Pudgy Penguins' Abstract L2 to Close Dec. 15 After Major Losses
Pudgy Penguins (PENGU)
Editor:
Eugene Serbin
cryptaur.com reports that Abstract, the Ethereum layer-2 network backed by Pudgy Penguins, will shut down on December 15, 2026. The project’s parent company, Igloo Inc., stated it lost tens of millions of dollars over two years while failing to find product-market fit. Igloo CEO Luca Netz confirmed the team had been funding the chain for 18 months, a detail he noted was unknown to most.
Users holding funds on the network must bridge them out before the deadline, or those assets become inaccessible. The shutdown was announced via an X post describing the consumer crypto focus as an unsustainable business model. Cointelegraph reported that over 144 apps were deployed and more than 400,000 users were onboarded since the mainnet launched in January 2025.
Partnerships included Red Bull Racing and Disney, yet thin liquidity and a restricted DeFi ecosystem capped growth. Users can exit through the Migration Hub or the Native Bridge, with engineering support available for other projects. The Block confirmed the shutdown date, bridging requirement, and loss figures, though its full report was not immediately accessible. This closure follows a trend of wind-downs among smaller Ethereum layer-2 networks this year.
How the market reacted
Whalio's own Binance spot order flow for PENGU, measured when this story was written up on 7 October 2026. Not the outlet's figures.
PENGU is trading at $0.009109 with a 24-hour spot volume of $15,183,352. The 24-hour buy ratio stands at 49.0%, while the 1-hour ratio is also 49.0% and the 4-hour ratio is slightly higher at 53.7%. Volume Delta shows a net outflow of $308,637 over 24 hours, contrasting with a $174,678 net inflow over the last 4 hours. The Cumulative Volume Delta for the 24-hour close is -$134,128, indicating that selling pressure has outweighed buying pressure over the full day. The 1-hour Volume Delta is negative at -$12,759, suggesting immediate selling pressure despite the slightly elevated 4-hour buy ratio. This data shows that while short-term buying interest has ticked up in the last four hours, the overall daily trend remains net negative.
The latest daily buy ratio of 50.4% sits at the 59th percentile of the last 322 days, against a median of 50.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for PENGU, averaged over the days leading up to the story.
The current 24-hour buy ratio of 49.0% is 2.7 percentage points lower than the 7-day average of 51.7%. Volume over the last day is at 0.92x the weekly average, indicating slightly lower activity than usual. Over the preceding eight days, the price has dropped 8.6% with a total Volume Delta of +$3,935,429. This day sees net buying for only 9 of the last 24 hours, compared to 5 days of net buying in the past week. The recent price decline and lower-than-average volume suggest this is an unusual day characterized by weakening momentum relative to the weekly baseline.