TLDR
Abstract is a new Ethereum layer-2 blockchain developed by Igloo Inc. (Pudgy Penguins parent company) focused on consumer-friendly crypto applications
The platform features a simplified wallet system using passkeys instead of seed phrases, aiming to make crypto more accessible to everyday users
Abstract introduces “Panoramic Governance” to align developer and user interests through incentivized participation and fee sharing
Multiple games, social platforms, and established Web3 companies like Magic Eden have committed to launching on Abstract
Mainnet launch is planned for January 2025 following an $11 million fundraise led by Founder’s Fund
Igloo Inc., the company behind the popular Pudgy Penguins NFT collection, is preparing to launch Abstract, a new Ethereum layer-2 blockchain designed to make cryptocurrency applications more accessible to everyday users. The platform, scheduled for mainnet launch in January 2025, aims to simplify the crypto experience through innovative features like passkey-based wallets and streamlined transaction processes.
Abstract operates as a ZK-rollup on the Ethereum network, providing users with lower transaction fees and improved scalability compared to the main Ethereum chain. The platform maintains EVM compatibility, allowing existing Ethereum applications to transfer their services to Abstract with minimal modifications.
The development team at Igloo Inc. has partnered with Cube Labs to build Abstract’s infrastructure, incorporating zero-knowledge technologies for enhanced security and privacy. In June 2024, the company strengthened its position by acquiring Frame, an unlaunched NFT-focused layer-2 network, along with its development team.
Financial backing for the project includes an $11 million investment round led by Founder’s Fund, with additional support from Web3 venture capital firms including 1kx and Fenbushi Capital. This funding supports Abstract’s mission to create what they call “consumer crypto” – blockchain applications designed for everyday use by billions of people.
One of Abstract’s key features is its global wallet system, which eliminates the need for browser extensions or complex seed phrases. Users can create accounts using passkeys, similar to standard password systems but more secure. The platform demonstrates this simplified approach through a four-click process for minting NFTs, reducing the technical barriers that often discourage newcomers to cryptocurrency.
Want to see the power of @AbstractChain Global Wallet?
In this demo you can sign in, transact, and mint an NFT in just 4 clicks without touching a browser extension.
The best part? The user paid ZERO in gas fees using Abstract's native account abstraction.
This is the future. pic.twitter.com/C3N6HyqkR4
— cygaar (@0xCygaar) November 8, 2024
The platform introduces a new governance model called Panoramic Governance, which aims to better align the interests of developers and users. This system rewards active participants with fee sharing and allows voters to influence which projects receive additional support on the blockchain.
Several established Web3 companies have already committed to joining Abstract’s ecosystem. Magic Eden, a popular NFT marketplace, plans to support Abstract NFT trading at launch. Dune Analytics will provide blockchain data analysis, while LayerZero will enable cross-chain communication capabilities.
The gaming sector shows strong representation in Abstract’s initial lineup. Prospect Sports will offer fantasy sports experiences, while RealGo plans to introduce real-world treasure hunt games. Strategy games like Duper, which combines elements of poker and Catan, and the idle RPG Onchain Heroes are also scheduled for launch on the platform.
Social platforms and NFT projects form another key component of Abstract’s ecosystem. Multiplier.fun will bring casino-style gaming experiences, while Canna Sapiens joins the NFT offerings. Additional social features include Swipe, a prediction market with a dating app-inspired interface, and Zoo.fun, a token launch platform.
Luca Netz, leader of Igloo Inc. and Pudgy Penguins, describes consumer crypto as blockchain applications that serve daily personal use cases. He points to successful examples like OpenSea and Pump.fun as models for the types of services Abstract aims to support.
The platform particularly focuses on applications that average users might access regularly, such as games, social platforms, and trading services. This approach differs from many existing blockchains that primarily target financial services and decentralized banking applications.
Currently, Abstract operates on a testnet, allowing developers to test and refine their applications before the January 2025 mainnet launch. This testing period enables the team to ensure stability and user-friendliness of the platform’s core features.
Abstract Mainnet.
Coming January 2025. pic.twitter.com/41KdhL5egb
— Abstract (@AbstractChain) December 15, 2024
The Abstract wallet system demonstrates the platform’s commitment to accessibility. By removing traditional crypto barriers like gas fees and seed phrases, the system allows users to start using blockchain applications with minimal technical knowledge.
Protocol developers on Abstract can benefit from the platform’s governance structure, which creates direct connections between user engagement and protocol rewards. This system aims to foster sustainable growth by aligning the success of developers with user satisfaction.
The platform maintains compatibility with Ethereum while introducing new features designed for mainstream adoption. This balance allows Abstract to leverage existing blockchain infrastructure while reducing complexity for new users.
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