Pudgy Penguins NFT Creator, Igloo Inc, Begins Developing Its L2 Network On Ethereum

Updated: 30 July 2024

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Igloo Inc, the digital asset incubation studio, toy product merchandise and the parent company of the Pudgy Penguins non-fungible token collection, has started developing its layer two (L2) chain on Ethereum main net called Abstract, following the footprints of notable NFT firms such as Yuga Labs and Blur.

This Week in @AbstractChain:

🧊 I'm closely following Abstract, the upcoming consumer L2 by the @pudgypenguins team. They've had a crazy week + just finished a founder AMA with @LucaNetz. Are poised to become a major Blast competitor in the months ahead. Here's a full run-down…

— Untamed Adam (@adamagb) July 29, 2024

Pudgy Penguins Creates Its L2 Network On Ethereum

In a blog post shared late past weekend, Igloo Inc. confirmed that it has started developing its blockchain network on top of the Ethereum main network. The new Ethereum Layer Two network, Abstract, is expected to be “the largest blockchain for consumer crypto users.”

Introducing Abstract, the blockchain for consumer crypto.

Through @IglooInc; @foundersfund, @fenbushi, @1kxnetwork and others will contribute towards bringing the next generation of crypto users, onchain.

Learn more and how to participate below: pic.twitter.com/SjkIh0AGK0

— Abstract (@AbstractChain) July 23, 2024

Revealed in June 2024, Igloo Inc. is now the parent company of Pudgy Penguins, a non-fungible token collection featuring a fixed set of 8,888 cute penguins hosted on the Ethereum network, and Lil Pudgys, a non-fungible token collection featuring a limited set 22,222 NFTs originating from Pudgy Penguins.

As part of its roadmap advancement, Igloo Inc. has started creating its new layer two blockchain network that will remove the complicated parts of blockchain to get mass adoption. The Pudgy Penguins team joins the rapidly growing list of non-fungible token projects that have already created their blockchain network, which includes Blur NFT marketplace and Yuga Labs, the creator of Bored Ape Yacht Club.

What Is Abstract L2 Network?

Pudgy Penguins’ Abstract is a zero-knowledge (ZK) L2 built on top of Ethereum. The Abstract blockchain network is built using the ZK stack, a standardized, shared, and open-source development solution for ZK rollups built by ZKsync, which gives it some interesting superpowers.

The Abstract will be EVM-compatible, allowing developers to seamlessly migrate their smart contracts from other EVM-compatible chains. Moreover, the upcoming Abstract Layer Two network will submit validity proofs to the Ethereum L1, proving the validity of the transactions that occurred on the L2.

In the meantime, the Pudgy Penguins team has launched their Testnet this week. The chief executive officer, Luca Netz, will host an open AMA every two weeks to build public confidence. The Abstract will join the burgeoning L2 landscape, in which Arbitrum (ARB), Base, and Blast (BLAST) are currently the biggest Ethereum-based L2s in the world in terms of total value locked.