Pudgy Penguins made waves with its $PENGU token airdrop in December, skyrocketing its NFT floor price from 15 ETH to 36 ETH. Now, its parent company, Igloo, Inc., is set to launch Abstract, a game-changing consumer-focused blockchain in January 2025.
With XY Finance integrating Abstract from its mainnet launch, you can seamlessly onboard to Abstract and take advantage of day-one opportunities within Abstract ecosystem. Don’t miss the chance to explore Abstract’s potential!
What is Abstract?
Abstract is an Ethereum Layer 2 (L2) network designed to deliver a seamless consumer-centric blockchain experience. Its mission is to bring blockchain technology out of niche markets and into the everyday lives of global users, making it accessible for practical, daily use. With low transaction fees, fast speeds, and robust security, Abstract empowers users to explore and benefit from blockchain technology with unprecedented ease in their everyday activities.
As a zero-knowledge rollup (ZK-rollup), Abstract combines high scalability with top-tier security standards. It’s fully EVM-compatible, allowing most Ethereum smart contracts to be seamlessly deployed with minimal adjustments. Thanks to its design and the widespread popularity of NFT collections like Pudgy Penguins, Abstract is uniquely positioned to lead the way in consumer-focused crypto products and applications.
Source: Pudgy Penguins Website
Currently, Abstract is gearing up for its highly anticipated mainnet launch in January 2025. With over $11 million in funding from prominent investors such as Founders Fund, Fenbushi Capital, Animoca Brands, 1kx, and The Sandbox, Abstract demonstrates undeniable potential and has garnered strong confidence from industry leaders.
Why You Should Be Bullish on Abstract?
Abstract is redefining L2 experience by focusing on consumer crypto, seamless accessibility, and Innovative governance mechanism. Below are three key pillars that set Abstract apart:
Consumer Crypto: Building the Blockchain’s Disneyland
In a recent blog by Abstract, Luca Netz, CEO of Igloo Inc. and Pudgy Penguins, emphasized that “Consumer Crypto” is the cornerstone of Abstract development strategy, and the final frontier for the blockchain industry.
What is Consumer Crypto? According to Netz, it refers to blockchain-powered applications that seamlessly integrate into the daily lives of billions of people, catering to their personal needs. These apps occupy consumers’ leisure time through entertainment, interactivity, and value. Examples include platforms like OpenSea, Polymarket, Pump.fun, and popular NFT collections.
Netz also pointed out a common challenge in the industry: many blockchain companies aim to build general infrastructure for the next-generation internet economy. While ambitious, this “0-to-100” approach demands immense resources and often leads to early failures. Instead, Abstract has chosen to focus on creating a consumer-centric blockchain ecosystem, ensuring its efforts are targeted and sustainable.
Source: What is Consumer Crypto
A significant step towards this goal was the acquisition of Frame, a Layer 2 blockchain specializing in NFTs, along with its development team, in June 2024. This move strengthens Abstract and accelerates its ability to deliver on its vision of a blockchain designed for consumers.
Abstract’s ultimate goal is to create the most fun destination on the blockchain -a “digital amusement park” or even the “the internet’s Disneyland”. By leveraging its strong community, cultural impact, and effective distribution channels, Abstract aims to bring blockchain technology out of niche markets and into the everyday lives of global users.
Abstract Global Wallet: Redefining Accessibility
Aligned with its vision for consumer-centric blockchain experiences, Abstract has introduced the Abstract Global Wallet (AGW)—a transformative solution that makes blockchain accessible to everyone. By leveraging passkey-based access and account abstraction technology (ERC-4337), AGW eliminates the need for seed phrases, complex setups, or gas fees, offering users a seamless and intuitive experience.
Users can sign up AGW using familiar Web2 methods like email, social accounts, or passkeys and instantly access any application within the Abstract ecosystem. This innovative wallet bridges the gap for users of all technical backgrounds, making it easier than ever to explore blockchain applications and unlocking a new era of mass adoption.
Source: Abstract Docs
Panoramic Governance: Incentivizing Growth and Collaboration
For any blockchain to thrive, incentivizing sustained user engagement and robust ecosystem development is essential. Abstract tackles this challenge with Panoramic Governance (PG)—an innovative mechanism that rewards both active network and governance participants, fostering a value-driven ecosystem by rewarding active participation in governance while promoting protocol growth.
PG operates through two interconnected systems. The first rewards users with sequencer fees for actively voting in governance decisions. The second enables governance participants to allocate token emissions to protocols contributing to the network. As protocols drive demand for block space, sequencer fees increase, creating a feedback loop where voters are motivated to support impactful protocols. This ensures that growth benefits both the ecosystem and its contributors.
Source: Panoramic Governance
By unifying these systems into a sustainable model, Panoramic Governance minimizes risks like token inflation while fostering collaboration and scalability. It creates a balanced, self-sustaining ecosystem that empowers participants to drive Abstract’s long-term success.
Exploring the Abstract Ecosystem
In the Abstract ecosystem, three categories are generating the most excitement: NFTs, Gaming, and Prediction Markets. These products are set to launch alongside Abstract’s highly anticipated mainnet release, bringing innovative projects to the forefront. Let’s take a closer look at some key highlights in each category:
NFTs and Web3 IP
Abstract is becoming a hub for creative NFT projects and Web3 intellectual property. Noteworthy projects include:
- Kabu: A charming IP with a strong community and the ability to attract artistic talent, making it a standout attraction in the NFT space.
- Moonsheep: Known for its “404 Hybrid” approach, it has already launched The Sad Times NFT, with the floor price now rising to 0.25 ETH.
- Canna Sapiens: A creative platform blending cannabis culture with NFT innovation, aimed at building a global weed brand.
Source: Canna Sapiens’ X account
Gaming
Abstract is also emerging as a playground for Web3 gaming, with developers leveraging its low transaction fees and fast speeds to push the boundaries of blockchain gaming:
- Onchain Heroes: A fully on-chain RPG built by a team with experience in Web3 game development.
- KMON: The first cross-platform MMORPG in Web3, redefining immersive gaming for blockchain users.
- Ruyui Studios: Known for designing captivating characters, game elements, and animations, this team is shaping the future of on-chain gaming experiences.
Source: Onchain Heroes Is Building an Idle RPG for the Culture
Prediction Markets and Gambling
Prediction markets and gambling are thriving sectors with immense potential, and Abstract is home to several standout projects poised to make an impact:
- MYRIAD: A comprehensive media ecosystem combining prediction markets, quests, and engaging written and video content for a unique user experience.
- Gamblor Casino: A crypto-based casino and gaming platform, backed by PG Group, catering to blockchain-savvy gamblers.
Source: MYRIAD Website
Closing Thought
Abstract’s “consumer crypto” focus is all about making blockchain fun and accessible for everyone. By prioritizing applications centered around everyday leisure activities—from social engagement and gaming to prediction markets and entertaining gambling experiences—Abstract is building a blockchain for the masses.Instead of attempting to build a generalized blockchain for every sector, Abstract concentrates on delivering targeted, consumer-centric experiences.
As Abstract approaches its mainnet launch, its unique combination of intuitive design, cultural relevance, and scalable governance positions it to transform how users interact with Web3 technologies. From day one, XY Finance will integrate Abstract, providing seamless access to its ecosystem. This collaboration empowers users to fully explore Abstract’s innovative blockchain and unlocks meaningful and engaging Web3 experience.
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