Published: January 26, 2025 at 3:40 pm
Updated on January 26, 2025 at 3:40 pm
The Abstract Layer 2 network is launching soon, and things are about to get really interesting in the world of cryptocurrency trading and NFTs. This is a new player in the market, and it looks like it’s got some serious potential to change the game.
Igloo Inc., which is behind the highly popular Pudgy Penguins NFT collection, has announced the launch of its Abstract blockchain. It’s coming out this Monday, January 27th, 2025, and it’s been in the works since June 2024.
This new network will be an Ethereum Layer Two network, putting it in the same league as some heavy hitters like Yuga Labs and Blur, both of which have also developed their own L2 networks.
In case you weren’t aware, Igloo Inc. is a digital asset incubation studio and also a brand known for cartoon toys. They’ve released some of the top collections in the NFT world, including Pudgy Penguins, which has a set of 8,888 cute penguins on Ethereum, and Lil Pudgy, which has 22,222 NFTs originating from the original collection.
Last year, the Pudgy Penguins’ parent company bought the on-chain creator platform Frame to create a network designed for on-chain culture and community. Abstract is a zero-knowledge (ZK) L2 that’s built on Ethereum, and it’s got some cool features.
For starters, it’s EVM-compatible, meaning developers can easily migrate their smart contracts from other platforms. Plus, it will submit validity proofs to the Ethereum mainnet, giving it some credibility. It’s been tested quite a bit, so they must think it’s viable.
The Abstract L2 network is designed to handle thousands of transactions per second, similar to Polygon, and it minimizes any delays in syncing with the base layer. This is a big deal for things like gaming and DeFi, where speed is everything.
Other L2 solutions like Arbitrum and Optimism can pump out high TPS too, but they can have delays when they submit data to Layer 1. Abstract seems like it’s all about that real-time action, which is a nice touch.
The Pudgy Penguins NFT collection took notice of the announcement and reacted quickly, raking in a cool $4.1 million in trading volume over the last 24 hours. That’s a 48% jump from the day before. The Lil Pudgy collection also saw a nice boost, with trading volume hitting $998,942, a 27% uptick.
Clearly, the Abstract Chain is having a positive effect on the NFT market. The upcoming launch of the PENGU token is also stirring some excitement, bringing some much-needed life back into the NFT scene, with the total market value of the top NFT series climbing to over $10 billion.
This network seems to be laying the groundwork for NFTs to integrate more with DeFi. Staking and loans for NFTs could make them more valuable and useful, which is always a good thing. Plus, engaging with the community through testnets and Discord can help create a loyal user base.
Broader trends in crypto are also worth mentioning, like decentralized exchanges, regulatory compliance, and better security measures. The space is evolving, and Abstract looks like it could be at the forefront of that evolution.
So yeah, if the Abstract L2 network takes off, it could really change the landscape for NFT collections and trading volumes. With improved infrastructure and community engagement, we could be looking at a more active and valuable NFT market. The world of cryptocurrency trading is on the brink of something new and exciting.
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