Blast Shuts Down Ethereum Layer Network After Economic Unviability

According to CoinDesk, Blast said it will shut down after concluding that its Ethereum layer-2 network no longer makes economic sense to operate. Decrypt adds that operating costs now exceed the revenue generated by the network, leading to the decision. Source Source

The platform’s decline is reflected in data showing a dramatic loss of assets and fading activity. CoinDesk reports that assets on the network fell 98% from $2.2 billion in June 2024, and that the native token, BLAST, fell 19% after the announcement, extending a steep decline since its debut. Source

Users were informed that withdrawal delays would be reduced to 24 hours, with Blast asking users to withdraw their assets to mainnet before Oct. 26. Source