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Following
ETH Ethereum Layer 2 Network Blast announced the shutdown due to higher operating costs than revenue.
Ethereum Layer 2 Network Blast announced that it would stop operating because operating costs exceeded the revenue generated on the chain. In a post posted on Platform X on Friday, Blast said it saw no "trusted path" to make the network economically sustainable and called on users to withdraw assets to the Ethereum main network.
The Blast team said: "Our goal in launching Blast is to build a self-sufficient chain for developers and users. Unfortunately, the economic model for running the chain no longer makes sense."
Source: Blast
Although the withdrawal function will be temporarily unavailable while Blast liquidates its Lido assets, which is expected to take about a week, the network has shortened the withdrawal delay to 24 hours. Users need to complete the withdrawal through the Blast interface before October 26. After that, assets can still be accessed, but users need to interact directly with the Blast bridge contract on Ethereum to withdraw money.
Blast said it will release operating guidelines for direct withdrawals through bridge contracts before the October 26 deadline and urged users to transfer assets to the Ethereum main network before then.
Related report: stablecoins can flow out of banks and countries at lightning speed
Blast was born in Blur's NFT craze
Blast was founded by Tieshun "Pacman" Roquerre, founder of NFT Market Blur. Blur, launched in October 2022, quickly challenged OpenSea by offering token incentives to professional traders. By the end of 2022, Blur's trading volume surpassed then-leader OpenSea, and further expanded its advantage in early 2023 with token airdrops and trader rewards.
Roquerre launched Blast in November 2023, a network that natively supports earnings from Ether (ETH) and stablecoins, and has a points plan linked to expected token airdrops. This strategy helped it attract more than $2 billion in deposits before its main online launch in February 2024.
Blast's total DeFi lockings have fallen by more than 98% since their peak in June 2024. Source: DefiLlama
However, with the overall downturn in the NFT market, Blast's growth is difficult to maintain. According to DefiLlama data, its DeFi total locked position (TVL) has continued to decline after reaching a high of approximately US$2.2 billion in June 2024, and has dropped more than 98% so far.
Blur has experienced a similar recession. Its total locked positions exceeded US$200 million at the beginning of 2024, and is currently only about US$27 million.
