The Gitcoin-backed Public Goods Network, a Layer 2 solution on Ethereum, will cease all operations within the next six months – targeting a complete shutdown by mid-2024.
“After a thorough review, it has decided to phase out PGN over the next six months – with a provisional closure in June 2024,” the project said.
The move marks a major pivot for the network, which initially launched last year as an appchain to complement Gitcoin’s existing business in public goods and developer financing.
The project cited several reasons for the decision to phase out PGN, including challenges in migrating users to the network and operating costs that exceeded budget.
“Encouraging people to migrate without the convenience of a large-scale network was challenging, and the resources needed to support this were beyond PGN’s budget,” the team noted on X.
PGN, a collaboration between Gitcoin and Conduit, is designed to work 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 series of Layer 2 projects, including Coinbase-backed Base, Zora and BNB Chain, based on OP Stack.