Abstract, the consumer-focused Ethereum layer-2 network from Pudgy Penguins parent company Igloo Inc, is now live with Monday’s launch of its mainnet.
The company raised $11 million in June 2024 with the goal of bringing billions of new users on-chain and becoming the leading blockchain for consumer crypto products and apps.
“For too long, the industry has prioritized technology over user experience, creating barriers to mainstream adoption,” said Abstract co-founder and Pudgy Penguins owner Luca Netz in a statement. He added that “it’s a shift in how everyday users—and not just crypto natives—experience blockchain.”
To appeal to a broader audience, Netz and company have stripped away onboarding hurdles that have typically intimidated new users. For example, its native Abstract Global Wallet will allow users to participate on-chain with an email address, without the requirement of a secret recovery phrase.
“We’ve spent the past year reimagining what it means to create crypto experiences that put consumers first. What we’re unveiling today reflects those efforts—a first-of-its-kind consumer terminal, a frictionless wallet with limitless capabilities, and a chain powering dozens of consumer-friendly crypto applications,” said pseudonymous Abstract developer and Cube Labs CTO, Cygaar.
Abstract is expected to have around 120 projects live on mainnet on day one, ranging from infrastructure to NFTs and meme coins, with more than 350 projects and applications to launch throughout the year according to an interview with pseudonymous marketing leader Phin.
To get started with Abstract, users can visit abs.xyz to create a global wallet and onboard funds by bridging from another blockchain or using MoonPay or Coinbase.
Users participating on the mainnet will have the opportunity to earn XP—the network’s native reward system that can be likened to credit card rewards points or video game point accruals.
By using apps and engaging with projects on the network, users will earn XP which can be used to “level up” to potentially unlock rewards and more.
Abstract’s mainnet launch is powered by ZKSync’s ZKStack technology, utilizing zero-knowledge cryptography for fast, secure, and scalable transactions. Like other Ethereum scaling networks, including Base and Arbitrum, Abstract delivers faster and cheaper transactions than Ethereum’s own mainnet.
Edited by Andrew Hayward
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