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Nearly Two Years on Abstract: A Personal Account
After investing nearly two years of my time, energy, and money into @AbstractChain, the reported decision to shut down the chain has left me deeply disappointed.
I was not a casual participant. I played countless games, created content, completed hundreds of thousands of transactions, remained active for hundreds of days, accumulated millions of XP, and spent approximately $30K across the ecosystem. The attached Abstract Passport reflects only part of that commitment.
Throughout this journey, the community was repeatedly encouraged by ambitious statements from the leadership. Michael Lee (@CashBowie) spoke confidently about a future token, potential XP rewards such as flights, accommodation, Super Bowl tickets, and World Cup tickets, and a sustainable ecosystem where people could both enjoy themselves and earn value.
Luca Netz (@LucaNetz) also described an economy in which users would not simply play games but could earn from their participation. He discussed Project Quantum, a potential token valuation of $20B to $30B FDV, and a system through which XP and community activity could generate economic value.
These statements created expectations. They gave people reasons to invest more time, money, creativity, and trust in Abstract. Yet, from my perspective, the outcomes repeatedly presented to the community never materialized. Instead, users were kept engaged by increasingly ambitious promises while receiving little clarity about what was actually achievable.
The team made clear promises that encouraged people to invest their time, money, and trust in Abstract. None of those promises were fulfilled, and the community was left without transparency, accountability, or a meaningful explanation.
What hurts me most is not the money. It is the time. Money may eventually be earned again, but almost two years of sustained effort can never be recovered. It is difficult to accept that the people who helped build activity, visibility, and culture around Abstract may now walk away with nothing, without even a transparent explanation or a meaningful attempt at recognition.
Some people appear to take pleasure in the losses of others. I find that truly pathetic. A healthier Web3 community requires more informed participants who are willing to speak when something is wrong. Accountability is not FUD. Asking difficult questions is not an attack. It is one of the few ways this industry can mature.
I also cannot ignore Luca’s silence. If he genuinely believed that the community had been treated fairly, would he not be willing to explain what happened, address the promises that were made, and propose a meaningful solution? Silence may not prove wrongdoing on its own, but in circumstances like these, it raises serious questions. A leader who has nothing to hide should be prepared to communicate openly and take responsibility. Instead, Luca has chosen silence while the people who invested their time, money, and trust are left without answers.
Even redirecting part of the budget used for marketing and merchandise toward recognizing committed Abstract users could have demonstrated goodwill. From the outside, however, it feels as though meaningful compensation or acknowledgment has not been treated as a priority.
My experience with @Somnia_Network showed me that another approach is possible. I became active during its testnet, contributed to the ecosystem, created content, and earned $30K. More importantly, Somnia founder @0xPaulThomas consistently communicated the project’s development, updates, and objectives through video content. Whether everything succeeded or not, the community could see genuine effort, progress, and leadership.
My experience with Abstract was the opposite. Apart from interviews, which were often filled with major promises, Luca rarely communicated directly about the project during the nearly two years I participated. Those interviews strengthened people’s confidence and encouraged further commitment, but the community now deserves more than silence.
After everything that has happened, I have completely lost my trust in Luca and his team. Trust cannot survive indefinitely on branding, interviews, or promises. It requires delivery, transparency, and accountability, especially when people have invested significant portions of their lives and savings.
This is my personal experience, supported by the record of my activity in the attached Abstract Passport, a tool created by Abstract community member @bycoinraven. I welcome informed disagreement and any factual corrections from the team. However, please engage with the substance of what happened before dismissing the concerns of those who gave this ecosystem their time, money, and trust.
The Abstract community deserves answers.
Luca said "launching a token that we dont have conviction in would have been a disservice to our community"
But the truth is he want to distract everyone with the worst-case scenario so you forget they couldve just done better. Its an illusion to make a bad choice look acceptable
Some say that Abstract is "being responsible" by not launching a token with no pmf. But for years users spent real money on XP with the promise of a token. And these promises helped moon PENGU. Of which the team sold hundreds of millions of dollars worth. Compensate these people.
Some say that Abstract is "being responsible" by not launching a token with no pmf. But for years users spent real money on XP with the promise of a token. And these promises helped moon PENGU. Of which the team sold hundreds of millions of dollars worth. Compensate these people.
Luca Netz made me lose faith in Web3.
I was on Abstract from day one. I never stopped believing because Luca was behind it, and I trusted his promises. I spent around $40–50K and dedicated nearly two years of my life to it.
We were promised a token. They kept our hopes alive until the very end, only to tell us we would receive nothing for the Xp we had earned.
After all that time, money, and trust, I feel scammed by @LucaNetz I won’t stay silent
Another expensive exposure by @IglooInc
@LucaNetz after 2 years:
After losing 10s of millions of dollars over 2 years on expensive collabs and brand deals, we still cant profit selling toys without buying our own supply
We could have increased the price of our toys, but we didnt
Luca Netz made me lose faith in Web3.
I was on Abstract from day one. I never stopped believing because Luca was behind it, and I trusted his promises. I spent around $40–50K and dedicated nearly two years of my life to it.
We were promised a token. They kept our hopes alive until the very end, only to tell us we would receive nothing for the Xp we had earned.
After all that time, money, and trust, I feel scammed by @LucaNetz I won’t stay silent
Luca : spread a news that I will secretly compensate all holders but they need to stop the FUD and start bullposting PP.
Lucanatics : Yes my Lord God Luca
some truth serum thoughts this morning on abstract chain
as much as the abstract team and community team wants to pretend like nothing major happened, something very serious did, and you're accountable
a large community filled with the most loyal and dedicated believers got blindsided by an unacceptable result
infinite $ and more importantly time spent
"thank you" is not good enough
promises were made and promises were not kept
an uncountable number of lies and manipulation were told
too many rugs and scams were promoted to count
this isn't going anywhere. you can look the other way all you want and hope that people forget, but it will be a part of your resume going forward and the best thing you can do is address it properly and to the right people
I, along with many others, will not let this die out in the way that you're hoping for
and to the scammer teams who overpromised and underdelivered on abstract chain, I will personally make sure that you never have success in your next rug pulling endevaors
you know exactly who you are