Layer-2 Public Goods Network (PGN) to Cease Operations
The Layer-2 Public Goods Network (PGN), backed by Gitcoin, will gradually shut down all activities and officially dissolve the chain by mid-2024.
Public Goods Network, a scaling solution for Ethereum supported by Gitcoin, is in the process of winding down its operations and will officially close its network by mid-2024.
📢 Important info on PGN 🟢
— Gitcoin (@gitcoin) January 17, 2024
The Public Goods Network is winding down, closing officially in about 6 months 🌙
Running experiments, learning and growing is what web3 and emergent tech is all about 🌟
We have been a proud champion of the network, and although it's the end of the… https://t.co/LTSBB5INCW
The project regretfully announced:
"After careful consideration, we have decided to cease PGN operations over the next six months, with an expected shutdown by June 2024."
The decision to halt operations stems from difficulties in attracting users and the inability to cover operational costs. Public Goods Network stated:
"Attracting users to the network has been a challenge, and the resources required to do so are beyond PGN's financial capacity."
From now until June 2024, the community can withdraw all assets from PGN through the main bridge or other cross-chain solutions like Superbridge.
Public Goods Network was the third OP Chain to announce its mainnet in July last year, following Base (a Layer-2 solution developed by Coinbase) and Zora (an NFT trading marketplace).
PGN operated as an appchain, complementing Gitcoin's current activities focused on community utilities and developer funding. A month after its mainnet launch, Gitcoin Grants 18 was introduced on the Public Goods Network.
