BLAST Shuts Down Amid Unprecedented 98% Token Collapse

Blast, an Ethereum layer-2 network, is shutting down after two years of operation due to unsustainable costs. The project's native token BLAST has fallen about 98% since launch.

The total value locked on Blast dropped from over $2 billion to just $32 million, while revenue plummeted from a peak of roughly $3.5 million in June 2024 to only $1,793 last month.

The team behind Blast cited ongoing costs exceeding revenue generated by the L2 as the reason for shutdown, stating 'the economics of operating the chain no longer make sense.'