Blast Shuts Down Ethereum Layer-2 Network Amid Unsustainable Operations

Blast, a Ethereum layer-2 network, announced it will shut down due to deteriorating profitability. The project, citing unsustainable operations, urged users to withdraw their assets by October 26. In a statement, Blast apologized to users and developers, stating that a safe and orderly shutdown would be its top priority.

The network's decision to shut down is attributed to the cost of maintaining the chain exceeding the revenue generated. Blast acknowledged that it failed to find a realistic path to economically sustainable operations. To facilitate withdrawals, the network will shorten the waiting period to 24 hours, but users will not be able to withdraw assets until the Lido asset recovery is complete.

Users are advised to transfer their balances held in the Blast web app (PWA) to the Ethereum mainnet. Withdrawals through Blast's existing interface will be supported until October 26. After that, users will need to interact directly with the Blast bridge smart contract on the Ethereum mainnet to withdraw assets.