Blast Layer-2 Project Shuts Down Amid Unsustainable Economics

The layer-2 project Blast has ceased operations due to unsustainable economic conditions. According to the team, maintenance and operating costs exceeded revenue. Users were asked to migrate their on-chain assets and PWA balances from Blast to the Ethereum mainnet. The withdrawal waittime was reduced to 24 hours as part of the closing process.

The team is currently completing the withdrawal of Lido assets held on Blast, which is expected to last approximately one week. After this date, withdrawals will only be possible through direct interaction with the Blast Bridge contract on Ethereum. The necessary technical instructions will be released before October 26th, when the current user interface will close.

The price of BLAST has plummeted recently. This chart shows the drop in value.