Pudgy Penguins' Abstract Network Launches with Modest Results

Pudgy Penguins' latest project, Abstract Network, launched this week with modest results. The layer-2 network achieved 711,000 user transactions on its debut but struggled to attract significant value, with a total value secured (TVS) of $33 million in ether (ETH) and stablecoins.

This figure is a far cry from the tens of billions associated with other prominent layer-2 networks. The network's decentralized exchange, NOXA, saw its total value locked (TVL) decline from $515,000 on launch day to $109,000, according to DefiLlama.

Pudgy Penguins CEO Luca Netz emphasized that Abstract is focused on 'fun and viral' products, not traditional DeFi applications. He stated, 'I’m optimizing for fun, viral, simple, stupid. If you want to build the next DeFi application, I really recommend you use Berachain or Arbitrum.'

The launch coincided with a decline in PENGU, the native token of Pudgy Penguins, which fell by 7.6% in the past 24 hours and 41% throughout the week.