Blast Layer-2 Network Shuts Down Amid Unsustainable Economics
Blast, an Ethereum layer-2 network that offered yield on Ether and stablecoins, is shutting down due to unsustainable economics. The team said they see no 'credible path' to keeping the chain financially viable and urged users to withdraw their assets to Ethereum mainnet by October 26.
The Blast team attributed the decision to costs exceeding revenue, citing an imbalance between expenses and income. As a result, withdrawal delays will be reduced to 24 hours, but withdrawals will be paused temporarily during the process of unwinding Lido-related assets over about a week.
Users who plan to move funds must withdraw through Blast's interface before October 26. After that date, funds will remain accessible, but withdrawing will require interacting with Blast's bridge contracts on Ethereum directly.