Gm legends 🧘‍♂️

Abstract announced it’s shutting down December 15
Pudgy Penguins’ own L2, built by Igloo Inc
18 months of losses, tens of millions burned despite over $40M in ecosystem revenue
400,000+ users, 144+ apps, Disney and Red Bull Racing as brand partners
None of that was enough
CEO’s own words, they never found product market fit
And that’s the part that matters
You can have users, apps, big brands and hundreds of millions of transactions
But if liquidity isn’t deep enough and the business doesn’t sustain itself, none of those numbers are enough
Remember when every brand needed its own chain
Blockspace was never the moat
Users and liquidity are
Roughly $47M–$48M was still sitting on Abstract around the shutdown announcement
Users now have until December 15 to move their assets through the Migration Hub or native bridge
If you have anything sitting on a smaller chain, check your exit route today
The deadline crowd always shows up late
And bridges don’t scale well under panic