Abstract, the Ethereum layer-2 network developed by Igloo Inc., will cease operations on December 15. The team cited challenges in scaling beyond its consumer-focused niche, noting that the standalone model proved unsustainable due to limited DeFi activity, low liquidity, and budget constraints compared to competitors.
The network processed over 325 million transactions and recorded more than $6 billion in decentralized exchange volume. Additionally, the platform generated over $40 million in ecosystem revenue, with users creating more than 4 million Abstract Global Wallets. Brands such as Red Bull Racing and Disney previously utilized the chain.
Users are required to migrate their assets off the network before the deadline using the Migration Hub or the native bridge, which features a three-hour delay. The team warned that any funds remaining after December 15 will be inaccessible. Engineers are assisting projects built on Abstract with the migration process.
Abstract is a ZK-rollup that verifies transactions on Ethereum using zero-knowledge proofs. The project is the second layer-2 network to announce a shutdown recently, following the decision by the Blast network to wind down operations due to high operating costs.
