Blast Shuts Down Due to Worsening Profitability, Urges Users to Withdraw by Oct. 26
Ethereum layer-2 network Blast is shutting down due to worsening profitability, which has made it economically unsustainable to maintain the chain. The project's top priority is a safe and orderly wind-down, and users are being urged to move their assets to the Ethereum mainnet by Oct. 26.
Blast will temporarily suspend withdrawals for about a week while it retrieves assets deposited with Lido, after which a 24-hour withdrawal waiting period will apply. Users will need to withdraw assets by interacting directly with the Blast Bridge smart contract on the Ethereum mainnet after Oct. 26.
The Blast team apologized to users and developers for the shutdown, citing the cost of maintaining the chain exceeding the revenue generated by the L2 network. It will provide detailed instructions for withdrawing assets in advance, and users are urged to complete withdrawals before Oct. 26 if possible.