Gitcoin-backed Public Goods Network, a Layer 2 solution on Ethereum, is winding down all operations within the next six months — targeting a complete shutdown by mid-2024.

"After a thorough assessment, it has decided to wind down PGN over the next 6 months – tentatively closing in June 2024," the project stated.

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 …