Abstract Chain Seeks New Funding with CEO Luca Netz

• Lyla Velez
• July 19, 2025
• Business
• 0 Comments

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Lede

Luca Netz, CEO of Pudgy Penguins, has announced a new funding round for Abstract Chain, an Ethereum L2 developed by Igloo Inc., aiming to elevate its ecosystem.

Nutgraph

The announcement signals significant expansion for Abstract Chain, impacting Ethereum-based digital assets and broadening NFT community engagement.

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Pudgy Penguins CEO Luca Netz

Luca Netz, CEO of Pudgy Penguins, is spearheading a new funding round for Abstract Chain, an Ethereum L2 developed by Igloo Inc. The initiative is designed to elevate its technology and expand its adoption.
The funding aims to build upon the previous $11 million raised. Netz, who revealed this information, stressed community engagement with potential public fundraising efforts.
Pudgy Penguins CEO discusses new funding round.

“Our plan is to raise to take this whole thing [Abstract Chain] to the next level.” — Luca Netz, CEO, Pudgy Penguins source

Investor Confidence and Market Growth

Following the announcement, the $PENGU token surged over 35%, emphasizing investor confidence. The Ethereum-based Abstract Chain has also achieved $200 million in TVL, showing considerable traction.
The focus on expanding Abstract Chain aligns with similar L2 projects, potentially benefiting associated NFT and DeFi assets. Such developments increase the market’s anticipated growth.

Strategy and Expert Insights

Abstract Chain’s strategy closely resembles earlier successful L2 ventures in blockchain forests. It leverages Pudgy’s community to enhance engagement.
Experts like Joey Krug of Founders Fund are optimistic, citing Pudgy’s organic user growth model. “Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand.”
source

The SEC’s acknowledgment of a Canary Capital PENGU ETF filing further underscores institutional interest and market growth potential.