Igloo will shut down the Abstract L2 blockchain and disable the network on December 15, 2026. Users must withdraw their assets by this date through the Migration Hub or the official bridge—after the shutdown, any remaining funds will become inaccessible.

Igloo Shifts Focus to Pudgy Penguins, NFT, and PENGU Token

The company will fully wind down the Abstract blockchain and redirect resources to Pudgy Penguins, related NFTs, and the PENGU token.

High Costs and Low Liquidity Limited Growth

The reasons for the closure include high network maintenance costs, low liquidity, a limited DeFi ecosystem, weak institutional interest, slowing growth, and no clear path to profitability. Over the past two years, Igloo spent tens of millions of dollars supporting and developing Abstract, but the project did not find a sustainable business model, according to the company's announcement.

144 Applications and Over 400,000 Users Through Partnerships

More than 144 applications were launched on Abstract, and through partnerships with Red Bull Racing, Disney, and other brands, the network attracted over 400,000 users.