Gitcoin-backed Layer 2 network PGN is winding down
Gitcoin-backed Public Items Community, a Layer 2 answer on Ethereum, is winding down all operations inside the subsequent six months — focusing on an entire shutdown by mid-2024.
“After an intensive evaluation, it has determined to wind down PGN over the following 6 months – tentatively closing in June 2024,” the venture said.
The transfer marks a big pivot for the community, which was initially launched final yr as an appchain to enhance Gitcoin’s present operations round public items and developer funding.
The venture cited a number of causes for the choice to wind down PGN, together with challenges in migrating customers to the community and operational prices past its finances.
“Encouraging folks emigrate with out the comfort of a scaled community was difficult, and the assets wanted to help this had been out of scope with PGN’s finances,” the workforce famous on X.
A collaborative effort between Gitcoin and Conduit, PGN was designed to function as a low-cost Layer 2 answer on Ethereum. It was developed utilizing OP Stack – a software program software from the builders of OP Mainnet. It joined a roster of Layer 2 initiatives, together with the Coinbase-backed Base, Zora, and BNB Chain, primarily based on OP Stack.
