Abstract positions itself as a ZK-Rollup L2 network designed to make the crypto space accessible to the masses. Simple authentication via email or Google, default smart contract accounts, and low fees - it sounds impressive. But what's behind these promises? In my review, I delved into the depths of Abstract to find out how professional the team is and how they interact with the community, how unique and well-thought-out the concept is, what investments have been raised and whether there is transparent tokenomics, and also assessed the code update and the presence of audits. In practice, I evaluated the convenience of the interface and the operation of the project's main application.
I invite you to find out where Abstract has already proven itself and what still needs to be worked on.

Found through a search engine LinkedIn:

The last post was 7 months ago with 11 reactions and 1 repost.
The previous one was 8 months ago with 15 reactions, 1 comment, and a repost.

443 followers

Company people:

Only two are listed - few, but apparently most have no public profiles.

Mason Cagnoni:

425 followers.

Last post 1 year ago (not counting reposts) with 19 reactions and 6 comments.

Work experience:

• Head of Ecosystem at Abstract Foundation since October 2024

• Partner at FlowCap Ventures since January 2023

• Chief Operating Officer at DKODA Labs from February 2023 to December 2024

• Senior Associate at Shikiar Asset Management from November 2021 to February 2023

• Analyst at Deutsche Bank from June 2019 to November 2021

• Insurance Producer at FINANCIAL RENAISSANCE, INC. from January 2018 to June 2019

• Building Maintenance at Cagnoni Development from May 2013 to August 2016

• Sales Floor Team Member at Menards from May 2015 to May 2016

Education:

• DePaul University: Bachelor's degree, Finance, General from 2015 to 2019

The only interesting thing is that he was an analyst at Deutsche Bank. But this doesn't quite match the area of work at Abstract: unless the results of the analysis are somehow used, which is unlikely...

Geoffrey Thompson:

2118 followers.

Work experience:

• General Counsel at Abstract Foundation since February 2025

• Charter Member at The L Suite (TechGC) since December 2019

• General Counsel at Matter Labs from April 2023 to February 2025

• At Roofstock: General Counsel, Chief Compliance Officer and Corporate Secretary from September 2019 to November 2021, Chief Blockchain Officer from November 2021 to March 2023

• Cypher Accelerator @ The Wharton School, UPenn at The Wharton School from January to April 2022

• And another experience (total 13)

Education:

• Duke University School of Law: Juris Doctor & LL.M. in International and Comparative Law from 2003 to 2006

• Georgetown University Law Center: Visiting Student from 2005 to 2006

• SDA Bocconi: Master's in International Economics from 1999 to 2000

• The American University of Paris: Bachelor of Arts from 1994 to 1997

Interesting fact - worked at Roofstock and Matter Labs as Chief Legal Officer. Also served as Legal Counsel at Anchorage Digital.

Found another team member list in Cryptorank:

The only one with LinkedIn - Co-Founder Michael Lee:

6440 followers.

Work Experience:

• Co-founder & CEO at Stealth Startup since 2024

• Co-founder & General Partner at Family Office since 2012

• Senior Vice President at ZKsync from 2023 to 2024

• Vice President at Activision Blizzard from 2022 to 2023

• Vice President at DFINITY from 2019 to 2022

• Writer & Producer at Disney Entertainment from 2018 to 2019

• Vice President at Pivotal Software, Inc. from 2015 to 2018

• Investor & Contributor at Ethereum from 2014 to 2018

• Senior Director at HP from 2013 to 2015

• And other experience (total 15)

Education:

• Northwestern University - Kellogg School of Management: MBA from 2010 to 2012

• University of Chicago: MA, Economic Policy from 1998 to 2000 and BA, Economics // BA, Public Policy from 1995 to 1998

• Fordham Preparatory School

Impressive that he worked at HP, ZkSync, and DFINITY.

The team at RootData:

Found more here with links to LinkedIn.

Lorenzo Melendez:

Co-Founder at Abstract.

1249 followers.

Work experience:

• President at Igloo, Inc. since March 2024

• At Pudgy Penguins: Chief Technology Officer from March 2022 to June 2024, President from March 2023

• Founder & Chief Executive Officer at Cowboy Labs from November 2021 to November 2022

• Full Stack Engineer at LeanTaaS from May 2019 to January 2022

Education:

• Washington University in St. Louis: Bachelor of Science in Computer Science from 2017 to 2021

• Kent Denver School: High School Diploma from 2013 to 2017

As I understand it, it's thanks to him that Abstract is associated with Pudgy Penguins! That's definitely cool!

Brian Hong:

APAC Growth Lead at Abstract.

1176 followers. Last post a week ago with 40 reactions, 2 comments, and two reposts. Topic: Abstract.
Previous - 7 months ago with 415 reactions, 43 comments, and 17 reposts. Topic: launch of $PENGU.

Work Experience:

• Head of APAC at Cube Labs since August 2024

• Growth Lead at ChainLight from September 2023 to October 2024

• Marketing Manager at OFF from February 2022 to September 2023

• In Republic of Korea Army: Basic Combat Training (BCT) Platoon Guide (PG) from February to March 2020, Sergeant, TOD (Thermal Observation Device) Operation Squad Leader from March 2020 to August 2021

• CGO, Co-Founder at VIA Entertainment from August 2015 to January 2019

Education:

• New York University: Bridge to NYU Tandon, Computer Science from 2019 to 2020, Master's degree, Computer Science from 2021 to 2022

• University of Illinois Urbana-Champaign: Bachelor's degree, Economics from 2014 to 2019

• Gyeonggi Suwon International School (GSIS): from September 2010 to May 2014

Abril Zucchi:

7542 followers.
The description says he is Head of AI Growth at Abstract.
But in RootData, it says Developer Relations.

Last post 1 month ago about a position at Abstract with 85 reactions and 9 comments.
Previous one - 2 months ago with 11 reactions.

Work experience:

• At Cube Labs: Developer Relations since September 2024, Head of AI Growth since June 2025

• Developer Relations at Morph from January to September 2024

• Founder at Lalent from August 2023 to August 2024

• Developer Relations Lead at Fleek from September 2022 to August 2023

• Solidity Engineer at Ripio from January to October 2022 (contract)

X @AbstractChain:

659.4K readers, 1,481 posts.

Last post 16 hours ago with 180 replies, 115 reposts, 681 likes, and 32,688 views.
Previous - 19 hours ago with 161 replies, 83 reposts, 613 likes, and 25,774 views.

About Abstract, about XP.

Analysis of X by Moni:

Moni Score
Level: 7. Peak
17899
+20/day
3.35 thousand mentions, 3.34K smart mentions!

Analysis of X by Tweetscout:

Score 2254, level 5 (Supreme).

Subscribed projects: @opensea, @osf_rekt, @nowmedia, @rarible, @pudgypenguins, @coolcats, @worldofwomenxyz, @anonchained, @CoinMarketCap, @moonpay and others...

Venture capital: @loomdart, eGirl Capital 仙女資本, @cburniske, ARK Invest, @elliotrades, Neo and others.

Youtube:

2,920 subscribers. Only 11 videos.
Last one 5 months ago with 454 views.
The one before that - 7 months ago with 1.4 thousand views.

Discord:

Unfortunately, I can't join the server yet: I'm banned...

Rating 4 out of 5: no links to the team on the website, found LinkedIn through search, and there are only two with links. Found more with LinkedIn links through RootData, and they are professionals. One even worked at ZkSync, and another at Paggi penguins!
X and Discord are active, but they don't answer questions. Waited 2 days. They also don't respond to direct messages on X - that's a big minus.

Information on the documentation:

Abstract is an L2 network on top of Ethereum for large-scale consumer applications with low fees and high transaction speed.
The foundation is the Abstract global wallet - a wallet that can be authorized not only with web3 wallets but also with web2 services (email, Google). This allows web2 users to easily join Abstract and use applications.
And soon, fiat integration is planned so that developers can work with it as easily as with crypto: the user pays in $, and the application exchanges or otherwise utilizes it in the form of tokens.

The network is based on Zk Stack from ZkSync, which allows it to be secure thanks to zero-knowledge proofs:
transactions are combined into batches and sent to Ethereum, where they are verified using ZKP.

Abstract is EVM-compatible, meaning it looks and works like Ethereum, but with lower gas fees and higher transaction throughput. Existing smart contracts developed for Ethereum will work on Abstract "out of the box" (with some differences), which means developers can easily port applications to Abstract without any changes or with minimal changes.

Great that the integration methods with Abstract are described in detailfor developers, as not everyone has this in their documentation.

Abstract is a second-layer (L2) blockchain running on top of Ethereum. It processes transactions quickly and with low fees, and then bundles them into packages and publishes them to the Ethereum network to leverage its security.

Abstract is built as a ZK-Rollup. This means that all changes are verified using cryptographic proofs (Zero-Knowledge), which prove correctness without re-executing transactions on Ethereum.

How a transaction works

1. Execution in L2. The transaction is processed in Abstract, and the user immediately sees the result.

2. Sending to Ethereum. The sequencer bundles transactions into packages and sends them to Ethereum in compressed data to reduce costs.

3. Verification. A ZK-proof of correctness is created for the package, which is verified by smart contracts on Ethereum.

4. Finalization. After verification, changes are finalized on L1, and the state of Abstract becomes final.

Main components

• Sequencer - accepts transactions, forms blocks and packages, sends them to Ethereum.

• Prover - creates proofs of transaction correctness.

• Verifier - verifies these proofs in Ethereum.

• L1 contracts - store data and ensure security, and also allow messages to be exchanged between L1 and L2.

Abstract Global Wallet uses its own account abstraction, creating smart contract wallets for users that have greater security and flexibility than traditional EOAs.

Users can connect their Abstract Global Wallet to an application by logging in with an email, social media account, or existing wallet. After connecting, applications can start offering users to approve transactions that are executed from the user's smart contract wallet.

Each AGW account must have at least one signer authorized to sign transactions on behalf of the smart contract wallet.

For this reason, each AGW account is created in two stages:

1. Creating an EOA. Upon registration, an EOA is automatically created - a key pair (public and private key) associated with the user's chosen authentication method. The process is implemented through Privy Embedded Wallets. The private key is divided into three parts using the Shamir's Secret Sharing algorithm, and any two are sufficient for recovery. The shares are distributed as follows: on the user's device, in encrypted form on Privy's servers (Auth) and in the user's backup cloud (Recovery).

2. Deploying a smart contract wallet. After generating the EOA, a smart contract wallet is deployed, to which the EOA address is passed as an authorized signer. All accounts in Abstract are smart contract-based, so the wallet is integrated into the ecosystem as a basic element. It is based on a modified version of Clave with secp256k1 support (for compatibility with Privy Embedded Wallet), custom validation logic, and EIP-712 signatures.

After initialization, the user can add and remove signers, set up recovery, and use additional modules.

After initializing the smart contract, the user can freely add and remove signers in wallets, as well as use other functions provided by AGW.

Session keys are temporary keys that allow performing a predefined set of actions on behalf of the Abstract Global Wallet without requiring the owner to confirm each transaction. They provide a smooth user experience by eliminating pop-ups and signature requests, which is especially convenient for games, mobile apps, and other interactive services.

An application can request permission from the user to create a session key for their Abstract Global Wallet. Such a key contains:

• A specific set of actions it is authorized to perform.

• A specific EOA signatory authorized to perform these actions.

After user request approval, the specified signatory can perform the permitted operations without repeated confirmation until the session key expires or is revoked.

There are two types of accounts in Ethereum:

• EOA (Externally Owned Account) - managed by a private key.

• Smart contract - managed by code, but cannot send transactions.

Transactions in Ethereum always originate from an EOA, which limits flexibility. To overcome this, the concept of account abstraction was devised - the ability to use a smart contract as a wallet. This provides:

• access recovery without a private key,

• limits and session keys,

• payment of fees in tokens or through a sponsor,

• combining multiple operations into one,

• custom signing methods.

However, in Ethereum, this feature is implemented on top of the existing system, which creates difficulties.

Abstract solves the problem radically: all accounts in the network are smart contracts by default. This is called native account abstraction.

What this provides:

• no separation between EOA and smart contracts - everything works according to a single standard,

• support for paymasters to pay gas for other accounts or in tokens,

• compatibility with familiar wallets (e.g., MetaMask), which automatically become smart contracts when interacting with Abstract,

• Ready base for advanced UX (recovery, gas sponsorship, session keys) without manual assembly of workarounds.

Abstract uses Zk Stack, which differs significantly from Ethereum due to the Zk L2 entity.
Plus, Abstract itself adds complications in the form of working with native abstraction.

But a lot in the Zk Stack plan is probably simplified by using zksync hardhat. But for the project's specifics, they should make their own library...

Thanks to the fact that the L2 network uses Zk Stack, it is secure: transactions are reliably verified using ZKP.

This almost negates the downside of a single sequencer: the only downside is the potential for transaction censorship and lack of access in case of offline.

In Abstract, you pay a fee for using the network, and it consists of two parts: fixed and variable. Fixed part (about $0.001 per transaction) covers the work inside L2: data storage and cryptographic proof calculation. Variable part depends on the gas prices in Ethereum, because Abstract periodically publishes packages of changes (state diffs and compressed bytecode) in Ethereum for security. When gas on Ethereum becomes more expensive, the variable part of the fee in Abstract also increases.

The network collects many transactions into one package, so the total costs are distributed among participants. If you overpaid due to an inflated limit, after the transaction is executed, the excess funds are automatically returned as a refund.

And an addition for developers:

In Abstract, you can deploy a smart contract in two ways, and the choice affects how much you and your users will pay:

• Native (ZKsync VM) - the contract is compiled for Abstract and executed directly. This is the basic and usually cheapest option in terms of fees. Recommended in most cases.

• EVM-equivalent (via EVM Interpreter) - you upload the contract in the same bytecode as in Ethereum. Abstract executes it through a translation layer 'on the fly', so the fee can be about 150-400% higher, compared to a native contract. Only makes sense if you need strict compatibility with EVM behavior.

If unsure - choose the native option. This way, users will spend less on gas.

If you are a user and see high fees, know that this is due to the deployed code not through ZkSync EVM.

Unfortunately no.
In this regard, I expected more from a blockchain for consumer applications: what they will describe, why their project will be important, why there will be demand for it.

I'll say briefly:

Users don't want to use other blockchains and web2 wallets because it's complicated and unclear. Here, they strive to simplify everything as much as possible.
They also collaborate with web2 companies for integration.

The demand will come from these integrations and marketing.

Rating 4 out of 5: there is information about the project, technical details are available, user instructions are also available. But there is no market analysis, competitors, and demand.
Also, interesting technology: the project offers native account abstraction since the times when it wasn't in Ethereum.
The positioning is also interesting: a network for consumer applications. Demand due to marketing and maximum convenient interaction of web2 users with applications in Abstract.

No tokenomics or utility.

But there are XP, which are distributed once a week. The rules are communicated post-factum: often for storing nft, interacting with applications, etc.

According to Cryptorank, the project received investments from Electric Capital, Igloo, 0xMaki, Luca Netz, and Ray Chan. The amount is unknown:

I only know the first fund.

In RootData the amount is written - 11 MLN $:

Investors: Founders fund, 1kx, Fenbushi Capital, Selini Capital, Everest Ventures Group.

Rating 3 out of 5: no tokenomics and utility, but there is a point program and investments of 11 MLN $ (if you believe RootData, Cryptorank says: unknown amount). Not in the list of especially popular ones, but there are some I've heard of.

There is Github:

21 repositories. Let's look at the main ones.

Abstract-Foundation/abstract-node:

Last commit last month:

There are 47 of them:

They were on June 7, 15, 14, May 1, etc.

Abstract-Foundation/abstract-docs:

Developer documentation for building on Abstract.

Last commit 2 days ago:

There are 254 of them:

15, 9 July, 14, 9, 5, 4, 3 June and earlier.

Abstract-Foundation/agw-contracts:

Smart contracts for Abstract global wallet.

Last commit last week:

Total 605 commits:

9 July, 25 and 24 June, 7 and 5 March, earlier...

Abstract-Foundation/agw-sdk:

Abstract global wallet SDK for integrating a wallet into applications. Written in TypeScript.

Last commit 5 days ago:

There are 311 in total:

July 12, 4, and 3, June 5 and 4, earlier.

Abstract-Foundation/examples:

Examples of starter templates and repositories for launching a project on Abstract.

Last commit yesterday (July 16):

Total of 79 commits:

16, 8 July, 23, 22, 14, 4 May and earlier.

Abstract-Foundation/audits:

Audits.

The last commit was 5 months ago:

He is the only one.

They update, of course, rarely...

So far, only an audit of the Abstract global wallet has been conducted:

And the last one was on December 23. If there are significant updates - bad.

Clave Audit (Pashov Audit Group)

Period: November 2–11, 2024

Auditors: Said, ubermensch, pontifex

Result:

• Critical: 0

• High: 1 (1 fixed)

• Medium: 6 (4 fixed, 2 acknowledged - m01: registered module can access critical functions; architectural solution, modules should be trusted. m06: fixed authenticator data in WebAuthn; risk accepted as low with current threat model.)

• Low: 4 (3 fixed, 1 acknowledged - l02: no upper limit on quantity; requires conscious action by owner, considered low risk.)

Clave Audit (Trust Security)

Period: November 5–11, 2024 (review of fixes on November 21, 2024)

Auditor: HollaDieWaldfee

Result:

• Critical: 0

• High: 0

• Medium: 1 (1 fixed)

• Low: 1 (partially fixed - l1: due to requirements for owners/validators, access can be lost; added mandatory minimum of one k1 owner and one k1 validator, but recovery scenarios via R1 are disabled per project decision.)

Clave Audit (Pashov Audit Group, Session Keys)

Period: December 23–26, 2024

Auditors: Said, ast3ros, pontifex

Result:

• Critical: 0

• High: 0

• Medium: 4 (4 fixed)

• Low: 4 (2 fixed, 2 acknowledged - l01: uncleaned transient storage slots remain; accepted as a permissible limitation. l03: incorrect reading of parameters >32 bytes in session constraints; requires specially crafted input, deemed unlikely in production.)

Rating 4 out of 5: updated periodically. There are smart contract audits from several companies, but they were conducted 5 months ago (considering that there have been changes since then, they may be outdated).

Main application - https://portal.abs.xyz

After logging in, you will see an overview of applications and streams:

At the beginning, there will be popular ones, and then a list of apps by category.

Some compare Abstract to Google Play, so they partly also believe it will be successful.

I chose the Social category:

By the way, you can vote for various DApps.

After the first one, there will be a notification:

For example, I'll choose Noodles.fun:

We see information + links to the site + on X.

After going to the application's website, I see this:

"I'm ready to cook":

"Sign in":

And click "Approve" to authorize your Abstract Global Wallet.

Logged in:

And you can use the functionality. Each application has its own. Here, for example, select a profile and "Trade Now". I chose Ashley and specified the purchase amount in ETH:

Purchasing:

"Create Session":

See that the message is similar, and "Approve":

"All Done":

And again "Buy":

As you can probably see, the transaction went through without pop-up windows - convenient!

This is the main feature of Abstract.

You can also offer something with payment in this app, but I won't show you that.

Becoming an author is pointless, probably. In any case, my application to Abstract at dawn was not accepted and not even answered.

List with a filter by language. I already opened the selection (hopefully, the stream feed itself is not closed).

And here I filtered by Russian language:

And I chose an interesting one:

We can like and subscribe. And of course watch.

I'm seeing this author, as well as the stream, for the first time - not a recommendation.

Below the player and description, there's a chat and a donation via "Send tip":

Sent. And I see a notification offering to send more:

I will not do this.

I see my badges.

You won't have them: you'll have to go through.

I have 3 subscribers and 0 subscriptions.

By clicking on "Sign in methods" we can select other login options: E-mail or wallet.

With "Manage Sessions" we manage sessions. I recommend deleting them for security:

Selected:

And "Revoke selected":

With "Edit profile" we can edit the profile: login, e-mail, description.

Before editing, there will be wallet connect, after - security settings:

Pass key and other.

"Fund":

Bridge:

Centralized exchanges:

Issues ZkSync Era address.

As well as Coinbase, Moonpay (by card) and "Deposit Funds Manually":

Displays the Abstract wallet address.

Clicking "Send" opens the standard asset sending form:

To get the Abstract wallet address and QR code, click "Receive":

You can hide small balances by clicking "Yes".

Below will be the tabs: Tokens, NFTs, Transaction history.

"Manage Liquidity" will take you to the dex:

Here's after authorization:

But I won't show you further: you'll figure it out.

We return to the wallet and click on the token (I chose PENGU):

The exchange opened.

By clicking in the middle, we can swap tokens:

I specified the amount:

"Review":

"Swap" - PENGU balance changed:

Below you can find the exchange history.

I think it's not quite logical that there is no choice between transferring funds and exchanging, but that's how it is...

I selected one:

You can view properties, trades, as well as go to marketplace links for selling and sending.

I'll show sending via "Send":

Standard.

Comment: It's bad that the nft list on the corresponding tab doesn't have a floor...

The link opens the transaction in the explorer:

Again, standard.

The "Trade" page is similar to the exchange of the selected token, so I won't dwell on it in detail:

And here is the rewards page:

Here you can see information about XP and earning badges.

Click "View Details" to view information about the active (changes weekly):

"Go to app" to go to the app or view instructions.

After completion, the "Redeem Badge" button will become available: click on it and "Claim" - that's it.

For me, "Duper" is unfortunately unavailable, so I'll have to skip this badge.

All earned (and not only) badges can be viewed via "View All":

I have 0% XP bonus. To get it, click on the corresponding button:

And to get the "Pengu Holder" status - via the eponymous button:

Minimum must be 88,888 $PENGU - for me this is a lot, so I'll have to skip.

To confirm, you need to have Abstract confirm the presence of assets in Discord.

Rating 4 out of 5: the interface is convenient and understandable. There is easy authorization using web2 services for people not from the crypto sphere. There are rewards for badges and storing $PENGU. There is a convenient catalog of ecosystem applications, a streaming center, and exchanges.
I put a minus because not everything is perfect: when selecting a token, there is an exchange, but there is no transition to transferring funds; in NFTs, there is no information about the floor and sorting by it, although such information is available on the page of the selected nft.

19 out of 25:

• Team: 4 out of 5: there are no links to the team on the site, I found LinkedIn through a search, and there are only two with links. Through RootData, I found more with links to LinkedIn, and they are professionals. One even worked at ZkSync, and the other at Paggi penguins!
  X and Discord are active, but they don't answer questions. I waited 2 days. In X private messages, they also don't answer - this is a big minus.

• Concept: 4 out of 5: there is information about the project, technical details are available, user instructions are also available. But there is no market analysis, competitors, and demand.
  Also, an interesting technology: the project offers native account abstraction from the time when it wasn't in Ethereum.
  The positioning is also interesting: a network for consumer applications. Demand due to marketing and the most convenient interaction of web2 users with applications in Abstract.

• Coin: 3 out of 5: there are no tokenomics and utility, but there is a point program and investments of $11 million (if you believe RootData, Cryptorank writes: unknown amount). Not in the list of especially popular, but there are some I've heard of.

• Code: 4 out of 5: updated periodically. There are audits of smart contracts from several companies, but they were conducted 5 months ago (given that there have been changes since then, they could be outdated).

• Practice: 4 out of 5: the interface is convenient and understandable. There is easy authorization using web2 services for people not from the crypto sphere. There are rewards for badges and storing $PENGU. There is a convenient catalog of ecosystem applications, a streaming center, and exchanges.
  I put a minus because not everything is perfect: when selecting a token, there is an exchange, but there is no transition to transferring funds; in NFTs, there is no information about the floor and sorting by it, although such information is available on the page of the selected nft.

Subscribe to https://t.me/blind_dev - there are new posts about projects, tokenomics analysis, and news about my developments.

0xf8632854BAB43e94c60F12Ee7B541b35E919e659

Thank you!

Abstract positions itself as a ZK-Rollup L2 network designed to make the crypto space accessible to the masses. Simple authentication via email or Google, default smart contract accounts, and low fees - it sounds impressive. But what's behind these promises? In my review, I delved into the depths of Abstract to find out how professional the team is and how they interact with the community, how unique and well-thought-out the concept is, what investments have been raised and whether there is transparent tokenomics, and also assessed the code update and the presence of audits. In practice, I evaluated the convenience of the interface and the operation of the project's main application.
I invite you to find out where Abstract has already proven itself and what still needs to be worked on.

Found through a search engine LinkedIn:

The last post was 7 months ago with 11 reactions and 1 repost.
The previous one was 8 months ago with 15 reactions, 1 comment, and a repost.

443 followers

Company people:

Only two are listed - few, but apparently most have no public profiles.

Mason Cagnoni:

425 followers.

Last post 1 year ago (not counting reposts) with 19 reactions and 6 comments.

Work experience:

• Head of Ecosystem at Abstract Foundation since October 2024

• Partner at FlowCap Ventures since January 2023

• Chief Operating Officer at DKODA Labs from February 2023 to December 2024

• Senior Associate at Shikiar Asset Management from November 2021 to February 2023

• Analyst at Deutsche Bank from June 2019 to November 2021

• Insurance Producer at FINANCIAL RENAISSANCE, INC. from January 2018 to June 2019

• Building Maintenance at Cagnoni Development from May 2013 to August 2016

• Sales Floor Team Member at Menards from May 2015 to May 2016

Education:

• DePaul University: Bachelor's degree, Finance, General from 2015 to 2019

The only interesting thing is that he was an analyst at Deutsche Bank. But this doesn't quite match the area of work at Abstract: unless the results of the analysis are somehow used, which is unlikely...

Geoffrey Thompson:

2118 followers.

Work experience:

• General Counsel at Abstract Foundation since February 2025

• Charter Member at The L Suite (TechGC) since December 2019

• General Counsel at Matter Labs from April 2023 to February 2025

• At Roofstock: General Counsel, Chief Compliance Officer and Corporate Secretary from September 2019 to November 2021, Chief Blockchain Officer from November 2021 to March 2023

• Cypher Accelerator @ The Wharton School, UPenn at The Wharton School from January to April 2022

• And another experience (total 13)

Education:

• Duke University School of Law: Juris Doctor & LL.M. in International and Comparative Law from 2003 to 2006

• Georgetown University Law Center: Visiting Student from 2005 to 2006

• SDA Bocconi: Master's in International Economics from 1999 to 2000

• The American University of Paris: Bachelor of Arts from 1994 to 1997

Interesting fact - worked at Roofstock and Matter Labs as Chief Legal Officer. Also served as Legal Counsel at Anchorage Digital.

Found another team member list in Cryptorank:

The only one with LinkedIn - Co-Founder Michael Lee:

6440 followers.

Work Experience:

• Co-founder & CEO at Stealth Startup since 2024

• Co-founder & General Partner at Family Office since 2012

• Senior Vice President at ZKsync from 2023 to 2024

• Vice President at Activision Blizzard from 2022 to 2023

• Vice President at DFINITY from 2019 to 2022

• Writer & Producer at Disney Entertainment from 2018 to 2019

• Vice President at Pivotal Software, Inc. from 2015 to 2018

• Investor & Contributor at Ethereum from 2014 to 2018

• Senior Director at HP from 2013 to 2015

• And other experience (total 15)

Education:

• Northwestern University - Kellogg School of Management: MBA from 2010 to 2012

• University of Chicago: MA, Economic Policy from 1998 to 2000 and BA, Economics // BA, Public Policy from 1995 to 1998

• Fordham Preparatory School

Impressive that he worked at HP, ZkSync, and DFINITY.

The team at RootData:

Found more here with links to LinkedIn.

Lorenzo Melendez:

Co-Founder at Abstract.

1249 followers.

Work experience:

• President at Igloo, Inc. since March 2024

• At Pudgy Penguins: Chief Technology Officer from March 2022 to June 2024, President from March 2023

• Founder & Chief Executive Officer at Cowboy Labs from November 2021 to November 2022

• Full Stack Engineer at LeanTaaS from May 2019 to January 2022

Education:

• Washington University in St. Louis: Bachelor of Science in Computer Science from 2017 to 2021

• Kent Denver School: High School Diploma from 2013 to 2017

As I understand it, it's thanks to him that Abstract is associated with Pudgy Penguins! That's definitely cool!

Brian Hong:

APAC Growth Lead at Abstract.

1176 followers. Last post a week ago with 40 reactions, 2 comments, and two reposts. Topic: Abstract.
Previous - 7 months ago with 415 reactions, 43 comments, and 17 reposts. Topic: launch of $PENGU.

Work Experience:

• Head of APAC at Cube Labs since August 2024

• Growth Lead at ChainLight from September 2023 to October 2024

• Marketing Manager at OFF from February 2022 to September 2023

• In Republic of Korea Army: Basic Combat Training (BCT) Platoon Guide (PG) from February to March 2020, Sergeant, TOD (Thermal Observation Device) Operation Squad Leader from March 2020 to August 2021

• CGO, Co-Founder at VIA Entertainment from August 2015 to January 2019

Education:

• New York University: Bridge to NYU Tandon, Computer Science from 2019 to 2020, Master's degree, Computer Science from 2021 to 2022

• University of Illinois Urbana-Champaign: Bachelor's degree, Economics from 2014 to 2019

• Gyeonggi Suwon International School (GSIS): from September 2010 to May 2014

Abril Zucchi:

7542 followers.
The description says he is Head of AI Growth at Abstract.
But in RootData, it says Developer Relations.

Last post 1 month ago about a position at Abstract with 85 reactions and 9 comments.
Previous one - 2 months ago with 11 reactions.

Work experience:

• At Cube Labs: Developer Relations since September 2024, Head of AI Growth since June 2025

• Developer Relations at Morph from January to September 2024

• Founder at Lalent from August 2023 to August 2024

• Developer Relations Lead at Fleek from September 2022 to August 2023

• Solidity Engineer at Ripio from January to October 2022 (contract)

X @AbstractChain:

659.4K readers, 1,481 posts.

Last post 16 hours ago with 180 replies, 115 reposts, 681 likes, and 32,688 views.
Previous - 19 hours ago with 161 replies, 83 reposts, 613 likes, and 25,774 views.

About Abstract, about XP.

Analysis of X by Moni:

Moni Score
Level: 7. Peak
17899
+20/day
3.35 thousand mentions, 3.34K smart mentions!

Analysis of X by Tweetscout:

Score 2254, level 5 (Supreme).

Subscribed projects: @opensea, @osf_rekt, @nowmedia, @rarible, @pudgypenguins, @coolcats, @worldofwomenxyz, @anonchained, @CoinMarketCap, @moonpay and others...

Venture capital: @loomdart, eGirl Capital 仙女資本, @cburniske, ARK Invest, @elliotrades, Neo and others.

Youtube:

2,920 subscribers. Only 11 videos.
Last one 5 months ago with 454 views.
The one before that - 7 months ago with 1.4 thousand views.

Discord:

Unfortunately, I can't join the server yet: I'm banned...

Rating 4 out of 5: no links to the team on the website, found LinkedIn through search, and there are only two with links. Found more with LinkedIn links through RootData, and they are professionals. One even worked at ZkSync, and another at Paggi penguins!
X and Discord are active, but they don't answer questions. Waited 2 days. They also don't respond to direct messages on X - that's a big minus.

Information on the documentation:

Abstract is an L2 network on top of Ethereum for large-scale consumer applications with low fees and high transaction speed.
The foundation is the Abstract global wallet - a wallet that can be authorized not only with web3 wallets but also with web2 services (email, Google). This allows web2 users to easily join Abstract and use applications.
And soon, fiat integration is planned so that developers can work with it as easily as with crypto: the user pays in $, and the application exchanges or otherwise utilizes it in the form of tokens.

The network is based on Zk Stack from ZkSync, which allows it to be secure thanks to zero-knowledge proofs:
transactions are combined into batches and sent to Ethereum, where they are verified using ZKP.

Abstract is EVM-compatible, meaning it looks and works like Ethereum, but with lower gas fees and higher transaction throughput. Existing smart contracts developed for Ethereum will work on Abstract "out of the box" (with some differences), which means developers can easily port applications to Abstract without any changes or with minimal changes.

Great that the integration methods with Abstract are described in detailfor developers, as not everyone has this in their documentation.

Abstract is a second-layer (L2) blockchain running on top of Ethereum. It processes transactions quickly and with low fees, and then bundles them into packages and publishes them to the Ethereum network to leverage its security.

Abstract is built as a ZK-Rollup. This means that all changes are verified using cryptographic proofs (Zero-Knowledge), which prove correctness without re-executing transactions on Ethereum.

How a transaction works

1. Execution in L2. The transaction is processed in Abstract, and the user immediately sees the result.

2. Sending to Ethereum. The sequencer bundles transactions into packages and sends them to Ethereum in compressed data to reduce costs.

3. Verification. A ZK-proof of correctness is created for the package, which is verified by smart contracts on Ethereum.

4. Finalization. After verification, changes are finalized on L1, and the state of Abstract becomes final.

Main components

• Sequencer - accepts transactions, forms blocks and packages, sends them to Ethereum.

• Prover - creates proofs of transaction correctness.

• Verifier - verifies these proofs in Ethereum.

• L1 contracts - store data and ensure security, and also allow messages to be exchanged between L1 and L2.

Abstract Global Wallet uses its own account abstraction, creating smart contract wallets for users that have greater security and flexibility than traditional EOAs.

Users can connect their Abstract Global Wallet to an application by logging in with an email, social media account, or existing wallet. After connecting, applications can start offering users to approve transactions that are executed from the user's smart contract wallet.

Each AGW account must have at least one signer authorized to sign transactions on behalf of the smart contract wallet.

For this reason, each AGW account is created in two stages:

1. Creating an EOA. Upon registration, an EOA is automatically created - a key pair (public and private key) associated with the user's chosen authentication method. The process is implemented through Privy Embedded Wallets. The private key is divided into three parts using the Shamir's Secret Sharing algorithm, and any two are sufficient for recovery. The shares are distributed as follows: on the user's device, in encrypted form on Privy's servers (Auth) and in the user's backup cloud (Recovery).

2. Deploying a smart contract wallet. After generating the EOA, a smart contract wallet is deployed, to which the EOA address is passed as an authorized signer. All accounts in Abstract are smart contract-based, so the wallet is integrated into the ecosystem as a basic element. It is based on a modified version of Clave with secp256k1 support (for compatibility with Privy Embedded Wallet), custom validation logic, and EIP-712 signatures.

After initialization, the user can add and remove signers, set up recovery, and use additional modules.

After initializing the smart contract, the user can freely add and remove signers in wallets, as well as use other functions provided by AGW.

Session keys are temporary keys that allow performing a predefined set of actions on behalf of the Abstract Global Wallet without requiring the owner to confirm each transaction. They provide a smooth user experience by eliminating pop-ups and signature requests, which is especially convenient for games, mobile apps, and other interactive services.

An application can request permission from the user to create a session key for their Abstract Global Wallet. Such a key contains:

• A specific set of actions it is authorized to perform.

• A specific EOA signatory authorized to perform these actions.

After user request approval, the specified signatory can perform the permitted operations without repeated confirmation until the session key expires or is revoked.

There are two types of accounts in Ethereum:

• EOA (Externally Owned Account) - managed by a private key.

• Smart contract - managed by code, but cannot send transactions.

Transactions in Ethereum always originate from an EOA, which limits flexibility. To overcome this, the concept of account abstraction was devised - the ability to use a smart contract as a wallet. This provides:

• access recovery without a private key,

• limits and session keys,

• payment of fees in tokens or through a sponsor,

• combining multiple operations into one,

• custom signing methods.

However, in Ethereum, this feature is implemented on top of the existing system, which creates difficulties.

Abstract solves the problem radically: all accounts in the network are smart contracts by default. This is called native account abstraction.

What this provides:

• no separation between EOA and smart contracts - everything works according to a single standard,

• support for paymasters to pay gas for other accounts or in tokens,

• compatibility with familiar wallets (e.g., MetaMask), which automatically become smart contracts when interacting with Abstract,

• Ready base for advanced UX (recovery, gas sponsorship, session keys) without manual assembly of workarounds.

Abstract uses Zk Stack, which differs significantly from Ethereum due to the Zk L2 entity.
Plus, Abstract itself adds complications in the form of working with native abstraction.

But a lot in the Zk Stack plan is probably simplified by using zksync hardhat. But for the project's specifics, they should make their own library...

Thanks to the fact that the L2 network uses Zk Stack, it is secure: transactions are reliably verified using ZKP.

This almost negates the downside of a single sequencer: the only downside is the potential for transaction censorship and lack of access in case of offline.

In Abstract, you pay a fee for using the network, and it consists of two parts: fixed and variable. Fixed part (about $0.001 per transaction) covers the work inside L2: data storage and cryptographic proof calculation. Variable part depends on the gas prices in Ethereum, because Abstract periodically publishes packages of changes (state diffs and compressed bytecode) in Ethereum for security. When gas on Ethereum becomes more expensive, the variable part of the fee in Abstract also increases.

The network collects many transactions into one package, so the total costs are distributed among participants. If you overpaid due to an inflated limit, after the transaction is executed, the excess funds are automatically returned as a refund.

And an addition for developers:

In Abstract, you can deploy a smart contract in two ways, and the choice affects how much you and your users will pay:

• Native (ZKsync VM) - the contract is compiled for Abstract and executed directly. This is the basic and usually cheapest option in terms of fees. Recommended in most cases.

• EVM-equivalent (via EVM Interpreter) - you upload the contract in the same bytecode as in Ethereum. Abstract executes it through a translation layer 'on the fly', so the fee can be about 150-400% higher, compared to a native contract. Only makes sense if you need strict compatibility with EVM behavior.

If unsure - choose the native option. This way, users will spend less on gas.

If you are a user and see high fees, know that this is due to the deployed code not through ZkSync EVM.

Unfortunately no.
In this regard, I expected more from a blockchain for consumer applications: what they will describe, why their project will be important, why there will be demand for it.

I'll say briefly:

Users don't want to use other blockchains and web2 wallets because it's complicated and unclear. Here, they strive to simplify everything as much as possible.
They also collaborate with web2 companies for integration.

The demand will come from these integrations and marketing.

Rating 4 out of 5: there is information about the project, technical details are available, user instructions are also available. But there is no market analysis, competitors, and demand.
Also, interesting technology: the project offers native account abstraction since the times when it wasn't in Ethereum.
The positioning is also interesting: a network for consumer applications. Demand due to marketing and maximum convenient interaction of web2 users with applications in Abstract.

No tokenomics or utility.

But there are XP, which are distributed once a week. The rules are communicated post-factum: often for storing nft, interacting with applications, etc.

According to Cryptorank, the project received investments from Electric Capital, Igloo, 0xMaki, Luca Netz, and Ray Chan. The amount is unknown:

I only know the first fund.

In RootData the amount is written - 11 MLN $:

Investors: Founders fund, 1kx, Fenbushi Capital, Selini Capital, Everest Ventures Group.

Rating 3 out of 5: no tokenomics and utility, but there is a point program and investments of 11 MLN $ (if you believe RootData, Cryptorank says: unknown amount). Not in the list of especially popular ones, but there are some I've heard of.

There is Github:

21 repositories. Let's look at the main ones.

Abstract-Foundation/abstract-node:

Last commit last month:

There are 47 of them:

They were on June 7, 15, 14, May 1, etc.

Abstract-Foundation/abstract-docs:

Developer documentation for building on Abstract.

Last commit 2 days ago:

There are 254 of them:

15, 9 July, 14, 9, 5, 4, 3 June and earlier.

Abstract-Foundation/agw-contracts:

Smart contracts for Abstract global wallet.

Last commit last week:

Total 605 commits:

9 July, 25 and 24 June, 7 and 5 March, earlier...

Abstract-Foundation/agw-sdk:

Abstract global wallet SDK for integrating a wallet into applications. Written in TypeScript.

Last commit 5 days ago:

There are 311 in total:

July 12, 4, and 3, June 5 and 4, earlier.

Abstract-Foundation/examples:

Examples of starter templates and repositories for launching a project on Abstract.

Last commit yesterday (July 16):

Total of 79 commits:

16, 8 July, 23, 22, 14, 4 May and earlier.

Abstract-Foundation/audits:

Audits.

The last commit was 5 months ago:

He is the only one.

They update, of course, rarely...

So far, only an audit of the Abstract global wallet has been conducted:

And the last one was on December 23. If there are significant updates - bad.

Clave Audit (Pashov Audit Group)

Period: November 2–11, 2024

Auditors: Said, ubermensch, pontifex

Result:

• Critical: 0

• High: 1 (1 fixed)

• Medium: 6 (4 fixed, 2 acknowledged - m01: registered module can access critical functions; architectural solution, modules should be trusted. m06: fixed authenticator data in WebAuthn; risk accepted as low with current threat model.)

• Low: 4 (3 fixed, 1 acknowledged - l02: no upper limit on quantity; requires conscious action by owner, considered low risk.)

Clave Audit (Trust Security)

Period: November 5–11, 2024 (review of fixes on November 21, 2024)

Auditor: HollaDieWaldfee

Result:

• Critical: 0

• High: 0

• Medium: 1 (1 fixed)

• Low: 1 (partially fixed - l1: due to requirements for owners/validators, access can be lost; added mandatory minimum of one k1 owner and one k1 validator, but recovery scenarios via R1 are disabled per project decision.)

Clave Audit (Pashov Audit Group, Session Keys)

Period: December 23–26, 2024

Auditors: Said, ast3ros, pontifex

Result:

• Critical: 0

• High: 0

• Medium: 4 (4 fixed)

• Low: 4 (2 fixed, 2 acknowledged - l01: uncleaned transient storage slots remain; accepted as a permissible limitation. l03: incorrect reading of parameters >32 bytes in session constraints; requires specially crafted input, deemed unlikely in production.)

Rating 4 out of 5: updated periodically. There are smart contract audits from several companies, but they were conducted 5 months ago (considering that there have been changes since then, they may be outdated).

Main application - https://portal.abs.xyz

After logging in, you will see an overview of applications and streams:

At the beginning, there will be popular ones, and then a list of apps by category.

Some compare Abstract to Google Play, so they partly also believe it will be successful.

I chose the Social category:

By the way, you can vote for various DApps.

After the first one, there will be a notification:

For example, I'll choose Noodles.fun:

We see information + links to the site + on X.

After going to the application's website, I see this:

"I'm ready to cook":

"Sign in":

And click "Approve" to authorize your Abstract Global Wallet.

Logged in:

And you can use the functionality. Each application has its own. Here, for example, select a profile and "Trade Now". I chose Ashley and specified the purchase amount in ETH:

Purchasing:

"Create Session":

See that the message is similar, and "Approve":

"All Done":

And again "Buy":

As you can probably see, the transaction went through without pop-up windows - convenient!

This is the main feature of Abstract.

You can also offer something with payment in this app, but I won't show you that.

Becoming an author is pointless, probably. In any case, my application to Abstract at dawn was not accepted and not even answered.

List with a filter by language. I already opened the selection (hopefully, the stream feed itself is not closed).

And here I filtered by Russian language:

And I chose an interesting one:

We can like and subscribe. And of course watch.

I'm seeing this author, as well as the stream, for the first time - not a recommendation.

Below the player and description, there's a chat and a donation via "Send tip":

Sent. And I see a notification offering to send more:

I will not do this.

I see my badges.

You won't have them: you'll have to go through.

I have 3 subscribers and 0 subscriptions.

By clicking on "Sign in methods" we can select other login options: E-mail or wallet.

With "Manage Sessions" we manage sessions. I recommend deleting them for security:

Selected:

And "Revoke selected":

With "Edit profile" we can edit the profile: login, e-mail, description.

Before editing, there will be wallet connect, after - security settings:

Pass key and other.

"Fund":

Bridge:

Centralized exchanges:

Issues ZkSync Era address.

As well as Coinbase, Moonpay (by card) and "Deposit Funds Manually":

Displays the Abstract wallet address.

Clicking "Send" opens the standard asset sending form:

To get the Abstract wallet address and QR code, click "Receive":

You can hide small balances by clicking "Yes".

Below will be the tabs: Tokens, NFTs, Transaction history.

"Manage Liquidity" will take you to the dex:

Here's after authorization:

But I won't show you further: you'll figure it out.

We return to the wallet and click on the token (I chose PENGU):

The exchange opened.

By clicking in the middle, we can swap tokens:

I specified the amount:

"Review":

"Swap" - PENGU balance changed:

Below you can find the exchange history.

I think it's not quite logical that there is no choice between transferring funds and exchanging, but that's how it is...

I selected one:

You can view properties, trades, as well as go to marketplace links for selling and sending.

I'll show sending via "Send":

Standard.

Comment: It's bad that the nft list on the corresponding tab doesn't have a floor...

The link opens the transaction in the explorer:

Again, standard.

The "Trade" page is similar to the exchange of the selected token, so I won't dwell on it in detail:

And here is the rewards page:

Here you can see information about XP and earning badges.

Click "View Details" to view information about the active (changes weekly):

"Go to app" to go to the app or view instructions.

After completion, the "Redeem Badge" button will become available: click on it and "Claim" - that's it.

For me, "Duper" is unfortunately unavailable, so I'll have to skip this badge.

All earned (and not only) badges can be viewed via "View All":

I have 0% XP bonus. To get it, click on the corresponding button:

And to get the "Pengu Holder" status - via the eponymous button:

Minimum must be 88,888 $PENGU - for me this is a lot, so I'll have to skip.

To confirm, you need to have Abstract confirm the presence of assets in Discord.

Rating 4 out of 5: the interface is convenient and understandable. There is easy authorization using web2 services for people not from the crypto sphere. There are rewards for badges and storing $PENGU. There is a convenient catalog of ecosystem applications, a streaming center, and exchanges.
I put a minus because not everything is perfect: when selecting a token, there is an exchange, but there is no transition to transferring funds; in NFTs, there is no information about the floor and sorting by it, although such information is available on the page of the selected nft.

19 out of 25:

• Team: 4 out of 5: there are no links to the team on the site, I found LinkedIn through a search, and there are only two with links. Through RootData, I found more with links to LinkedIn, and they are professionals. One even worked at ZkSync, and the other at Paggi penguins!
  X and Discord are active, but they don't answer questions. I waited 2 days. In X private messages, they also don't answer - this is a big minus.

• Concept: 4 out of 5: there is information about the project, technical details are available, user instructions are also available. But there is no market analysis, competitors, and demand.
  Also, an interesting technology: the project offers native account abstraction from the time when it wasn't in Ethereum.
  The positioning is also interesting: a network for consumer applications. Demand due to marketing and the most convenient interaction of web2 users with applications in Abstract.

• Coin: 3 out of 5: there are no tokenomics and utility, but there is a point program and investments of $11 million (if you believe RootData, Cryptorank writes: unknown amount). Not in the list of especially popular, but there are some I've heard of.

• Code: 4 out of 5: updated periodically. There are audits of smart contracts from several companies, but they were conducted 5 months ago (given that there have been changes since then, they could be outdated).

• Practice: 4 out of 5: the interface is convenient and understandable. There is easy authorization using web2 services for people not from the crypto sphere. There are rewards for badges and storing $PENGU. There is a convenient catalog of ecosystem applications, a streaming center, and exchanges.
  I put a minus because not everything is perfect: when selecting a token, there is an exchange, but there is no transition to transferring funds; in NFTs, there is no information about the floor and sorting by it, although such information is available on the page of the selected nft.

Subscribe to https://t.me/blind_dev - there are new posts about projects, tokenomics analysis, and news about my developments.

0xf8632854BAB43e94c60F12Ee7B541b35E919e659

Thank you!