"Another L2 blockchain, Abstract, announced its shutdown today. Unlike Blast, Abstract didn’t choose to issue a token for one last cash grab and then tell the community, 'Sorry, we failed.' Instead, they just shut down directly. What’s similar to Blast, though, is that during the year or so since Abstract launched its mainnet, it actually generated tens of millions of dollars in revenue (not profit) through methods like L2 sequencers. And this money didn’t come from VCs—it was essentially funded by users who were hyped about the TGE and afraid of missing out. Abstract initially gained a lot of attention because it was launched by the founder of the well-known NFT series Pudgy Penguins (via the acquisition of Frame). The goal was to create a blockchain for brand IPs and content creators. This is somewhat similar to what Tieshun did with Blast after the success of Blur—both projects followed a kind of path dependency. Given my years of experience in consumer-facing/community/content products, I’ve always been skeptical about Abstract’s vision of building a 'consumer chain' for social/content/brand IP, as well as all SocialFi-related products. Just like its name suggests, it’s all very abstract. The founder of Abstract even admitted in their announcement that they couldn’t find a sustainable PMF (Product-Market Fit), which isn’t surprising. Over the next year, more blockchains without sustainable PMF or ecosystem applications will likely be phased out faster. The limited liquidity and user base will gradually return to the core tracks of DeFi and RWA. In the evolution of the blockchain industry, Web3 has been a detour. Money 2.0 is the real path forward." #L2 #Abstract #Web3 #DeFi #Crypto