Ethereum Layer-2 Network Abstract to Shut Down December 15th
Ethereum's consumer-focused layer-2 network, Abstract, has announced it will shut down completely by December 15th. The project team cited significant changes in the cryptocurrency sector since Abstract's inception, stating that an independent blockchain model focused solely on consumer-oriented applications proved unsustainable.
The team attributed the decision to stagnant growth, limited DeFi ecosystem, low network liquidity, minimal interaction with institutional investors, and a smaller budget compared to competitors. Over the past year, they explored options to improve product-market fit and scale the network but faced substantial challenges due to shifting conditions in the blockchain sector.
Abstract's team stated they had to choose between continuing to invest in an unsustainable network or shutting it down. After extensive deliberations, they opted to phase out the network gradually. Users are advised to bridge their assets from the Abstract network to other networks before December 15th to avoid losing access to their funds.
Abstract joins other Ethereum layer-2 projects like Blast, which recently decided to cease operations. The project team's statement did not provide further details on future plans or alternatives for users.