Luca is full of shit! "we lost 10's of millions" Abstract made over 6mil in transaction fees! Cost 1.75k a month to run the chain..... there was about 3 apps that made all the money Gacha, OCH, Gigaverse and maybe Rugpull bakery

We’re entering a Crypto and AI supercycle We no longer need new people to use Crypto Millions and possibly billions of AI agents will transact in ETH, SOL, and other cryptos They can’t open bank accounts, but they can open a Crypto wallet I am so bullish on the future!!

This is the cleanest rug of the year: "Abstract chain" > started with $11M+ fundraise > farmed $35M fees from users > shut the chain down with no airdrop 3x for investors & team in less than 2 years. No TGE, No token, No problem.

wen Blast shutdown I wasn’t surprised cause ngl, I haven’t really used it or even heard much about it lately but now Abstract? that one caught me off guard the bigger takeaway here isn’t just that Abstract is shutting down. It’s that L2s are entering a serious reality check. billions in TVL, huge transaction numbers, big brands and strong narratives mean nothing if the chain can’t build sustainable revenue. Blast went first, now Abstract.

When Blast announced their shutdown, I mentioned that more L2s would make the same announcement “in the coming months” Didn’t think it’d be 4 days later 😭 ❌ Blast ❌ Abstract Who’s next to shut down???

Given the amount of projects that are shutting down lately I have come to the conclusion that airdrop farming was +EV for projects Many projects stopped generating revenue as soon as airdrop farmers stopped

man it must be so hard to be an airdrop farmer these days > you farmed monad, you got 0 > you farmed abstract, it shut down before TGE > you farmed megaETH terminal, you got 5 cents per point > you keep farming polymarket and all you get is teasers instead of tokens

only this week: bye bye Blast bye bye Abstract who's next?

on airdrops and why they are less frequent: first, airdrops are *the* single best community building tool crypto has ever created you tease an airdrop to acquire users, then turn a percentage of them into actual supporters because they become financially + emotionally tied to the success of the product and most importantly, you put the asset directly in their hands best growth hack, no debate on this but the pre token phase is also basically easy mode for teams users are willing to pay (high) fees, deposit capital, generate volume and juice every metric imaginable for the possibility of an allocation you are basically getting paid to bootstrap your product the problem is that this model has been abused to death there are well over 20 teams still farming airdrop farmers after extracting $100m+ from them, while knowing perfectly well they will never launch a token because launching a token now comes with expectations they cant meet people want revenue people want buybacks people want a fair distribution people want the token to actually capture value how many pre token products in crypto can deliver all of that today? 10? maybe less? so you end up with a weird equilibrium (i) the pre token phase is extremely profitable and low risk (ii) the post token phase forces you to prove that your product is actually viable and that there is enough value creation to sustain a token this is why you are getting fewer airdrops and fewer TGEs tldr: airdrops are disappearing because they worked too well while the bar for launching a good token became much higher less TGEs is the natural outcome

jumper is a good example of what i mean build a product find real traction generate revenue have a clear equity/token structure then and only then do the airdrop + tge imo this is the path teams should take

marked safe from farming Abstract but all jokes aside, it genuinely sucks to see how much time, effort and money people wasted on this still, if we look at the bigger picture, shutting down the chain is probably better than forcing a TGE that would only delay the inevitable at least this way, you stop the damage instead of creating even more ways for people to lose money

Dexscreener hasn't made a single tweet in almost a year Yet they have 10 million monthly users, zero competition,and full control over the trenches. And made over $100m last year. No updates, no GM posts, nothing. Just a good product that everyone uses. Lesson in there.

Abstract is winding down. Starting today, all of @IglooInc's focus will go towards taking Pudgy Penguins, Pudgy NFTs, and $PENGU to the next level. When we acquired Frame in the summer of 2024, the vision was to build the blockchain for consumer crypto. Pudgy Penguins had shown us what it meant to reach the masses, and we believed we could bring that same approach to building a chain. Abstract achieved a lot in a short period of time; we built the Portal and AGW, onboarded major global brands, amassed over 300 million transactions, and grew a vibrant onchain ecosystem.  The journey became stifled by the lack of a DeFi ecosystem, insufficient liquidity, minimal institutional cross-over, and prohibitively high costs that impeded growth in winning areas. Unknown to most, Igloo, Inc. had been funding Abstract over the last 18 months. After losing tens of millions of dollars over two years, building consumer products, assembling an all-star team, onboarding some of the biggest brands in the world, and building a community of millions, we still had not found product-market fit. In combination with the market's reduced appetite for what we had built and not being able to find a scalable path forward, we could no longer justify taking from the Pudgy Penguins business. Igloo, Inc. has always been a community-first company. Even after losing 8 figures, we could have launched a token or pursued an ICO. Ultimately we decided against this. A token only works if there is something driving demand to it, and launching a token that we don’t have conviction in would have been a disservice to our community. The entire team at Abstract has worked tirelessly with a tremendous amount of passion to make the consumer crypto vision come true. I cannot fault a single one of them for this outcome. To the Abstract community, I want to thank all of you for sticking by our side on this long journey and for continuing to champion us. You supported us through all of the ups and downs, and I wish the result could have been different. There will be many that will find satisfaction in seeing this shut down, and that is fine. I take a great amount of pride in having the ambition to venture into the chain business, notoriously one of the most difficult to make work, and the only regret I have is not being able to celebrate a win alongside the Abstract community. As we wind down Abstract, our full focus shifts to making Pudgy Penguins into the global & cultural phenomenon I know it can become.  Return to Pudgy Penguins.

Abstract is shutting down 3 days later 2 out of 11 Which L2 do you think will shut down next?

Abstract Chain is shutting down I don't even know if I should be angry or sad

Blast will be shutting down. We launched Blast with the goal of building a self-sustaining chain for users and developers. Unfortunately, the economics of operating the chain no longer make sense: the ongoing costs of maintaining Blast exceed the revenue generated by the L2, and we do not see a credible path to making the chain economically sustainable. As a result, we've made the difficult decision to wind Blast down. We're sorry to the users and developers who believed in Blast, built on it, and supported the ecosystem. Our priority now is making the shutdown as smooth and safe as possible. We're asking all users to withdraw their assets from Blast to Ethereum mainnet, including any balances held in the Blast PWA. To make this easier, we will be reducing the withdrawal delay to 24 hours. As part of the shutdown process, we'll first begin withdrawing Blast's Lido assets. This process is expected to take approximately one week. During this period, withdrawals will temporarily be unavailable, even after the withdrawal delay is reduced to 24 hours. Once that process is complete, withdrawals will resume with the new 24-hour delay. Users will have until October 26, 2026 to withdraw through the normal Blast interface. After October 26, assets will remain withdrawable, but users will need to interact directly with the Blast bridge contracts on Ethereum L1. We'll publish detailed instructions before then. We strongly encourage everyone to withdraw their assets to Ethereum mainnet before October 26.

BLAST is shutting down operation 😳😳 you can withdraw your funds out of the chain if you still got something in there. the space is brutal nowadays its not easy for both builders and users. it was nice having you…

POV: you faded @AbstractChain XP airdrop

(not so) hot take: it is more respectable to wind down than tge a token you already know is most likely going to zero