With the significant rise of PENGU, Abstract Chain coincides with the first anniversary of its mainnet launch. How has it developed over the past year?
Written by: Nicky, Foresight News
In the past month, the price of Pudgy Penguins' ecosystem token PENGU has surged significantly. According to Bitget data, from June 23 to July 23, 2025, its maximum increase once exceeded 500%, currently reported at $0.038. Meanwhile, the floor price of the Pudgy Penguins NFT series has also risen over 50%, currently reported at 15.8 ETH (approximately $61,000).
On July 31, it was officially revealed that the Pudgy Penguins and Abstract teams have formally taken on advisory roles for the U.S. government, participating in the legislative design work related to cryptocurrency. The team has made multiple trips to Washington, D.C. for policy consultations. Additionally, PENGU has submitted an application to regulators to launch a spot ETF product covering NFT and token assets.
Riding the wave of the U.S. political landscape's crypto spring, the team is also celebrating the first anniversary of the mainnet launch of another project they are involved in, Abstract Chain. Can this Layer 2 network carve out a niche among its many competitors?
As an Ethereum Layer 2 network under Pudgy Penguins' parent company Igloo Inc., Abstract Chain originated from the on-chain creator economy platform Frame, with a vision to build blockchain infrastructure focused on "consumer-grade crypto experiences."
Its technical foundation utilizes zkSync's ZK technology and EigenDA's data availability solutions, operating as an Ethereum Layer 2 while providing low-cost and high-speed transaction experiences. Its official website clearly states: "We do not aim to be the 'fastest' or 'most complex' chain, but rather focus on being the 'easiest to use'—allowing novice users to seamlessly interact with blockchain as they would with Web2 applications."
In its early stages, the project received investments from institutions such as Founders Fund, Fenbushi Capital, and 1kx. In July 2025, Pudgy Penguins CEO Luca Netz revealed that they are seeking a new round of financing for Abstract and exploring ways for community participation in fundraising. At the same time, Abstract will continue to optimize the iOS experience and its portal application, Portal, aiming to lower the entry barrier to Web3 as much as possible.
One Year of Progress: From Infrastructure to Emerging Ecosystem
As of July 2025, the total value locked (TVL) in the Abstract Chain network reached $45 million, with over 100 million transactions processed.
The ecosystem of Abstract Chain revolves around "consumer-grade scenarios." Recent collaborations frequently shared by its official account include:
Onchain Heroes: An idle RPG running on Abstract Chain, supported by Proof of Play technology. Players dispatch heroes on adventures, earn the HERO token, craft equipment, and compete on leaderboards. Its Genesis Hero NFT floor price is currently reported at 0.14 ETH, with a market cap of approximately $10.5 million for the HERO token.
Moonsheep (SHEEP): Utilizing the innovative DN-404 standard (a fusion of ERC-721 and ERC-20), positioned as a hybrid project that combines the viral nature of meme coins with the depth of NFT branding.
Death.Fun: A high-risk, high-reward on-chain game. Players bet, choose safe blocks to avoid "death squares," and accumulate multipliers, with the option to cash out their earnings at any time.
In addition, Abstract Chain recently announced a partnership with South Korean K-pop agency Modhaus, which manages top girl groups such as tripleS and ARTMS.
Meme and Community: The "Cultural Symbol" Led by PENGU
Currently, the top meme coins by market cap on Abstract Chain have also become the main characters of its ecosystem. Among them, PENGU's market cap has reached $2.3 billion, firmly in the lead; ABSTER (market cap $32 million), NOOT ($14 million), and other meme coins derived from the "penguin" IP have formed unique labels through storytelling and community consensus.
For example, ABSTER claims to be the "legendary penguin deeply rooted in Abstract Chain's code," with its "inescapable" setting reinforcing users' recognition of it as a "cultural symbol on-chain"; NOOT attracts users with its "penguin retro sentiment," echoing the early community memories of Pudgy Penguins.
After one year, Abstract Chain has made initial progress in trading volume, TVL, and ecosystem project incubation, particularly leveraging the community influence of Pudgy Penguins to attract users and developers. Its clear focus on consumer-grade experiences and lowering usage barriers, along with its collaboration with K-Pop, also showcases attempts to break through cultural boundaries.
However, how to surpass the popularity of meme coins and cultivate truly sustainable consumer-grade applications with broad user engagement remains a core challenge faced by Abstract Chain and its ecosystem builders.
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