Ethereum · CryptoSlate
Blast shuts down $20 million layer-2 network, forcing Oct. 26 exit deadline
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Ethereum layer-2 network built around native yield Blast said on Oct. 2 that it will shut down because maintaining the chain costs more than it earns.
Key facts
- The decision comes nearly three years after Blast disclosed $20 million in funding from Paradigm and Standard Crypto on Nov. 20, 2023
- Ethereum layer-2 network built around native yield Blast said on Oct. 2 that it will shut down because maintaining the chain costs more than it earns
- The project asked users to move their assets to Ethereum mainnet by Oct. 26 to withdraw through its normal interface
- User withdrawals will be temporarily unavailable during the unwind, even after the network reduces its withdrawal delay to 24 hours
Summary
01 Blast will wind down its Ethereum layer-2 after saying maintenance costs exceed the revenue it generates. 02 Withdrawals will pause during a Lido unwind expected to take about a week, then reopen with a 24-hour delay. 03 Normal-interface withdrawals end Oct. 26, and Blast says assets remain recoverable afterward through its Ethereum mainnet bridge contracts. The project asked users to move their assets to Ethereum mainnet by Oct. 26 to withdraw through its normal interface.