 NFTs being transferred within a day.

This ratio is crucial: the value of the collection is roughly one-ninth of the token value. When people think of ecosystems, PENGU comes to mind first, followed by images. As for which NFT platforms will remain open in 2026, please refer to our detailed analysis of NFT markets.

How can European investors obtain PENGU?

For buyers from Germany, it is crucial to check whether the trading platform offers PENGU/EUR pairs. Otherwise, additional conversion fees will be incurred. Two platforms explicitly offer PENGU/EUR pairs: Kraken provides PENGU/EUR pairs, while Bitvavo also offers this pair. The minimum order amount is five euros. Additionally, this token is listed on major international exchanges such as Binance, Coinbase, OKX, Bybit, and Crypto.com. It is primarily traded in US dollars or stablecoins. It’s worth reviewing the fees and bid/ask spreads before purchasing. For tokens of this size, the spread is significantly larger than that of Bitcoin.

MiCA Regulations and Custody: Licensing for EUR Pairs

The Regulation on the Supervision of Cryptocurrency Markets (MiCA) came into effect in the EU on December 30, 2024. This regulation requires service providers that offer services to customers in the EU to obtain authorization from national regulatory authorities. In Germany, the regulatory authority is BaFin. The regulatory body has listed a list of authorized providers, and it’s necessary to check this information before making a purchase.

Custody issues should be separated from licensing issues. When coins are stored in exchange accounts, the provider holds the private key. Users need to own their own wallets, and transferring from one blockchain to another requires a receiving address on the target network. For more details on the differences between various devices, see the guide to comparing hardware wallets.

Holding Period and Tax Implications: Consequences of Moving to Another Blockchain

In Germany, encrypted assets are considered “other assets” within the meaning of Article 23 of the Income Tax Law. If there is more than a year between the purchase and sale of an asset, the proceeds from the sale are tax-free. If, however, the sale occurs within one year, individual income tax must be paid, with a maximum exemption of 1,000 euros for all private disposals.

The timing begins again when one encrypted asset is exchanged for another, as this transaction is considered a disposal. It’s not yet clear whether the same token being transferred to another blockchain will be treated in the same way; the tax authorities have no official position on this matter yet. Therefore, any user who transfers PENGU from Abstract should record the date, amount, addresses of both parties, and the price at that time. This process takes only ten minutes, but it could determine whether existing holdings can be confirmed in the future. For more information on such tools, please refer to the guide comparing tax software with portfolio trackers. The above information cannot replace legal advice.

What remains of Abstract after December 15th?

Once the service is stopped, there will be no more available content on the blockchain. The team indicates that any assets still remaining on the blockchain will be inaccessible, including tokens and NFTs. Staff members from the engineering and ecosystem teams are working to help the project switch to another network, rather than assisting individual users in recovering their forgotten assets.

There are still two risks beyond the deadline. The first is supply: there are still 26 billion tokens waiting to be released. Each batch will face a market value that’s already 88.4% lower than its peak. The second risk is reliance on a single brand. With the self-built network being phased out, PENGU no longer has any technical capabilities within the network. Its value depends on demand for the Pudgy Penguins brand. These tokens could potentially become worthless.

Our assessment: $497 million in market value, against a closed blockchain

From the perspective of news editors, retreating is the more honest choice among the two bad options. The evidence lies in the data: according to DefiLlama, around $76 million was still available on the Abstract network on the day of the announcement. As of October 14, only about $3.9 million remained. Capital has almost completely left the network within a week, and a network without capital cannot support any applications. New tokens cannot prevent this outflow; instead, they will simply cost investors more money.

In contrast, there is currently a lack of a brand. PENGU’s market value of $497 million is based on plush toys, browser games, and 8,888 images. The toy business at 1,800 Target stores is a real business, but it doesn’t pay dividends to token holders. Holding PENGU means investing in the brand, rather than sharing profits with token holders. The gap between brand success and token value remains, which is why we don’t provide price forecasts. For an evaluation of four major blockchain gaming companies, including Igloo, please refer to our reviews of Web3 gaming companies.

PENGU after December 15th: Brand remains, blockchain disappears

The deadline is the only moment during the coming weeks when holders have some control over their decisions. There are just three steps to follow:

1. Organize your holdings: – Check before the end of November to see if any PENGU or NFTs are held on Abstract, and remove them through official channels. If everything is already in the exchange, simply ask there about how to handle these matters; for details on how specific providers operate, refer to the exchange comparison guide.
2. Resolve any issues related to custody: – Determine where the tokens will be placed before migrating, and set up a receiving address in advance. For information on the necessary equipment, see the hardware wallet comparison guide.
3. Keep records: – Record the date, amount, and price of the migration, so that it can be used as proof of ownership in the future. Appropriate tools can be found in the tax software comparison section.

(As of October 14, 2026. This article does not constitute investment advice. Prices and fees may change; please verify the terms with the provider before purchasing.)