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Blast to shut down after Ethereum layer-2 assets plunge 98%
The layer-2 told users to withdraw funds to Ethereum mainnet before Oct. 26, citing costs that now exceed its revenue.
Blast, an Ethereum layer-2 that previously held more than $2 billion in crypto assets, is shutting down after its activity faded and assets fell about 98%, according to CoinDesk and Decrypt.
Decrypt reports Blast said operating costs now exceed the revenue it generates, a shift it cited as part of the decision.
Blast also asked users to withdraw their assets to Ethereum mainnet before Oct. 26, the outlet reported. It noted that larger platforms like Coinbase and Robinhood have been building their own networks.
Latest closeEthereum $2,664.06 ▼1.5%
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