Pudgy Penguins' Abstract Layer 2 Network to Shut Down on December 15
The Ethereum layer 2 network Abstract will cease operations after Igloo's multi-million dollar investment failed to sustain it.
- Abstract, an Ethereum layer 2 network, will shut down on December 15.
- Igloo invested tens of millions but couldn't sustain the network.
- This follows Blast's recent closure announcement of its own network.
- Ethereum's price is down 3.32% in the last 24 hours.
- Pudgy Penguins' Ethereum Layer-2 Abstract to Cease Operations
- Abstract, Backed by Pudgy Penguins, to Cease Operations After Sustained Losses
- Abstract's Closure Boosts Pudgy Penguins NFT Prices Despite Token Decline
- Pudgy Penguins' Abstract Layer 2 Network to Shut Down on December 15 — this brief
Abstract, a consumer-focused 
Ethereum layer 2 network, will officially cease operations on December 15. This decision comes after Igloo, the entity behind the network, spent tens of millions of dollars in an attempt to support and sustain the platform. The shutdown follows a similar announcement from Blast, which recently stated that continuing its own Ethereum layer 2 network was no longer viable.
The closure of Abstract marks the second Ethereum layer 2 network to announce its shutdown within a week, highlighting the challenges faced by smaller networks in the competitive landscape of Ethereum scaling solutions. Despite significant financial backing, Abstract was unable to achieve the necessary traction or sustainability to continue operations.
The news comes at a time when the broader cryptocurrency market is experiencing a downturn. Ethereum, the underlying blockchain for these layer 2 networks, is currently trading at $2611.09, marking a 3.32% decrease in the last 24 hours and a 2.27% decline over the past week. The market cap of 
Pudgy Penguins, a project associated with Abstract, has also seen a 5.42% drop in the last day.
The shutdown of Abstract and Blast underscores the difficulties in maintaining a competitive edge in the rapidly evolving blockchain ecosystem. As larger, more established layer 2 solutions continue to gain traction, smaller networks may find it increasingly challenging to attract users and investment.
At today's peer-to-peer rate, 1 ETH ≈ ₦3.58M (about $2,619.78), down 3.0% over 24 hours. The naira itself trades about 2.9% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 7, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Ethereum — questions
How much is 1 Ethereum worth in naira today?
About ₦3.58M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $2,619.78. The naira price moves with both ETH's US-dollar price and the USDT/NGN rate; use our Ethereum in naira page for any amount.
Has Ethereum's price moved since this brief was published?
ETH is up 0.33% since this brief first published — trading at $2,619.78 now versus $2,611.09 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from CoinDesk. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.