[Abstract Operates at a Loss of Tens of Millions of Dollars Over Two Years, Founder States Future Focus on Pudgy Penguins and PENGU] BlockBeats News, October 7: Pudgy Penguins founder Luca Netz announced that Abstract is gradually shutting down, and its parent company, Igloo Inc., will henceforth dedicate all efforts to the development of Pudgy Penguins, Pudgy NFTs, and PENGU. He stated that Igloo has continuously funded Abstract over the past 18 months, accumulating losses of tens of millions of dollars over two years, but the project has yet to find product-market fit (PMF). Netz mentioned that Abstract once achieved over 300 million on-chain transactions, launched Portal and AGW, attracted multiple global brands to join, and established an active on-chain ecosystem. However, issues such as an underdeveloped DeFi ecosystem, limited liquidity, low institutional participation, and high costs have continued to constrain growth. Coupled with declining market demand for related products, the company ultimately could no longer divert funds from the Pudgy Penguins business to support Abstract. Netz emphasized that even though the company has incurred eight-figure losses, Igloo chose not to raise funds for Abstract through token issuance or an ICO, as they lacked sufficient confidence in proving sustained demand for the token. He also expressed gratitude to the Abstract community and stated that as the project winds down, the company will fully commit to making Pudgy Penguins a global cultural phenomenon. [Original Link]