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Blast will shut down its Ethereum layer-2 by Oct. 26

Blast says it plans an asset withdrawal process that will temporarily interrupt users’ ability to exit, citing unsustainable operating economics.

Reported · Written up by our desk · Market Structure

Blast, an Ethereum layer-2 network built around native yield, said on Oct. 2 that it will shut down because the cost of maintaining the chain exceeds what it earns.

The project asked users to move assets to the Ethereum mainnet by Oct. 26 to withdraw through Blast’s normal interface, and said there is no credible path to making the network economically sustainable.

Blast plans to wind down the chain through an asset withdrawal process that will temporarily interrupt users’ ability to exit.

The decision comes about three years after Blast disclosed $20 million in funding from Paradigm and Standard Crypto on Nov. 20, 2023, after which it opened early access in November and planned a mainnet launch for February 2024.

Latest closeEthereum $2,665.53 ▼1.5%

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