Project
Ethereum NFT collection of cartoon penguin characters, run by Igloo Inc., that expanded into retail toys and the PENGU token.
Weekly NFT sales edged up 0.90% to $39.85m in the seven days to Oct. 10 as buyer addresses fell 85.33%, according to CryptoSlam data. With trades down only 6.92% and the largest collections keeping their buyers, the drop points to a change in how CryptoSlam counts addresses.
Reality
Igloo Inc., the Pudgy Penguins parent, will shut its Abstract layer-2 on Dec. 15 after 18 months of losses in the tens of millions of dollars. Funds not bridged off by then become inaccessible, and its chief executive says no Abstract token is coming.
Perspective Coverage
8 publishersReality
Blast and Abstract are closing their Ethereum layer 2 chains after both operators said running costs outran revenue, Igloo by tens of millions of dollars. Cheaper blob space lowered rollups' posting bills but not the cost of running a chain.
Reality
Crypto liquidations rose 235% to $547 million after Iran's tanker attacks pushed Brent above $101, yet futures open interest slipped only 1%. Leverage was already thin, so the selling moved token prices far more than it cleared out positions.
Reality
Abstract, the Igloo-backed Ethereum layer-2, is shutting down after its secured value fell more than 90% from a peak above $291 million. Its closure comes weeks after Blast's, and holders on smaller layer-2 chains now face fixed dates to move their funds before the bridges close.
Reality