Abstract has operated for two years and lost tens of millions of dollars, with its founder stating that it will focus on Pudgy Penguins and PENGU going forward.

Pudgy Penguins founder Luca Netz announced in a post that project Abstract is being gradually wound down, with parent company Igloo Inc. shifting all its focus to developing Pudgy Penguins, Pudgy NFTs, and the PENGU token. Netz stated that Igloo has provided continuous funding for Abstract over the past 18 months, with total losses amounting to tens of millions of U.S. dollars in two years, yet the project failed to achieve product-market fit (PMF). He added that Abstract once processed over 300 million on-chain transactions, launched Portal and AGW, attracted multiple global brands, and built an active on-chain ecosystem. However, persistent issues including an insufficient DeFi ecosystem, limited liquidity, low institutional participation, and high costs constrained its growth. Coupled with declining market demand for related products, the company could no longer divert funds from its Pudgy Penguins business to support Abstract. Even after incurring eight-figure U.S. dollar losses, Igloo opted not to fund Abstract via token issuance or an initial coin offering (ICO), as it lacked sufficient confidence in sustained token demand. Netz also thanked the Abstract community, noting that as the project wraps up, the company will fully push Pudgy Penguins to become a global cultural phenomenon.