Blast Shuts Down Ethereum Layer 2 Network Amid Revenue Plunge

Blast, an Ethereum layer 2 network, is shutting down due to operating costs exceeding revenue. The decision was made after network activity plummeted, with revenue dropping from $3.5 million in June 2024 to just $1,793 last month.

The network's total value locked (TVL) peaked at over $2 billion in June 2024 but has since fallen to around $65 million, according to Crypto Briefing. The Blast interface will be available for users to withdraw their assets until October 26, after which withdrawals will require direct interaction with bridge contracts.

The shutdown leaves an estimated $63.5 million in the network's canonical bridge. The future treatment of the BLAST token remains unclear, and its market value has fallen by 19% following the announcement.