Igloo, the company behind Pudgy Penguins, said it is shutting down its Abstract L2 on December 15 after losing tens of millions of dollars funding the chain, becoming the second Ethereum-linked network to announce a shutdown in under a week.
About $76M remained on the network as of Wednesday; users must bridge assets off before the deadline or lose access to them.
It follows Blast's shutdown last week, the Paradigm-backed L2 that cited the same unsustainable economics.
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