Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
The mainnet is about to launch! Quickly learn about the "Consumer Chain" Abstract Chain under the parent company of Fat Penguin

The mainnet is about to launch! Quickly learn about the "Consumer Chain" Abstract Chain under the parent company of Fat Penguin

ChaincatcherChaincatcher2024/12/18 03:44
By:ChainCatcher Selection

The Layer 2 network Abstract Chain, designed specifically for on-chain culture and community, will launch its mainnet in January next year.

Original Title: What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins

Original Author: Decrypt

Compiled by: Hailsman, ChainCatcher

Only a few Web3 brands can attract as many mainstream consumers as the NFT series Pudgy Penguins.

This is why Igloo Inc., the parent company of Pudgy Penguins, is confident in replicating its playbook with its new blockchain, Abstract, which is an Ethereum Layer 2 designed to be the leading blockchain for consumer crypto products and applications.

In this article, we will explore the concept of "consumer crypto" in Abstract, as well as how and why it is being built to bring the next billion users on-chain.

What is Abstract?

Abstract is a ZK-rollup and Layer 2 blockchain built on the Ethereum network, designed to provide low transaction fees and high scalability for consumer-centric applications and products.

Abstract is specifically designed to differentiate itself from the generic architectures used by most chains, focusing first on coordinating the interests of developers and consumers through specific applications and protocols (such as gaming and social platforms), and then outwardly turning to popular on-chain activities like decentralized finance or DeFi and banking. The mainnet is about to launch! Quickly learn about the

Abstract is EVM-compatible, meaning it can run applications designed and built for the Ethereum blockchain. Therefore, most existing Ethereum-based smart contracts can be easily ported to Abstract, allowing developers of already built applications to offer their products to Abstract users with minimal modifications.

What is "Consumer-Centric Crypto"?

In an Abstract blog , Luca Netz, leader of Igloo Inc. and Pudgy Penguins, explains his concept of "consumer crypto," which refers to "blockchain-driven applications that provide personal services for the daily lives of billions of people."

In other words, applications that ordinary people are most likely to use in a day, such as games or social platforms. Netz cited the NFT and digital collectibles marketplace OpenSea and the meme coin and social trading platform Pump.fun as two examples of successful consumer crypto platforms.

Other popular consumer crypto applications include casinos, prediction markets, and betting sites.

The Team and Background of Abstract

Abstract is co-built by Igloo Inc., the parent company of the Pudgy Penguins NFT project, and Cube Labs, utilizing zero-knowledge (ZK) technology or cryptographic proofs to help validate transactions in a more secure and private manner.

In June 2024, the company announced the acquisition of the unreleased, NFT-focused Layer 2 network Frame and its development team to help build Abstract.

Subsequently, the company announced it raised $11 million, led by Founder's Fund, with participation from other Web3 venture capital firms such as 1kx and Fenbushi Capital.

What Makes Abstract Special?

Abstract aims to make blockchain accessible to ordinary people, which has led to several new developments that set it apart from other blockchains.

Abstract Wallet

Abstract has developed its own global wallet for on-chain use, leveraging the new development of account abstraction, allowing users to create wallets that do not require extensions or passwords, nor do they need to pay gas fees.

The Abstract global wallet allows users to log in without an email address or complex passwords, making it easier for users without a strong technical background to get started.

One example from the Abstract team is, that users can log in and create NFTs with just four clicks, which is significantly fewer than what is required in most current on-chain scenarios.

Panoramic Governance

Abstract has proposed panoramic governance , a new type of governance design aimed at better coordinating the interests of developers and consumers on the blockchain.

Panoramic governance aims to actively incentivize governance participation and voting while directly rewarding the protocols that are most beneficial to the blockchain.

It achieves this by sharing fees with active voters and allowing them to decide which projects should receive additional support, creating a cycle where everyone benefits through collective effort. The mainnet is about to launch! Quickly learn about the

What Applications Will Be Available on Abstract?

The thriving Abstract ecosystem includes games, trading platforms, and social products that promise to be available when the Abstract mainnet launches. Below are some features that Abstract will offer at launch.

Games

Games committed to developing on Abstract include fantasy sports games like Prospect Sports and real-life (IRL) exploration and treasure-hunting games like RealGo. Other games, such as the strategy game Duper that combines poker with Catan and the idle RPG Onchain Heroes, are also planned to launch on Abstract.

Social, IP, and NFTs

Social platforms (like Multiplier.fun) offer new interpretations of classic casino games, while NFT projects (like Canna Sapiens) are dedicated to Abstract.

Other projects hoping to make Abstract their home include the sliding-based, Tinder-like prediction market Swipe and the token launchpad Zoo.fun.

Infrastructure

Abstract's infrastructure will host established Web3 products like Magic Eden, which will allow trading of Abstract NFTs after the mainnet launch. Popular blockchain analytics suite Dune Analytics and cross-chain messaging platform LayerZero for inter-chain interoperability will support Abstract from day one.

When Will Abstract Launch?

Currently, Abstract is only available through the testnet, but the team has announced plans to launch the Abstract mainnet in January 2025.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

5 crypto predictions for 2025

These 5 crypto prophecies put Nostradamus to shame

Blockworks2024/12/25 01:00