TechFlow News, the OP Stack-based Layer 2 network Public Goods Network (PGN) announced on X that after a comprehensive evaluation, it has decided to gradually wind down PGN over the next six months, tentatively by June 2024.
PGN stated that due to misalignment between its native token and PGN's financial model, traffic has been significantly lower than other emerging L2s. It remains open to discussions with any teams or individuals interested in providing support or taking over operations.
Notably, PGN was established to fund global public goods, generating revenue through sequencer fees and redistributing those funds back into public goods ecosystems. PGN launched its mainnet in July 2023, and Gitcoin Grants 18 went live on the Public Goods Network in August 2023.
