Despite the launch, Pudgy Penguins’ price dropped by over 20%, reflecting broader market trends.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
On Monday, January 27, the crypto industry welcomed a new blockchain addition with the mainnet launch of Abstract. Developed by Igloo Inc., the parent company of Pudgy Penguins, the protocol aims to revolutionize blockchain accessibility for mainstream users.
According to an official press release, Abstract already hosts over 100 blockchain applications, with an additional 400 in development.
The protocol was launched with a team of visionary leaders and renowned blockchain entrepreneurs such as
Michael Lee, Luca Netz, and Lorenzo Melendez. Its developers included renowned Web3 developers like Cygaar, 0xbeans, and StinkyPablo.
The protocol is designed to create the world’s largest onchain community, driven by the culture economy. To achieve this, Abstract integrated ZK Stack by ZKsync and Celestia to ensure fast, cost-effective, and secure transactions.
Commenting on the launch, Luca Netz, co-inventor of Abstract, said the launch of the protocol is more than just a technical milestone. Noting that it represents a shift in how everyday users interact with blockchain.
“The launch of Abstract is more than just a technical milestone—it’s a shift in how everyday users – and not just crypto natives – experience blockchain. We’ve built Abstract to strip away the complexities of crypto, offering an intuitive and enjoyable experience that empowers users to explore and create effortlessly,” he said.
To accompany its launch, Abstract introduced its flagship feature, “The Portal,” described as a “groundbreaking Digital Theme Park of Fun.” According to the release, this innovation reimagines how billions of people engage with blockchain technology, providing an entry point for Web2 users exploring Web3.
In addition to “The Portal,” Abstract introduced a live-streaming service for content creators. The new offering is designed to empower them to connect with audiences on a deeper level.
As a consumer-focussed blockchain, the protocol is designed to onboard a diverse range of users into the crypto ecosystem by integrating blockchain-powered applications into everyday life. This transformation is set to unfold in three phases: discretionary spending, necessary spending and essential spending.
According to the PR, the revolution will begin with discretionary spending, focusing on consumer-facing applications that enhance leisure experiences.
“Look at the rise of gaming, sports, hip-hop, and streetwear—an entire generation transformed entertainment, music, and luxury. They shifted the narrative from publisher to streamer, owner to athlete, corporation to artist, and from price tags to culture,” Lee said.
Meanwhile, despite the launch of Abstract, Pudgy Penguin’s price continued to decline, aligning with the broader market trends. At press time, the digital asset is down by more than 20%, trading around 0.21 on CoinMarketCap.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
