Blast Ethereum Layer 2 Network Shuts Down Amid Revenue Collapse

Blast, a former Ethereum Layer 2 network, is set to shut down later this month due to a significant decline in activity and revenue. The network, launched in early 2024 by Tieshun 'Pacman' Roquerre, the founder of NFT marketplace Blur, and backed by Paradigm, struggled to maintain traction in a crowded Layer 2 field. Blast failed to sustain the attention it garnered initially, and its native BLAST token has plummeted 99% in value since its peak in 2024. The network's revenue and key metrics have collapsed, with fee revenue falling from $3.66 million in June 2024 to just over $2,000 last month. Blast's co-founder Roquerre expressed disappointment but gratitude to users and developers who contributed to the network's brief success. Users are urged to withdraw their assets back to the Ethereum mainnet by October 26, after which transferring assets will be possible only via bridge contract interactions.