Mike

In Feb 2025, Luca Netz asked a room in Paris to hold him accountable for Abstract! A month later, Abstract’s lawyers told the SEC a token was “currently under development.” On 6 Oct 2026: no token, no airdrop, and new terms capping what users can recover at $100. The Abstract File 👇

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.