Pudgy Penguins-backed Ethereum L2 Abstract to shut down in December

Ethereum L2 Abstract — Abstract, an Ethereum Layer 2 network backed by the prominent Pudgy Penguins NFT collection, will cease operations on December 15, 2026, with users required to bridge their assets off the network before the shutdown date.

The project, which launched earlier this year, is shutting down after reportedly losing tens of millions of dollars. The team behind Abstract has not disclosed specific financial details but confirmed the winding down of operations.

Users holding assets on the Abstract network must withdraw them via the official bridge before the December deadline. After that date, the network will be deprecated, and access to funds may become impossible.

The shutdown marks a significant setback for the Pudgy Penguins ecosystem, which had positioned Abstract as a key infrastructure component for its Web3 ambitions. The closure highlights the ongoing challenges and high failure rate for new Layer 2 solutions competing in the crowded Ethereum scaling landscape.