BLAST Token Plummets 44% as Ethereum Layer 2 Network Announces Shutdown
The BLAST token, native to the Ethereum scaling network Blast, plummeted by over 44% within 24 hours after the project announced it would be shutting down its network. The team cited ongoing costs that exceed the revenue the chain generates.
The wind-down was announced on October 2, 2026, at 14:45 UTC. Blast, an Ethereum Layer 2 (L2) network, processes transactions away from the Ethereum mainnet, posting the resulting data back to it, which is meant to lower fees and speed up transactions.
The network was created by Tieshun 'Pacman' Roquerre, co-founder of the NFT marketplace Blur. The project raised $20 million in funding led by Paradigm and Standard Crypto, as announced in November 2023. The BLAST token traded at $0.0002242 at the time of writing, down 44.5% over 24 hours, according to CoinGecko.