There’s a new Ethereum Layer 2 in town. It’s called Abstract and comes with the ambitious concept of “consumer crypto.”
Abstract wants to provide “a seamless consumer-centric blockchain experience” that makes crypto accessible to everyone.
Read on to learn everything you need to know about Abstract, from how it works to what it will offer and how you can get in line for the first Abstract NFT drops.
Abstract is an upcoming Ethereum Layer 2 looking to be a “consumer crypto” chain. Unlike general-purpose blockchains, Abstract focuses on offering a consumer-centric experience.
Developed by Igloo Inc.—the team behind the beloved NFT collection Pudgy Penguins—Abstract leverages zk-rollups for speed and security while maintaining EVM compatibility, making it easy for Ethereum developers and users to adopt.
Abstract takes its future consumers seriously–it uses zk-rollups for speed and security. What’s more, it’s EVM-compatible, meaning it’s already primed for adoption from Ethereum devs and users.
This L2 is targeting on-chain leisure activities like collectibles and gaming, with plans to expand based on user interest. It's about delivering fun and utility right from the start.
The Abstract ecosystem is built on the premise that the services offered by this chain should be suited to consumers.
Currently, this L2 has a three-phase adoption plan, starting with discretionary spending, adding necessary spending, and completing this plan with essential spending.
That’s how they aim to achieve their “consumer crypto” Holy Grail, helping the world to see “blockchain-powered applications that serve billions of people in their everyday lives for personal use.”
Abstract's mission is to tailor blockchain services to consumer needs through a three-phase adoption plan:
What makes this phased approach exciting? Instead of building a one-size-fits-all solution, Abstract is growing organically, starting with fun and gradually integrating more essential services as adoption increases.
At its most basic, Abstract uses zero-knowledge proofs to validate transactions and batch them up, improving speed, scalability, and your privacy.
Its most distinct features include:
Panoramic Governance (PG) rewards active token holders for participating in network governance. To earn rewards, you must meet an Active Participation Threshold. PG splits into two parts:
However, you need to be an extra active token holder and reach a certain Active Participation Threshold to receive rewards.
PG is comprised of two systems: the first is designed to distribute sequencer fees to active participants of the network, while the other enables governance participants to allocate token emissions to protocols operating on the blockchain.
Native account abstraction is a technology unique to Abstract: instead of only private keys being able to sign transactions (which really means anyone who holds a private key), smart contracts can also initiate transactions.
This enables recovery mechanisms for lost keys, setting spending limits, flexibility in gas payment options, etc. In short, all accounts on Abstract are smart contract accounts.
What’s more, It also helps with building and supporting both smart contract wallets & paymasters.
Built on native account abstraction, the Abstract Global Wallet is a smart contract wallet engineered for user-friendliness. It can interact seamlessly with any application on Abstract, simplifying your blockchain experience.
Abstract has a native bridge that lets you move assets from Ethereum to Abstract and vice versa for free (plus gas fees, of course).
You can bridge both ETH and ERC-20 tokens. Right now, deposits from L1 (i.e., Ethereum) to L2 (Abstract) take around 15 minutes, while the reverse process can take up to 24 hours.
This is due to a built-in withdrawal delay, which is supposed to prevent a quick drain of the protocol in the case a critical bug is discovered and exploited.
Abstract’s ecosystem is geared toward fun, first and foremost. This means you can expect lots of games, crypto collectibles, meme tokens, and similar stuff.
Some games that are already gearing up to launch on Abstract are ChronoForge, a multiplayer RPG raid, and SOMO, a monster fighting game trilogy with collectibles.
You might also find multiple AI-powered projects in this ecosystem, such as Holoworld AI, or another player, building a “consumer-friendly AI virtual human that bridges Web3 technology with mainstream entertainment”.
From the NFT sphere, you can look into Dented Feels as an Abstract-only collection. And there are many more to come, with the Abstract mainnet expected to go live in January 2025.
For a deep dive into the world of NFTs based on Abstract, the leading cross-chain NFT marketplace Magic Eden is your best place to start.
Find the latest mints, popular NFT collections and more on Abstract on Magic Eden once the Ethereum L2 goes live. Sign up to get notified!
Abstract is still in testnet, so you’ll need to connect your wallet to the testnet and bridge over some Sepolia ETH to start interacting with it. You will be able to try out its features before everyone else but also potentially become eligible for an airdrop once Abstract decides to launch it.
Abstract is EVM-compatible, which means it supports all dApps made for the Ethereum Virtual Machine (EVM), regardless of which blockchain they were built for beforehand. This means anyone with previous EVM experience won’t have an issue moving on Abstract once its mainnet launches.
Abstract uses Ethereum’s state-of-the-art security system, plus zk-proof, to verify transactions without revealing all their data, which makes it pretty secure. Together, this means the same or increased security compared to Ethereum, coupled with lower fees and faster processing times.
The information provided on this website is provided for general educational purposes only and is in no way financial or investment advice. Certain information may have also been provided to us or prepared by third parties; these materials are provided for convenience and are not an endorsement by Magic Eden. Magic Eden is not liable for any errors, changes or amendments to such information, including any actions taken in reliance on such information.
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