Very few Web3 brands have successfully captured the attention of mainstream audiences as effectively as the NFT collection Pudgy Penguins.
This remarkable achievement is the foundation of Igloo Inc.’s confidence—the parent company behind Pudgy Penguins believes it can replicate its success with the launch of Abstract, a new Ethereum layer-2 blockchain. Abstract aims to become the go-to platform for consumer-centric crypto products and applications, carving out a unique space in the blockchain ecosystem.
In this article, we’ll dive into Abstract’s innovative approach to “consumer crypto,” exploring its vision, strategies, and the tools it’s building to onboard the next billion users into the world of Web3.
What is Abstract?
Built on the Ethereum network, Abstract is a ZK-rollup and layer-2 blockchain specifically tailored to consumer-focused applications and products. It offers cheap transaction fees and remarkable scalability.
By giving developer and customer interests top priority, Abstract adopts a different strategy from the general-purpose architecture used by the majority of blockchains. It accomplishes this by first concentrating on particular protocols and applications, including social networks and gaming platforms, and then progressively broadening its scope to include more extensive on-chain operations, such as digital banking and decentralized finance (DeFi).
Applications created specifically for the Ethereum network can operate smoothly in Abstract thanks to its compatibility with the Ethereum Virtual Machine (EVM). Because of this compatibility, developers can effectively transfer most Ethereum-based smart contracts now in use to Abstract, expanding their user base by integrating their well-established applications into Abstract’s ecosystem with little modification.
What Does “Consumer Crypto” Mean?
Luca Netz, the founder of Pudgy Penguins and a well-known figure at Igloo Inc., recently presented his vision for what he refers to as “consumer crypto” in an Abstract blog post. “Blockchain-powered applications that cater to billions of individuals in their everyday lives for personal use” are at the center of this notion. In essence, these apps serve the everyday interactions of the common person, such as social networking apps or gaming platforms.
Netz cited popular consumer cryptocurrency applications such as Pump.fun, a meme coin and social trading platform, and OpenSea, a prominent marketplace for NFTs and digital collectibles.
Other well-liked use cases in this area include betting platforms, prediction markets, and blockchain-based casinos; all of these appeal to regular users looking for crypto-based amusement and interaction.
Who’s Behind Abstract?
Igloo Inc., the parent company of the well-known Pudgy Penguins NFT project, is presently working with Cube Labs to develop an Abstract. The project makes use of cutting-edge zero-knowledge (ZK) technologies, which improve the security and privacy of transaction verifications by using cryptographic proofs.
In order to expedite the development of Abstract, the business announced in June 2024 that it had strategically acquired Frame, an NFT-centric layer-2 network that was still in the pre-launch stage, together with its whole development staff.
The company reported a successful $11 million funding round after reaching this milestone. Leading Web3 venture capital companies 1kx and Fenbushi Capital also contributed to the round, which was led by Founder’s Fund.
What Makes Abstract Stand Out?
Abstract stands out from other blockchain platforms with its distinct and progressive approach, which has led to several creative breakthroughs. Abstract’s ambitious goal is to integrate regular people into the on-chain world.
Abstract Wallet
A unique global wallet made for smooth on-chain use has been unveiled by Abstract. This wallet offers a streamlined and user-friendly experience by utilizing the most recent developments in account abstraction, which eliminates the need for browser plugins, secret words, or gas fees for creating and managing accounts.
Passkeys are included in the Abstract global wallet, enabling users to sign in with ease and without the need for complex passwords or email addresses. This innovation greatly reduces the entry barrier, especially for those with little technical knowledge, which facilitates and eases the transition into the blockchain ecosystem.
The Abstract team provided a convincing illustration of the wallet’s effectiveness, showing how a user can sign in and mint an NFT in just four clicks, which is a fraction of the steps now needed for on-chain activities. This demonstrates Abstract’s dedication to improving user ease and expediting blockchain engagements.
Panoramic Governance
In order to better balance the interests of developers and users within the blockchain ecosystem, Abstract has introduced Panoramic Governance, a cutting-edge governance framework.
Panoramic Governance’s main objective is to reward the protocols that add the most value to the blockchain network while also aggressively promoting involvement in governance and voting procedures.
By charging fees to engaged voters, this method gives them the power to decide which initiatives get more funding. Voters, developers, and users all gain by cooperating and working together to make the platform successful, which in turn starts a self-sustaining loop.
What Apps Will Be Available on Abstract?
A wide variety of products, such as games, trading platforms, and social applications, are part of the quickly expanding Abstract ecosystem and will launch as soon as the mainnet is live. We’ve compiled a list below that highlights some of the great products Abstract will offer when it launches.
Infrastructure
After the mainnet formally launches, Abstract’s infrastructure will house reputable Web3 products, such as Magic Eden, which will allow the trade of Abstract NFTs. Furthermore, LayerZero, a top cross-chain messaging platform made for smooth interoperability across many blockchains, and Dune Analytics, a well-known blockchain analytics platform, will offer crucial support to Abstract right from the start, guaranteeing a successful and efficient launch.
NFTs, IP, and Social
Social platforms such as Multiplier.fun, which offers an innovative twist on a traditional casino game, and NFT projects like Canna Sapiens, have made a strong commitment to Abstract.
In addition, several other exciting projects are planning to establish Abstract as their new home, including the swipe-based, Tinder-like prediction market Swipe and the token launchpad Zoo.fun.
Gaming
Fantasy sports games like Prospect Sports and in-real-life (IRL) activities like RealGo’s treasure hunts and discovery are among the games that are devoted to expanding on Abstract. Future titles like the idle RPG Onchain Heroes and Duper, a novel fusion of poker and Catan-style strategy, will also premiere on the Abstract platform.
When is Abstract Going Live?
Although Abstract is now only available via the testnet, the development team has stated that the mainnet will formally open in January 2025.
