Pudgy Penguins’ Layer 2 Network Abstract Launches with Low Liquidity
Abstract, the layer-2 network launched by Pudgy Penguins, has experienced a subdued start despite user incentives.
- On launch day, the network recorded 711,000 transactions.
- Total value secured (TVS) stands at $33 million in ether (ETH) and stablecoins.
- NOXA, the platform's decentralized exchange, saw total value locked (TVL) drop from $515K at launch to $109K.
- Users can create wallets using email for simplified onboarding and earn "xp points" for rewards.
- CEO Luca Netz emphasizes the focus on fun and viral products over traditional DeFi applications.
- The native token PENGU dropped 7.6% in 24 hours and 41% over the past week.
- NFT trading volume on OpenSea averages around $15 million daily, significantly down from $160 million three years ago.