Blast Layer-2 Network Winds Down Amid Unsurvivable Costs

Blast, an Ethereum layer-2 network, has announced it will be winding down its operations. The decision was made due to the network's operating costs surpassing revenue, making it economically unsustainable.

The team behind Blast sees no credible path to making the network sustainable in the current state. As a result, users have been given until October 26 to move their assets from the layer-2 network to Ethereum mainnet through the regular interface.

Assets held on Blast's bridge will remain recoverable after the deadline, but users will need to interact directly with Blast's bridge contracts on Ethereum. The team plans to publish instructions for this process before October 26.

The pause in withdrawals is expected to last about a week while Blast withdraws assets held through Lido. Withdrawals are then expected to resume with a 24-hour delay.