Abstract Chain, an Ethereum Layer 2 blockchain developed by Igloo Inc., the parent company of the Pudgy Penguins NFT collection, has officially gone live on the mainnet.
Built using ZKsync’s ZK stack, the network employs zero-knowledge rollups to deliver low transaction fees and high scalability for on-chain applications.
Designed for Communities and Web3 Applications
According to the project, Abstract Chain is designed to support crypto communities and consumer-facing Web3 applications.
The network includes features like native account abstraction, allowing wallets to operate as smart contracts.
These features are said to provide a more user-friendly experience, with options such as email or social logins, account recovery mechanisms, and passkey support.
The launch also included the introduction of The Portal, which Igloo describes as a consumer blockchain platform.
The Portal reportedly enables users to create a wallet with a single email address and access an ecosystem of over 100 community-created decentralized applications (dApps).
Development and Market Impact
Igloo raised $11 million in funding to support Abstract Chain’s development, with contributions from investors such as Founders Fund.
The company also acquired Frame, a Layer 2 project focused on creators, in June 2024. This acquisition was aimed at integrating Frame’s technology into Abstract Chain.
Despite the network launch, the price of the Pudgy Penguins token ($PENGU ) declined by 15.05%, reflecting broader market pressures. The token has also dropped by 37% over the past month.
