The layer-2 network Abstract, launched by Pudgy Penguins, has had a slow start despite offering incentives to new users. It had 711,000 user transactions on the day of release but has lacked inflows. The total value secured (TVS) is only $33 million, significantly lower than other layer-2 networks. The native decentralized exchange, NOXA, has also seen a decrease in total value locked (TVL). Abstract aims to focus on creating fun and viral products rather than traditional DeFi applications. The launch coincided with a decline in Pudgy Penguins' native token (PENGU), and the NFT sector has struggled to reach previous highs.



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