Abstract, the Layer-2 network rolled out this week by Pudgy Penguins, is starting a muted start despite offering a number of incentives to new users.
The network noted 711,000 user transactions on the day of release, but the respectable total has been overshadowed by a lack of influx. Its total value secured (TVS) stood at only $ 33 million worth of ether (ETH) and stablecoins, far from the tens of thousands of billions of dollars distributed on other hyped layers 2 networks.
The platform’s original decentralized exchange, NOxa, has $ 109k worth of the total value locked (tvl), down from $ 515K on the launch day, Defillama shows.
The launch was marketed as a “new era of consumer currypto” with simplified onboarding that enabled users to create a wallet using an E -mail address.
Users who interact with the abstract mainnet accrue “XP points” which can be used to “level” and unlock rewards. However, an abstract supporter of X noted that “most are not interested in XP as much as turning their NFTs” before continuing to complain about the project society.
Abstract features Like the majority of other Ethereum-based layers 2 networks, users can bridge funds from other blockchains, swapped symbols of decentralized exchanges and launch new tokens at zoo.fun, abstract’s version of pump.fun-token-launcher .
But Abstract’s CEO Luca Netz wants to control attention away from confined Defi applications that typically command the most liquidity on other networks, instead he wants products that are “funny.”
Netz said during an interview that “If it’s not fun and viral, there’s no need for you to build on use Beracain or Arbitum.
Abstract’s launch has collapsed with a loss of momentum in Pudgy Penguins’ native token (Pengu), which is down by 7.6% over the last 24 hours and 41% in the last week.
The non-fun Token (NFT) sector has struggled to reach the staggering heights of 2022 under the recent bull market. OpenSea handle volume, despite experiencing a major Uptick in December in the middle of air drop rumors, average about $ 15 million per day. Day in January compared to $ 160 million per day. Day three years ago.
