With the backing of the skyrocketing PENGU Token, can Abstract Chain break through the crowd among the L2s?

With the big pump of PENGU, Abstract Chain coincides with the first anniversary of the Mainnet launch. How has it developed over the past year?

Written by: Nicky, Foresight News

In the past month, the Pudgy Penguins ecosystem token PENGU has seen a significant rise in price. According to Bitget data, from June 23 to July 23, 2025, its maximum increase once exceeded 500%, currently priced at $0.038. Meanwhile, the floor price of the Pudgy Penguins NFT series has also risen by over 50%, currently at 15.8 ETH (approximately $61,000).

On July 31, it was officially announced that the Pudgy Penguins and Abstract teams have officially taken on the role of advisors to the U.S. government, participating in the legislative design work related to cryptocurrency. The teams have made multiple trips to Washington, D.C. for policy consultations. Additionally, PENGU has submitted an application to regulatory authorities to launch a spot ETF product covering NFTs and token assets.

Riding the wave of the crypto spring in American politics, it coincides with the one-year anniversary of the Mainnet launch of Abstract Chain, a project spearheaded by their team. Can this L2 break through the competition?

As the Ethereum Layer 2 network under Igloo Inc., the parent company of Pudgy Penguins, Abstract Chain was formerly known as the on-chain creator economy platform Frame, with a vision to build blockchain infrastructure focused on "consumer-grade crypto experiences."

Its technical foundation uses zkSync's ZK technology and EigenDA's data availability solution, operating as an Ethereum Layer 2 while providing a low-cost and high-speed trading experience. Its official website clearly states: "We do not aim to be the 'fastest' or 'most complex' chain, but rather focus on the 'easiest to use'—allowing new users to seamlessly engage with blockchain just like using Web2 applications."

In the early stages, the project received investments from institutions such as Founders Fund, Fenbushi Capital, and 1kx. In July 2025, Pudgy Penguins CEO Luca Netz revealed that they are seeking a new round of financing for Abstract and exploring ways for community participation in fundraising. Meanwhile, Abstract will continue to optimize the iOS experience and its portal application Portal, with the goal of lowering the entry barrier to Web3.

One Year Progress: From Infrastructure to Initial Ecosystem Appearance

As of July 2025, the total locked value (TVL) of the Abstract Chain network reached 45 million USD, with a cumulative transaction count exceeding 100 million.

The ecosystem of Abstract Chain revolves around "consumer-grade scenarios." The collaborative projects frequently retweeted by its official account recently:

1. Onchain Heroes: An idle RPG running on the Abstract Chain, supported by Proof of Play technology. Players dispatch heroes on adventures, earn HERO tokens, craft equipment, and compete on leaderboards. Its Genesis Hero NFT floor price is currently 0.14 ETH, and the market cap of HERO tokens is approximately 10.5 million USD.
2. Moonsheep (SHEEP): Adopts the innovative DN-404 standard (a fusion of ERC-721 and ERC-20), positioned as a hybrid project that combines the viral nature of meme coins with the depth of NFT brands.
3. Death.Fun: A high-risk, high-reward on-chain game. Players can bet, choose safe blocks to avoid "death squares," and accumulate multipliers, with the option to settle their earnings at any time.

In addition, Abstract Chain recently announced a partnership with the South Korean K-pop agency Modhaus, which represents top girl groups such as tripleS and ARTMS.

Meme and Community: The "Cultural Symbol" Led by PENGU

Currently, the top Meme coins by market capitalization on Abstract Chain have become a testament to ecological vitality. Among them, PENGU has reached a market capitalization of 2.3 billion USD, firmly holding the top spot; ABSTER (market cap of 32 million USD), NOOT (14 million USD), and others derived from the "penguin" IP have formed unique tags through storytelling and community consensus.

For example, ABSTER claims to be a "legendary penguin deeply rooted in the Abstract Chain code," and its "inescapable" setting reinforces users' awareness of its "on-chain cultural symbols"; NOOT, on the other hand, attracts users with its "penguin retro sentiment," echoing the early community memories of Pudgy Penguins.

In just one year, Abstract Chain has made initial progress in trading volume, TVL, and the incubation of ecological projects, especially attracting users and developers through the community influence of Pudgy Penguins. Its clear positioning focuses on consumer-grade experience and lowering usage barriers, while its collaboration with K-Pop also demonstrates an attempt to break through the boundaries of off-chain culture.

However, how to go beyond the popularity of Meme coins and cultivate truly sustainable consumer-grade applications with wide user stickiness remains the core challenge faced by Abstract Chain and its ecosystem builders.