Igloo, the parent company behind the renowned NFT brand Pudgy Penguins, has secured over $11 million in a strategic investment round spearheaded by Peter Thiel’s Founders Fund. This funding is earmarked for the creation of Abstract, a novel Layer 2 blockchain designed with a consumer-centric focus.

Strategic Investment and Visionaries

The investment round also saw participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. With this infusion of capital, Igloo will establish Cube Labs, a new venture dedicated to the development and oversight of the Abstract Layer 2 blockchain.

Abstract, incubated under the not-for-profit Abstract Foundation, was co-developed by notable industry figures including Michael Lee, former senior vice president at Ethereum Layer 2 network ZKsync; Luca Netz, CEO of Pudgy Penguins and Igloo; and Lorenzo Melendez, president of Pudgy Penguins and Igloo. Esteemed crypto Twitter personalities Cygaar, 0xbeans, and Stinkypablo are also among the developers, with Cygaar serving as CTO of Cube Labs and Lee as CEO.

Abstract: A Consumer-Centric Blockchain

Abstract is being constructed using Matter Labs’ ZK Stack and EigenLayer‘s data availability layer EigenDA. When queried about what sets Abstract apart from other Layer 2 blockchains, Lee emphasized their unique approach: “Our differentiation lies in our consumer-centric methodology,” he explained. “We focus on distribution through our unannounced partners and building genuine community and culture, a strategy we perfected with Pudgy Penguins. Additionally, we plan to incubate builders, transforming apps from 0 to 1.”

Currently in its testnet phase, Abstract aims to launch its mainnet by the end of the year. However, Lee remained tight-lipped about the potential launch of an accompanying token.

Expansion and Future Prospects

Abstract’s development team consists of approximately 30 individuals globally, with Cube Labs’ office located in Miami. Lee expressed plans to expand the team, seeking talent in engineering, community growth, marketing, and business development.

Joey Krug, a partner at Founders Fund, highlighted the success of Pudgy Penguins as a promising indicator for Abstract’s future: “Pudgy Penguins has demonstrated an unparalleled 0 to 1 distribution strategy in the crypto space,” Krug stated. “Rather than spending exorbitantly to acquire users, they grow organically through the Pudgy brand. This strategy is now being leveraged to expand Abstract, a consumer-focused Layer 2 designed to mainstream on-chain experiences. By prioritizing user needs and facilitating better interactions between companies and consumers, Abstract is uniquely positioned to introduce crypto to the masses.”

In summary, Igloo’s innovative approach and strategic vision, backed by substantial investment, position Abstract as a pioneering force in the blockchain landscape. With a dedicated team and a clear focus on consumer-centric solutions, Abstract aims to revolutionize the development and deployment of decentralized applications.