Ethereum · The Block
The project now has a little over $32 million in total value locked, according to DeFiLlama
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"The Block launched Blast with the goal of building a self-sustaining chain for users and developers.
Key facts
- The project now has a little over $32 million in total value locked, according to DeFiLlama, down sharply from more than $2 billion in TVL ahead of its February 2024 mainnet launch
- Blast went live in November 2023 following a $20 million funding round led by Paradigm and Standard Crypto
- The BLAST token fell 17% on Friday, reducing its market capitalization to around $23 million
- Ethereum Layer 2 Blast said it will wind down its network because operating costs exceed revenue and it sees no credible path to economic sustainability
Summary
Ethereum Layer 2 Blast said it will wind down its network because operating costs exceed revenue and it sees no credible path to economic sustainability. The project now has a little over $32 million in total value locked, according to DeFiLlama, down sharply from more than $2 billion in TVL ahead of its February 2024 mainnet launch. Blast aimed to provide native yield for ETH and stablecoins, with returns generated through ETH staking and real-world asset protocols and automatically distributed to users. The project is asking users to withdraw their assets to Ethereum mainnet.