Ethereum-based Blast chain shuts down as operating 'no longer makes sense'
Summary
Ethereum layer-2 network Blast is shutting down after declining usage made operating costs exceed revenue, with no credible path to sustainability, the team said. Its token fell 19% after the announcement and is about 98% below launch. Blast attracted more than $1.1 billion in deposits before launching in 2024, but its total value locked has dropped from a peak above $2 billion to $32 million, while monthly network revenue fell from roughly $3.5 million to $1,793. The closure comes amid tougher competition from larger platforms’ layer-2 networks. Users can withdraw assets to Ethereum through Blast’s interface until Oct. 26; afterward, they must use bridge contracts directly.
