Luca Netz, CEO of Pudgy Penguins and Igloo Inc., is spearheading a new funding round for Ethereum Layer-2 solution Abstract Chain, targeting closure by the end of 2025. This follows a successful $11 million funding round in July 2024 backed by investors including Founders Fund. Netz aims to elevate Abstract Chain's infrastructure, focusing on technical enhancements and community-driven growth.
Netz stated: "Our plan is to raise to take this whole thing [Abstract Chain] to the next level." The initiative prioritizes ecosystem expansion and DeFi integrations, strengthening the Pudgy Penguins brand's financial stability. Market reaction was immediate, with Abstract Chain's native token $PENGU surging over 35% post-announcement.
Abstract Chain currently holds $200 million in Total Value Locked (TVL), reflecting robust market engagement. Analysts note growing institutional interest in Layer-2 ecosystems, particularly after the SEC acknowledged a PENGU ETF filing. Historical trends suggest such funding rounds catalyze broader Layer-2 adoption, potentially accelerating Ethereum's scalability solutions and DeFi innovation.