The announcement propelled the value of the project’s PENGU token up more than 35%. This increase came immediately after the news that Abstract Chain had secured its first funding round. The $11 million funding round has apparently invigorated interest in the Ethereum Layer-2 (L2) solution.
This latest capital infusion is a testimony of the growing optimism around Ethereum L2 solutions and their ability to solve upcoming scalability issues. Investors are starting to understand the long-term value and potential of these projects and what is being developed on top of this technology.
Across the board, found founders Fund was one of the entities that joined in the funding round. His participation, as one of the world’s most prominent investors, highlights the importance of Abstract Chain’s vision.
"Our plan is to raise to take this whole thing [Abstract Chain] to the next level." - Luca Netz, CEO, Pudgy Penguins/Igloo Inc.
These funds will allow us to dramatically accelerate the development and use of Abstract Chain. Such momentum has the potential to propel even greater levels of growth for the PENGU token. This represents an important achievement for Abstract Chain and the broader Ethereum ecosystem.
PENGU token has subsequently surged in value, demonstrating the market’s enthusiastic welcome to this announcement of funding. This has all the investors somewhat nervously checking to see how Abstract Chain progresses. Enthusiasts have high hopes for its ability to shake up the current Ethereum landscape.
