QUICK BITE

• Pudgy Penguin’s Igloo raises $11M led by Peter Thiel’s Founders Fund to develop a consumer-focused Layer 2 blockchain, Abstract.
• Abstract aims to simplify dApp development using Matter Labs’ ZK Stack and EigenLayer’s EigenDA, with funding to establish Cube Labs for blockchain development.
• Key figures behind Abstract include Michael Lee (ex-Matter Labs), Luca Netz (Pudgy Penguins CEO), and crypto community members Cygaar, 0xbeans, and Stinkypablo.

Igloo, the parent company of the popular NFT brand Pudgy Penguins, raised more than $11 million in funding led by Peter Thiel’s Founders Fund. They aim to develop a new consumer-focused Layer 2 blockchain named Abstract.

“Pudgy Penguins has the best 0 to 1 distribution edge we’ve seen in the crypto space,” Joey Krug, partner at Founders Fund said in a statement. 

“Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand. They’re leveraging this to grow Abstract, a consumer L2 focused on making on-chain experiences mainstream. By building for users first, and allowing companies and brands to better interface with their consumers, Abstract is well-positioned to onboard the masses to crypto.”

Abstract is a new Layer 2 blockchain being built using Matter Labs’ ZK Stack and EigenLayer’s data availability layer EigenDA to help make the process of developing decentralized apps easier, cheaper, and safer.

Other investors in the funding round included Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital, according to Igloo’s announcement on Tuesday. The company plans to use the funds to establish Cube Labs, a new initiative within Igloo, dedicated to overseeing and actively contributing to the development of the Abstract Layer 2 blockchain.

Abstract is developed under the Abstract Foundation, a non-profit organization. The creators include Michael Lee, who was previously a senior vice president at Matter Labs, known for the Ethereum Layer 2 network ZKsync; Luca Netz, CEO of Pudgy Penguins and Igloo; and Lorenzo Melendez, president of Pudgy Penguins and Igloo and former CTO of Pudgy Penguins.

The development team of Abstract includes well-known figures from the crypto community such as Cygaar, 0xbeans, and Stinkypablo, who are also active on crypto Twitter. Cygaar holds the position of CTO at Cube Labs, while Lee serves as the CEO of Cube Labs.