Abstract Chain Goes Live as PENGU Token Faces Market Drop

Igloo Inc., the company behind Pudgy Penguins, has officially launched Abstract Chain, a new Ethereum Layer-2 blockchain designed to make web3 more accessible. The launch marks a key milestone in blockchain adoption, offering faster transactions and easier access for users. However, despite the excitement, the PENGU token, which is linked to Pudgy Penguins, has seen a sharp decline in value.

Abstract Chain Aims to Make Blockchain Easier

Abstract Chain was created to simplify blockchain interactions for everyday users. Many people find web3 applications difficult to use, and Abstract Chain aims to fix that.

One of its main features is The Portal, a system that allows users to set up a blockchain wallet with just an email address. This makes it easier for new users to explore decentralized applications (dApps) without needing deep technical knowledge.

Luca Netz, CEO of Pudgy Penguins, believes this launch is an important step in making Web3 more user-friendly. "Blockchain should be easy for everyone. Abstract Chain removes the complicated steps so users can just enjoy the experience," he said.

Technology Behind Abstract Chain

Abstract Chain uses zero-knowledge rollups (ZK rollups) to improve speed and efficiency. This reduces transaction costs while keeping security strong.

The project is built using ZKsync’s technology, which is designed for scalable and low-cost blockchain solutions. Alex Gluchowski, co-founder of ZKsync, praised Abstract Chain’s focus on making blockchain simpler. “Users shouldn’t have to think about the technical side of blockchain. They should just experience fast and smooth applications,” he explained.

With ZK rollups, Abstract Chain allows developers to create faster and cheaper blockchain-based apps, opening up new possibilities for web3 projects.

PENGU Token Faces Price Drop

While Abstract Chain’s launch has generated excitement, PENGU token has struggled in the market. The token saw a sharp 11% drop in the past 24 hours, following a 37% decline over the past month.

The price drop comes as part of a broader market downturn, with Bitcoin falling below $99,000 and many other cryptocurrencies losing value.

Despite the decline, PENGU’s trading volume increased by 48%, showing that many investors are still interested in the token. This follows a period of extreme growth last month, when an investor turned $6 into $87,000 by trading PENGU.

However, recent losses have caused concern among Pudgy Penguins investors, who are closely watching the token’s movements.