In an astounding improvement, Abstract Chain, an Ethereum Layer-2 community launched by Pudgy Penguins’ dad or mum firm, Igloo Inc., has gone reside on the mainnet. Reportedly, the Ethereum-based Layer 2 blockchain is designed to empower crypto communities and facilitate user-centric Web3 purposes.
Despite Abstract Chain’s mainnet launch, Pudgy Penguins’ PENGU token has seen a large decline. While the token’s descent aligns with the broader market development, the group stays anxious about its additional actions.
Igloo’s Abstract Chain Sees Mainnet Launch
Abstract Chain is now reside on the mainnet, opening it as much as the general public for utilization. According to a press release, Abstract Chain is now obtainable for customers, with the mission of driving mass crypto adoption. Developed by Igloo Inc., the dad or mum firm of the favored NFT assortment, Pudgy Penguins, Abstract Chain focuses on offering a user-friendly expertise.
On January 26, Pudgy Penguins CEO Luca Netz shared an X put up asserting Abstract Chain’s mainnet launch. Netz proclaimed that the launch would happen on January 27, efficient as we speak.
MONDAY MAINNET ✳️🐧 https://t.co/Cp5naJdoB4
— Luca Netz 🐧✳️ (@LucaNetz) January 25, 2025
Commenting on the launch of Abstract, Netz said,
The launch of Abstract is greater than only a technical milestone—it’s a shift in how on a regular basis customers – and never simply crypto natives – expertise blockchain. We’ve constructed Abstract to strip away the complexities of crypto, providing an intuitive and satisfying expertise that empowers customers to discover and create effortlessly.
Igloo Introduces the Consumer Blockchain Platform- The Portal
Meanwhile, the Abstract Blockchain unveiled The Portal, which the L2 community describes as the patron blockchain platform. In a extra intriguing description, the blockchain community calls The Portal a “Digital Theme Park of Fun” that revolutionizes the way in which billions work together with blockchain technology.
The Portal permits customers to arrange a pockets utilizing simply their e mail tackle, offering seamless entry to an unlimited ecosystem that includes over 100 community-driven decentralized purposes (dApps). The platform aligns with Abstract’s imaginative and prescient of merging the simplicity of Web2 with the transformative potential of Web3.
Abstract Chain’s Zero-Knowledge Rollups
Leveraging ZKsync’s ZK stack, Abstract Chain makes use of zero-knowledge rollups. Reportedly, it offers scalable and cost-effective on-chain options with diminished transaction charges.
In response to Abstract’s mainnet launch, ZKsync co-founder Alex Gluchowski cited,
For blockchain to succeed in the plenty, we should summary away the complexity. Users must expertise higher apps, builders must have extra engaged customers, and creators must be rewarded for his or her efforts – whereas slicing out pointless middlemen. Abstract constructing for everybody, not simply Web3 power-users, is the trail to get the following billion onchain.
Pudgy Penguins’ PENGU Token Falls 11%
Echoing the broader market sentiment, Pudgy Penguins’ PENGU token dropped by greater than 11% in a day regardless of Abstract Chain’s mainnet launch. Mainly triggered by China’s DeepSeek AI launch, the crypto market is bleeding as we speak, with Bitcoin slipping beneath $99k.
As of press time, PENGU is exchanging fingers at $0.2282, with a lower of 4.5% over the past seven days. In a month, the token has seen a large fall of 37%. However, PENGU’s 24-hour buying and selling quantity has seen a hike of 48%, at the moment at $376 million. PENGU token’s substantial decline follows its final month’s exceptional surge that earned a staggering 14,500x return for an investor. With an preliminary funding of simply $6, the investor made a revenue of $87K.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of expertise in blockchain, web3, and fintech spheres. She has established herself as a educated and interesting voice within the cryptocurrency and blockchain area. Her expertise as an Assistant Professor in English Language and Literature has additional added to her quest for crafting informative, well-researched, and accessible content material.
Disclaimer: The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
