Blast Shuts Down Ethereum Layer-2 Network Amid Financial Woes

Blast's Ethereum layer-2 network is shutting down due to financial difficulties. The total value locked in the network fell by about 98% from a peak of over $2 billion in June 2024, reaching only around $32 million currently.

The team behind Blast announced on October 2 that they plan to start withdrawing their Lido assets first, a process expected to take approximately one week. During this period, withdrawals will be temporarily unavailable, although the withdrawal delay has been reduced to 24 hours.

Users can withdraw through Blast's interface until October 26, after which they will need to interact directly with the network's bridge contracts on Ethereum.