Pudgy Penguins' Ethereum Layer-2 Abstract to Cease Operations
The Abstract layer-2 network for Pudgy Penguins NFTs will shut down on December 15 due to sustainability issues.
- Abstract layer-2 network for Pudgy Penguins NFTs will shut down on December 15.
- Network cites unsustainable focus on consumer crypto as reason for closure.
- Users are advised to bridge their assets off the platform before shutdown.
- Ethereum price remains relatively stable at $2698.58 despite the news.
The Abstract layer-2 network, which was designed to support 
Pudgy Penguins NFTs on the 
Ethereum blockchain, will cease operations on December 15. According to the announcement, the network's focus on consumer crypto proved to be unsustainable, leading to the decision to shut down.
Users of the platform have been advised to bridge their assets off the network before the shutdown date to avoid any potential loss. The closure of Abstract highlights the challenges faced by niche layer-2 solutions in the competitive crypto market.
This development comes as the broader crypto market remains relatively stable, with the total market cap hovering around $2.98 trillion. Despite the news, Ethereum's price has seen only a minor decline of 0.48% in the past 24 hours, currently trading at $2698.58. The Fear & Greed Index stands at 73, indicating a sentiment of 'Greed' in the market.
Pudgy Penguins, the NFT project associated with the Abstract network, has also experienced a slight downturn, with its token PENGU dropping 6.50% in the last 24 hours and 7.07% over the past week. The project's market cap currently stands at $575.02 million.
The shutdown of the Abstract network underscores the volatility and challenges in the crypto space, particularly for specialized platforms. It serves as a reminder of the importance for users to stay informed and proactive about the platforms they engage with.
At today's peer-to-peer rate, 1 ETH ≈ ₦3.68M (about $2,696.46), down 0.7% over 24 hours. The naira itself trades about 2.7% 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 6, 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 ₦3.68M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $2,696.46. 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 down 0.08% since this brief first published — trading at $2,696.46 now versus $2,698.58 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 Decrypt. 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.