Abstract is an Ethereum Layer 2 focused on making blockchain accessible to mainstream users. The three founders, each accomplished leaders in their respective fields, have come together to build a consumer-focused blockchain. Their combination of technical, operational, and marketing expertise positions them well to tackle the challenges of crypto adoption.
The story of Luca Netz reads like a modern entrepreneurial fairy tale - from dropping out of high school at 16 to becoming a millionaire by 19. His most notable achievement came in 2022 when he acquired Pudgy Penguins and transformed it from a struggling NFT project into a billion-dollar brand in just three years. His exceptional talent for brand building and marketing is expected to be Abstract's secret weapon in reaching mainstream consumers.
Michael Lee brings a rare combination of experience that spans both traditional tech and crypto. Before diving into Web3, he led a massive 400-million-strong gaming community at Activision Blizzard. He then sharpened his crypto expertise through leadership roles at zkSync and ICP. This dual background makes him uniquely qualified to help Abstract navigate the complexities of both worlds.
Completing the founding trio is Cygaar, one of crypto's most influential developers. Known for creating cornerstone NFT standards like ERC-721A and DN-404, he brings deep technical expertise to Abstract. Following Frame Chain's acquisition by Abstract, he's now pushing the boundaries of what's possible in blockchain technology, particularly in emerging areas like AI agent integration.
Abstract, a new Ethereum Layer 2 blockchain, has emerged with a clear mission: to make blockchain fun and accessible to everyday users. While many existing blockchains struggle with user-unfriendly features like complicated wallet experiences and high transaction fees, Abstract is taking a different approach by prioritizing simplicity and usability for both developers and users alike. The platform is specifically targeting consumer’s digital experiences, with a focus on gaming, social networks, and entertainment applications. The project has already gained significant attention in crypto space, particularly after securing funding from Founders Fund (known for backing tech giants like Stripe and SpaceX) in July 2024.
"Pudgy Penguins has the best 0 to 1 distribution edge we've seen in the crypto space," Krug said in a statement. "Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand. … By building for users first, and allowing companies and brands to better interface with their consumers, Abstract is well-positioned to onboard the masses to crypto."
Joey Crug, Partner at Founders Fund
Abstract is currently considered one of the most anticipated launches scheduled for the first half of 2025. Pudgy Penguins, owned by Abstract's parent company Igloo, demonstrates their capability in distribution and growth. Abstract's potential was further validated by the recent success of the $PENGU token launched on Solana. Since its December launch, the token has been held by over 600,000 wallets and secures the highest market cap on Solana.
At the heart of Abstract's ambitious vision are three founders, each bringing exceptional expertise from different corners of the tech world. Luca Netz, who built a multi-million dollar business by age 25; Michael Lee, who managed a community of 400 million users at Activision Blizzard before leading initiatives at zkSync; and Cygaar, one of crypto's most respected developers. Despite having already achieved significant success in their respective fields, these three have united to tackle what might be their biggest challenge yet: bringing blockchain technology to the mainstream.
Luca Netz's journey is nothing short of remarkable. Before dropping out of high school at 16, he had moved through more than 30 different residences with his single mother over nine years. Their nomadic life took them from London to Paris, South Africa, and New York, often relying on friends' living rooms and guest rooms for shelter. When they finally settled in Los Angeles, their situation remained precarious – they lived in their small apartment that doubled as an Airbnb, sharing space with a constant stream of guests, almost like living in a hostel.
Due to financial hardships, Luca made the bold decision to drop out of high school and enter the workforce early. After distributing his resume to dozens of places, he finally landed his first job packaging boxes at Ring Doorbell. He witnessed Ring's remarkable journey from a 25-person company to growing beyond 500 employees in just two years, eventually being acquired by Amazon for $1 billion. Watching a company grow from inception to acquisition sparked Luca's entrepreneurial ambitions.
Source: X(@LucaNetz)
Luca's first venture was an online jewelry brand. Starting with a dropshipping model, he later improved the business by sourcing products directly from China and maintaining U.S. inventory, allowing him to fulfill 90% of orders domestically. The business proved so successful that it was eventually acquired by his largest competitor. This completely transformed his life, making him a millionaire entrepreneur at just 19 years old.
Building on this experience, he expanded into influencer merchandising. He managed everything from product development to fulfillment, customer service, and web development, helping influencers select and position products that aligned with their personal brand. His focus on social media marketing, particularly through Instagram, yielded immediate results. He pioneered innovative ways of collaborating with influencers that most companies hadn't attempted at the time, leading his brands to remarkable success. The business thrived to such an extent that in 2019, he established Netz Capital, investing $3 million across 15 different companies, ranging from consumer brands to SaaS products.
Source: X(@MoeZahria)
This early success catalyzed even greater achievements. In 2020, he spearheaded the revival of the clothing brand Von Dutch. He then joined Gel Blaster as CMO, transforming it into North America's fastest-growing toy company with $100 million in revenue in just 14 months. His formula for success was straightforward but effective: accurately identifying consumer desires, communicating in their language, and transforming brands into cultural phenomena.
In 2021, Luca's attention turned to crypto, particularly NFTs. This wasn't merely curiosity – it was a perfect match for his expertise. "NFT projects are essentially IPs and influencers," he explained. "Pudgy Penguins itself is an influencer. I've spent the last 4-5 years working with influencers, monetizing IP, and building brands." For him, NFTs were simply a digital extension of his core competencies.
Source: Pudgy Penguins NFT Project Sold for $2.5 Million to LA-Based Entrepreneur
When the Pudgy Penguins project faced challenges in 2022, Luca made a bold move: acquiring the project for 750 ETH (approximately $2.5 million at the time). He had a clear vision – to transform it into crypto's largest "trojan horse" brand. Given his track record, this decision aligned perfectly with his expertise.
Source: X(@PudgyPenguins)
Under his leadership, Pudgy Penguins evolved from an NFT project into a global brand. What started as a $2.5 million acquisition has grown into crypto's undisputed mascot in roughly three years. The project now represents a $1 billion market cap as crypto's second-largest NFT collection, and with the recent launch of the Pengu token, the brand's total value has reached approximately $3 billion in total.
Building on Pudgy Penguins' success, Luca began envisioning something bigger. While most projects and chains focused on technical perfection or ideological values, he recognized blockchain's potential as a consumer application platform. This was a natural progression – for the past decade, he had excelled at building brands and reaching millions of consumers, starting with influencer marketing.
Applications and services on Abstract can leverage their marketing expertise and distribution capabilities, creating a flywheel effect for user acquisition and ecosystem expansion. This capability to attract and distribute to consumers is precisely what the crypto ecosystem needs to move beyond its current PvP environment. Just as Luca previously drove growth for numerous brands and influencers, he's now poised to accelerate the adoption and growth of crypto-based applications.
If Luca Netz is an expert at capturing consumer hearts through brand building, Michael Lee is a strategist with a proven track record of successfully operating major platforms and enterprises. His career traces a unique trajectory that spans both traditional tech and crypto industries.
What sets Lee apart is his established career in traditional industries before his transition to crypto. During his tenure as Vice President of Community at Activision Blizzard, he managed a massive global community of 400 million players across flagship titles like Call of Duty, Overwatch, and World of Warcraft. His track record of success extends beyond gaming - he previously guided Pivotal Software, a Kubernetes enterprise company, through a successful IPO. Even before entering the tech sector, Lee cut his teeth in high-stakes environments, working on prominent political campaigns for Barack Obama and Hillary Clinton.
Source: Activision Blizzard
His experience running large-scale protocols adds another crucial layer to his expertise, as proper management has become increasingly vital for sustainable operation and growth. Lee's entry into crypto came through Internet Computer Protocol (ICP), where he oversaw global marketing and communications, gaining valuable experience in operating a Web3 foundation. He then moved to zkSync as Senior Vice President of Growth, further expanding his crypto expertise.
Source: X(@CashBowie)
As co-founder and CEO of Cube Labs, the development company behind Abstract Chain, Michael brings a rare and valuable perspective shaped by his experience managing large-scale platforms across both traditional and crypto sectors. While the crypto industry attracts many brilliant young innovators, veterans with proven experience in steering large organizations are few and far between. At the same time, traditional business executives often find themselves struggling to navigate the fast-paced world of crypto.
Lee's unique background bridging these two realms positions Abstract perfectly - enabling the platform to deliver cutting-edge crypto services while maintaining the polish and accessibility that mainstream users expect. This positioning is further strengthened by his exceptional ability to forge strategic partnerships, leveraging an extensive network that spans both traditional tech and crypto industries. His steady hand provides exactly what Abstract needs to navigate both technical innovation and mainstream adoption.
Lee's diverse expertise is already evident in Abstract's development trajectory. His experience building rollup infrastructure at zkSync proved instrumental in laying Abstract's technical groundwork. The deep insights he gained into zkStack's security and interoperability capabilities during his time at zkSync have enabled Abstract to achieve the perfect balance - delivering the scalability necessary for a consumer-focused chain while maintaining robust infrastructure.
Source: Pudgy Penguins and Mythical Games unveil Pudgy Party Web3 mobile game
His extensive gaming industry background is proving equally valuable as Abstract targets mainstream adoption. The platform has already built an impressive gaming portfolio, securing partnerships with several onchain games including Onchain Heroes, GigaVerse, and Duper. Abstract announced a collaboration with gaming giant Mythical Games last year to develop Pudgy Party, a mobile game that aims to bridge the gap between traditional gaming and blockchain technology. These strategic partnerships demonstrate Lee's ability to leverage his gaming industry connections and know-how to attract mainstream developers to the blockchain space.
Source: X(@0x_Beans)
Cygaar (0xCygaar), the CTO of Cube Labs and one of Abstract's three leaders, is widely recognized as one of the most influential developers in the crypto ecosystem. Even before joining Abstract, he made significant contributions to the industry by leading the development of major NFT standards like ERC-721A and DN-404. His expertise in smart contract development and consistent participation in open-source projects, particularly in NFT and scalability domains, naturally led to the founding of Frame.
In September 2023, Cygaar and his team launched Frame Chain, an Ethereum rollup specifically engineered for NFTs. Frame was designed to tackle two critical challenges in the NFT space: scalability and user experience. The chain pioneered several features in protocol layer, including customizable royalty protocols that gave creators unprecedented control over their earnings, an innovative fee redistribution system that shared transaction revenue with creators, and enhanced security measures for digital assets. These technological innovations would later prove instrumental in shaping Abstract's foundation.
Source: X(@Abstract_Eco)
While both projects shared the vision of building user-centric chains, their strengths lay in different areas. Abstract, under Luca Netz's leadership, had demonstrated exceptional prowess in brand building and marketing but needed stronger technical foundations. Frame, meanwhile, boasted outstanding technical capabilities but faced challenges in user acquisition and brand development. This complementary dynamic made the potential for collaboration increasingly clear. In July 2024, this natural synergy culminated in Abstract's acquisition of Frame, bringing together Frame's technical excellence with Abstract's marketing expertise and user reach.
Source: X(@0xCygaar)
The acquisition of Frame perfectly illustrates Abstract's core value proposition in the blockchain ecosystem. At its heart, Abstract addresses a critical challenge faced by Web3 developers and creators: connecting exceptional products with their intended audience.
Pudgy Penguins has consistently demonstrated its ability to reach far beyond existing crypto users into the broader mainstream audience. Under Luca Netz's leadership, Abstract aims to extend this same marketing expertise to its ecosystem, creating what he describes as "the most powerful marketing engine crypto has ever seen" - offering developers and artists not just a platform, but a proven pathway to widespread adoption across both Web3 and traditional audiences.
Source: X(@0xCygaar)
In his role as Abstract's technical leader, Cygaar has placed user experience at the forefront of development. This focus recently culminated in the launch of Abstract Global Wallet (AGW), a solution that fundamentally reimagines how users interact with blockchain applications. While existing blockchain services often struggle to match Web2's seamless user experience, and current AA based wallets still burden users with creating new wallets for each application, AGW takes a more elegant approach. By enabling wallet creation through simple social login and allowing that same wallet to be used across multiple applications, AGW creates a unified experience that feels natural to both crypto-natives and mainstream users.
Source: X(@0xCygaar)
Beyond core infrastructure, Cygaar has focused on integrating emerging technologies into Abstract's ecosystem, with a particular emphasis on artificial intelligence. As a maintainer of a16z's Eliza codebase, he has contributed significant improvements to the framework, including enhanced social media content generation capabilities, embedding system updates, and expanded AI model support. These advances have been integrated into Abstract's infrastructure, enabling AI agents to execute on-chain transactions. Through collaborations with projects like zerobro, Virtual, and Holoworld, Cygaar continues to explore the convergence of blockchain and AI technologies, helping position Abstract at the forefront of these technological developments.
Source: What is Consumer Crypto?
The success of Abstract represents more than just another blockchain gaining traction - it marks a potential turning point in bringing crypto to true mainstream adoption. While the crypto industry has historically focused on technical sophistication and ideological values, the next phase of evolution requires platforms that everyday consumers can naturally embrace and adopt. The three founders of Abstract hold the key to this evolution. This massive opportunity is precisely what brought these remarkable entrepreneurs together again.
These three founders each bring significant experience from different corners of the industry - a young entrepreneur who built a billion-dollar brand by age 25, a platform leader who managed a 400-million-strong gaming community, and a prominent developer who has shaped key technical standards in the crypto ecosystem.
While they could have continued their successful individual trajectories, they've chosen to unite behind a shared vision: bringing crypto to mainstream consumers. Their diverse expertise - spanning brand building, platform scaling, and technical innovation - creates a uniquely powerful combination. In the rapidly evolving crypto landscape, it's hard to find another team that matches their complementary strengths and proven track records.
