Developers of Pudgy Penguins Secure $11 Million Investment for Construction of Consumer-Oriented Blockchain Platform
In the ever-evolving world of blockchain technology, a new player is making waves in the industry. Abstract, a consumer-focused blockchain project, is set to revolutionize the landscape by simplifying decentralized app development for everyday users.
The project, led by Cube Labs and Michael Lee, is backed by a significant $11 million funding round, with notable investors such as Founders Fund, Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital on board.
Abstract is an Ethereum Layer-2 blockchain, focusing on scalability, low fees, and high throughput. It leverages advanced technologies like zkSync’s ZK stack and EigenDA to achieve these goals. The project's ecosystem includes the PENGU token, associated with the Pudgy Penguins brand, aiming to drive blockchain adoption in consumer applications like gaming, social networks, and entertainment.
One of Abstract's key innovations is chain abstraction and gasless transactions, which eliminate the need for users to handle transaction fees, significantly lowering the barrier to entry. The project also offers the Abstract Global Wallet (AGW), which supports user-friendly login methods like passkeys and social logins, enhancing ease of use and security for mainstream users.
Joey Krug, Partner at Founders Fund, commented on the strategic role of Pudgy Penguins in growing Abstract. He highlighted the low cost-to-user adoption rate in the crypto space as an area for improvement, and Abstract aims to address this through its user-friendly approach.
Abstract also leverages zero-knowledge (ZK) cryptography for low-cost, fast, and secure transactions on the blockchain. Michael Lee, the co-inventor and CEO of Abstract, believes that this technology will open up a new world of possibilities for crypto-native developers and global brands, creating a dominant crypto-consumer platform.
The project is incubated under the not-for-profit Abstract Foundation and is set to launch on testnet soon. The product is engineered by notable web3 builders including Cygaar, 0xbeans, and stinkypablo.
Lee envisions a future where blockchain technology will reinvent digital ownership and integrate seamlessly into our daily lives, enhancing how we live, work, connect, and play. With Abstract, we are one step closer to making decentralized app development more accessible and straightforward for consumers, paving the way for mainstream blockchain adoption.
[1] For more information, visit Abstract's official website.
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