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Abstract is an upcoming Ethereum Layer 2 scaling solution built on ZK Sync's ZK Stack framework.
Its origins trace back to Frame, an NFT-centric chain first introduced in September 2023. The proto network's launch and airdrop were first planned for January 2024, though the releases ended up being postponed.
Excitement here picked back up again in June 2024 when Igloo Inc., the parent company of the Pudgy Penguins, acquired Frame's tech and repurposed it into Abstract.
That said, Abstract's mainnet launch is now slated for January 2025, and the arrival bodes multiple big threads of intrigue:
- The L2 is tripling down on becoming the capital of consumer crypto, e.g. betting, games, onchain social, etc.
- Many NFTers were eligible for the Frame airdrop, and these claims are being rolled over into the Abstract ecosystem
- Thanks to its integration with interoperability protocol LayerZero, the network is poised to join Solana as a major liquidity hub for the new Pudgy Penguins $PENGU token
Accordingly, with Abstract just around the corner now, let's dive into some of the basics around what you can expect from this consumer-first L2 next year.
✨ What makes Abstract unique?
Back in September, Pudgy Penguins CEO Luca Netz published "What Is Consumer Crypto?" In that piece, he wrote:
"I believe blockchains are like cities, and like all cities, demand for them is driven by the attractions and activities they offer. For this reason, I believe that the breakthrough for consumer adoption will come from teams hyper-focusing on curating premier attractions within their city. Once you have an attraction that is driving people into your ecosystem, you can then build the city around that attraction.
My assessment based on the above context is that we haven’t broken into mass adoption not because we can’t, but because we haven’t focused on doing it properly. General-purpose blockchains and consumer-focused blockchains are not interchangeable. Building the 'Consumer Chain' isn't just a catchy tagline—it's a fundamental objective and mindset that no one has fully embraced. Recognizing this gap, we saw a unique opportunity in the blockchain space, which led Igloo to acquire the Frame team to contribute to building Abstract."
As such, how will Abstract attract the attractions that can make it a great digital city, so to speak? There are a couple pillars to consider here...
Native account abstraction
A key feature that will set Abstract apart as a consumer-focused chain is its native account abstraction.
Instead of relying on the traditional Externally Owned Accounts (EOAs) used by Ethereum, Abstract treats smart contract wallets as its default account type. This design offers a streamlined user experience through various advanced functionalities, from account recoveries to free sponsored transactions.
The goal? Make onchain interactions as smooth as what you'd see in Web2 apps.
At the core of this approach is the Abstract Global Wallet (AGW), a bespoke smart contract system powered by Privy's tech that lets you create and sign into a wallet with just an email, social account, or passkey, bypassing the need for extensions or seed phrases.
The idea, then, is to make it easy for anyone to start diving into and enjoying Abstract apps.
Panoramic Governance
Another innovative feature of Abstract is its Panoramic Governance system, designed to align incentives across the L2's ecosystem and drive network growth.
The system has two main components. First, sequencer fees, generated from transactions on the chain, are distributed to active governance participants who stake tokens and engage in the Abstract community's decision-making.
This structuring creates an immediate incentive for meaningful participation, rewarding those who contribute to the L2's health.
Secondly, governance participants vote to allocate token emissions to the most valuable protocols operating on Abstract. This mechanism is designed to bootstrap and sustain apps that drive demand for the chain's blockspace, with the aim being a virtuous cycle of network usage and rewards.
📱 Upcoming Abstract apps to try
While only the Abstract testnet is live for now, we do already have a taste of what's to come in the mainnet's early app scene thanks to recent community announcements in the Abstract ecosystem.
For instance, some confirmed projects that are planning deployments once the L2 launches include:
- Cardex — An onchain fantasy game with tokenized trading
- Create Layer — An NFT creator and collection platform that is planning a new release on Abstract
- Duper — A unique wagering strategy game
- DYLI — A platform for collecting and trading physical goods
- Multiplier — An app for betting on moonshot coins
- Onchain Heroes — A pixel-style RPG for degens
- Roach Racing Club — A platform for gamified trading competitions
- Tribe3 — A futures DEX for real-world assets and NFTs
- Uniswap — Abstract already has native deployments of the Uniswap V2 and V3 protocols ready to go for its mainnet
- Vibe — A memecoin launchpad
🧠 Zooming out
Abstract has the potential to become a top 10 L2 in short order, and its expected airdrop could be among the biggest in 2025 if the huge $PENGU token launch is any indication.
Longer-term, the network will have to continue to press its case to compete with other dominant consumer-centric chains like Base and Solana. Yet something tells me the Abstract team has some more aces up their sleeves.
Consider how the original Frame rollup envisioned Palette, an NFT royalties system baked into the heart of the network.
Palette isn't being carried over to Abstract, at least not that I know of, but this approach and things like Panoramic Governance show that Abstract's devs have the ingenuity to create, and keep iterating on, a truly unique network that offers things others don't.
Only time will tell if this new L2 can fulfill its promise and become the great digital city it aspires to be, but right now I'm liking their chances. The foundation here is strong.
