- Ethereum Layer 2 network Public Goods Network (PGN) is closing down operations, aiming for closure by mid-2024.
Gitcoin-backed Public Goods Network (PNG), a Layer 2 solution on Ethereum, is shutting down all its operations within the next six months — targeting a complete shutdown by mid-2024.
According to the project, “After a thorough assessment, it has decided to wind down PGN over the next 6 months – tentatively closing in June 2024.”
The move marks a significant pivot for the network, which was initially launched last year as an appchain to complement Gitcoin’s existing operations around public goods and developer funding.
The project cited several reasons for the decision to wind down PGN, including challenges in migrating users to the network and operational costs beyond its budget.
“Encouraging people to migrate without the convenience of a scaled network was challenging, and the resources needed to support this were out of scope with PGN’s budget,” the team noted on X.
Additionally, encouraging people to migrate without the convenience of a scaled network was challenging, and the resources needed to support this were out of scope with PGN's budget.
Low liquidity on bridges, lack of DEXs and core infra like a Safe UI all caused large headwinds.
— Public Goods Network | 🟢 (@pgn_eth) January 17, 2024
A collaborative effort between Gitcoin and Conduit, PGN was designed to operate as a low-cost Layer 2 solution on Ethereum.
It was developed using OP Stack – a software tool from the developers of OP Mainnet. It joined a roster of Layer 2 projects, including the Coinbase-backed Base, Zora, and BNB Chain, based on OP Stack.