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The surge in the cryptocurrency market has led to notable developments in blockchain ecosystems. However, the Public Goods Network, a Layer-2 solution on the Ethereum ecosystem backed by Gitcoin, announced that it will terminate all operations within the next six months. The project team aims to completely cease activities by mid-2024.
Significant Move from Layer-2 Team
According to the announcement made by the project team, it was decided to shut down the Public Goods Network within the next 6 months after a comprehensive assessment. The team’s reviews also concluded that the project would be temporarily closed in June 2024.
This move highlights a significant turning point for the network, which was launched last year as an application chain to complete Gitcoin’s existing operations on public goods and developer funding. The project cited various reasons for the decision to shut down the Public Goods Network, including challenges in migrating users to the network and operational costs exceeding the budget. The following statement was shared by the team on their social media account:
“It was difficult to encourage people to use without the convenience of a scaled network, and the resources required to support it were beyond the budget of the Public Goods Network.”
The Public Goods Network, a joint effort between Gitcoin and Conduit, was designed to operate as a low-cost Layer-2 solution on Ethereum. The network was developed using a software tool called OP Stack by developers of OP Mainnet. OP Stack-based, Coinbase-backed Base, Zora, and BNB Chain were also included in the list of Layer-2 projects.
Web3 Users and Layer-2 Networks
The process in Layer-2 networks is changing towards developments that cater to user expectations. Especially discussions over X have led to the primary use of Layer-2 networks by the crypto community being generally oriented towards airdrop events.
Web3 users can expand their usage based on teams’ shares about airdrop possibilities and network Total Value Locked (TVL) data. Additionally, users can take notable steps in response to NFT or token hypes within the network. This situation particularly came to the fore following the Optimism and Arbitrum airdrop events.
