Abstract Chain, the blockchain solution developed as part of the Pudgy Penguins growing ecosystem, launched on January 27th with a lot of fanfare. And while the chain itself has been solid, the on-chain activity has not quite met the hyped up expectations.
What is Abstract Chain?
Abstract Chain is a layer 2 EVM (Ethereum Virtual Machine) blockchain created by the team behind Pudgy Penguins. Some wallets already have it in their blockchain list for easy addition, but if you need to add the Abstract chain manually, here is the info.
Network Name: Abstract
New RPC URL: https://mainnet-abstract-rpc.abstract.com
Chain ID: 2741
Currency Symbol: ETH
Block Explorer URL: https://explorer.abstract.com
Abstract Chain has a central dashboard where users can see their experience points, find apps, engage in token trading, and even live-stream directly through the app itself! You will need to create an Abstract Global Wallet (AGW), which functions kind of like an Immutable Passport or Ronin Waypoint, double-timing as both a wallet and a login method. You can fund your wallet by bridging tokens from another network using Jumper or Layerswap. Or, you can transfer through the Abstract network directly from another wallet or a centralized exchange. You can also use Moonpay for fiat based pruchases. Since Abstract is layer 2 EVM chain, getting ETH into the system is pretty easy.
Abstract is really pushing their in-app streaming, even giving watchers the option of tipping streamers with PENGU tokens. Some streamers report actually making quite a bit in tips. Integrated tips seem like a no-brainer for streaming sites. But since Twitch doesn't seem interested in adding in a feature like this, Abstract may have a chance to pull in a lot of regular streamers. Streamers on Abstract also earn Abstract XP.
It hasn't been all roses though. At launch, the markets were immediately flooded with scam tokens and NFT collections. Luckily those are slowly being filtered down to the bottom as real projects launch, but you still need to be careful when making purchases and interacting with websites. The FOMO for NFT collections hasn't really been that strong, with many NFT projects choosing to cut their mint cost and/or supply as it became clear that their original plans weren't going to pan out. There is still plenty of trading activity, but I expect that much of that is users trying to farm XP points, and no NFT collection on Abstract has yet to gain any sort of significant financial value.
Free mints are botted to hell and back, and Magic Eden will often just not work correctly on the Abstract chain. There are also a somewhat limited number of apps available, but that will change over time. Overall the Abstract chain has been stable and has seen quite a bit of activity. And with the might of the Pudgy Penguins behind it, I don't think that Abstract will quietly fade away like many other layer 2 solutions.
WARNING: There are a LOT of scam token launches and NFT projects on Abstract. Always double check the social media accounts of the projects to make sure that you are interacting with the correct project when making a purchase or minting an NFT.
Abstract XP System
Abstract includes an XP system, rewarding users for participating in the community. These points will be used in the future to level up and potentially unlock special rewards.
You can earn Abstract XP by engaging with the Abstract community, developing apps for the Abstract chain, and streaming through the Abstract platform. To be eligible for on-chain streaming, you will need to apply (and be accepted) to their creator program.
You can only earn XP with the AGW (Abstract Global Wallet), At the moment, there is no way to link directly to your standard web3 wallet with AGW, but if you join their Discord and then link your Discord ID to your AGW, then you can claim roles and earn XP bonuses for holding Pudgy NFTs and PENGU tokens.
NFT Minting and Trading on Abstract
Some projects host mints through their own sites, but A lot choose to use existing platforms instead. Magic Eden and Free Prime are currently the main NFT minting and trading sites.
NFT trading has been hot, with some projects seeing over 50 ETH volume on their launch days. And some projects have shown a significant increase in floor price, but that floor is still pretty low overall. Many of these projects are just meme-NFTs, with no utility. And there are a lot of fake and non-existent NFT projects trying to make a buck. But the real projects are launching their initial mints so hopefully those scam projects will fall to the wayside.
Gaming on Abstract
Gaming on Abstract is a little light at the moment. The only real game available at the moment is Vibes, the Pudgy Penguins trading card game that sees players trying to get the Penguin with the most Vibe on their side of the board.
But, we do have a number of other gaming projects already in development including Pudgy World, a mobile game from Ember Gaming, Frosted Frenzy, a Fall Guys type game, and 77-Bit, an MMORPG, just to name a few.
Luckily, Abstract has a handy-dandy Discover page where you can find all of the apps currently available in the ecosystem.
Final Thoughts
Not much to complain about really unless you were hoping to make your fortune at launch. Abstract Chain seems to have a solid foundation to build on. The Pudgy Penguins team has already proven that they can make things happen. And though the app availability might be limited, the integrated stream and earn system is a strong selling point. I expect the Abstract Chain to grow significantly throughout the rest of the year and establish itself as a chain that is here to stay.