With the significant rise of PENGU, coinciding with the first anniversary of Abstract Chain's mainnet launch, how has its development been over the past year?
Written by: Nicky, Foresight News
In the past month, the price of Pudgy Penguins ecosystem token PENGU has significantly increased. According to Bitget data, from June 23, 2025, to July 23, its maximum increase once exceeded 500%, currently trading at $0.038. Simultaneously, the floor price of the Pudgy Penguins Non-Fungible Token series has risen by over 50%, currently at 15.8 ETH (approximately $61,000).
On July 31, it was officially revealed that the Pudgy Penguins and Abstract teams have formally assumed the role of US government advisors, participating in cryptocurrency-related legislative design work. The team has made multiple trips to Washington D.C. for policy consultations. Additionally, PENGU has submitted an application to regulatory authorities, intending to launch a spot ETF product covering Non-Fungible Token and token assets.
Catching the crypto-friendly political winds in the United States, it coincides with the first anniversary of the mainnet launch of another project led by their team, Abstract Chain. Can this Layer 2 network break through the competition?
As the Ethereum Layer 2 network under Pudgy Penguins' parent company Igloo Inc., Abstract Chain was previously the on-chain creator economy platform Frame, with a vision to build blockchain infrastructure focused on "consumer-grade crypto experience".
Its technical foundation uses zkSync's ZK technology and EigenDA's data availability solution, running as an Ethereum Layer 2 and providing low-cost and high-speed transaction experiences. Its official website clearly states: "We do not aim to be the 'fastest' or 'most complex' chain, but focus on 'most user-friendly' - allowing new users to seamlessly interact with blockchain like using a Web2 application."
The project received early investments from institutions like 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 community participation in financing. Meanwhile, Abstract will continue to optimize iOS experience and its portal application Portal, with the goal of lowering the entry barrier for Web3 to the minimum.
One Year of Progress: From Infrastructure to Emerging Ecosystem
As of July 2025, Abstract Chain's network Total Value Locked (TVL) reached $45 million, with cumulative transaction processing exceeding 100 million.
Abstract Chain's ecosystem revolves around "consumer-grade scenarios". Recent frequently reposted collaborative projects by its official account include:
- Onchain Heroes: An idle RPG running on Abstract Chain, technically supported by Proof of Play. Players dispatch heroes on adventures, earn HERO tokens, craft equipment, and compete on leaderboards. Its Genesis Hero Non-Fungible Token floor price is currently 0.14 ETH, with HERO token market cap around $10.5 million.
- Moonsheep (SHEEP): Using the innovative DN-404 standard (combining ERC-721 and ERC-20), positioned as a hybrid project merging MEME coin propagation power with Non-Fungible Token brand depth.
- Death.Fun: A high-risk, high-reward on-chain game. Players bet, choose safe squares to avoid "death squares", and accumulate multipliers, with the option to settle earnings at any time.
Additionally, Abstract Chain recently announced a collaboration with Korean K-pop agency Modhaus, which owns top-tier girl groups like tripleS and ARTMS.
MEME and Community: PENGU-Led "Cultural Symbol"
The top-market cap MEME coins on Abstract Chain have also become a testament to its ecosystem's vitality. PENGU, with a market cap of $2.3 billion, leads the pack; MEME coins like ABSTER (market cap $32 million) and NOOT ($14 million) derived from the "penguin" IP have formed unique labels through storytelling and community consensus.
For example, ABSTER claims to be a "legendary penguin deeply embedded in Abstract Chain's code", with its "unavoidable" setting strengthening users' perception of it as a "chain cultural symbol"; NOOT attracts users with "penguin retro nostalgia", echoing the early community memories of Pudgy Penguins.
After one year, Abstract Chain has made initial progress in transaction volume, TVL, and ecosystem project incubation, particularly leveraging Pudgy Penguins' community influence to attract users and developers. Its focus on consumer-grade experience and lowering usage barriers is clear, and its collaboration with K-Pop also demonstrates attempts to break through cultural boundaries.
However, how to transcend MEME coin hype and cultivate truly long-lasting consumer-grade applications with broad user stickiness remains the core challenge for Abstract Chain and its ecosystem builders.
