Abstract is a ZK-rollup and layer-2 blockchain built on the Ethereum network by Igloo Inc. and Cube Labs. It aims to provide low transaction fees and high scalability for consumer-focused applications and products. The concept of “consumer crypto” refers to blockchain-powered applications that serve billions of people in their everyday lives for personal use. Abstract is EVM compatible, enabling developers to easily port existing Ethereum-based smart contracts to Abstract.
The goal of Abstract is to bring everyday people on-chain by offering a user-friendly global wallet that requires no extension or secret phrase, and does not incur gas fees. The Abstract team has also introduced Panoramic Governance, a new governance design that incentivizes participation and rewards beneficial protocols. Abstract’s ecosystem includes games like Prospect Sports and RealGo, social platforms like Multiplier.fun, NFT projects like Canna Sapiens, and infrastructure such as Magic Eden and Dune Analytics.
The development of Abstract has been supported by an $11 million fundraise led by Founder’s Fund and other Web3 venture capital firms. The team plans to launch the Abstract mainnet in January 2025 to bring consumer-focused applications and products to the forefront of the blockchain industry. With its focus on user experience and scalability, Abstract aims to be the leading blockchain for consumer crypto products and applications.
