Pudgy Penguins' new layer-2 network, Abstract, has launched with a focus on user-friendly experiences and 'fun' applications, but early adoption has been modest. Despite offering incentives and a simplified onboarding process, Abstract's TVS remains significantly below other prominent layer-2 networks. The platform's native DEX, NOXA, has also seen a decline in TVL since launch. CEO Luca Netz emphasizes the importance of 'fun' and viral projects, positioning Abstract as a distinct alternative to traditional DeFi platforms.
Abstract , the layer-2 network recently launched by Pudgy Penguins , has experienced a relatively subdued start despite offering a range of incentives to new users. While the platform secured a respectable $33 million in total value secured ( TVS ) shortly after its mainnet launch, this figure has been overshadowed by a lack of sustained inflows. Abstract 's TVS currently stands at a significantly lower amount compared to the tens of billions of dollars locked in other prominent layer 2 networks.
The platform's native decentralized exchange, NOXA, has witnessed a decline in its total value locked (TVL) to $109,000, down from $515,000 on launch day, according to data from DeFiLlama. Abstract's launch was heavily promoted as ushering in a 'new era of consumer crypto' with a simplified onboarding process that allowed users to create a wallet using just an email address. Users interacting with the Abstract mainnet earn 'xp points,' which can be utilized to 'level up' and unlock rewards. However, a supporter of Abstract on X expressed that 'most people don't care about xp as much as flipping their NFTs,' further lamenting the project's community engagement.Abstract operates similarly to most other Ethereum-based layer 2 networks, enabling users to bridge funds from various blockchains, swap tokens on decentralized exchanges, and launch new tokens on zoo.fun, Abstract's equivalent of the pump.fun token launcher. However, Abstract's CEO, Luca Netz, aims to differentiate the platform by focusing on 'fun' applications rather than traditional DeFi protocols. Netz stated that 'If it's not fun and viral there's no reason for you to build on Abstract. I'm optimizing for fun, viral, simple, stupid.' He advises developers seeking to build DeFi applications to explore platforms like Berachain or Arbitrum, emphasizing Abstract's specialization in 'fun' projects. Abstract's launch coincides with a decline in momentum for Pudgy Penguins' native token (PENGU), which has experienced a 7.6% drop over the past 24 hours and a 41% decline in the past week. The non-fungible token (NFT) sector has struggled to replicate the impressive gains of 2022 during the recent bull market. Trading volume on OpenSea, despite a significant surge in December fueled by airdrop rumors, has averaged around $15 million per day in January, compared to $160 million per day three years ago.
Abstract Layer-2 Pudgy Penguins Defi Nfts NOXA TVS TVL Luca Netz Cryptocurrency Launch
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