Silicon Ethereum Layer 2 Network Shuts Down with $9.75M Still On-Chain
Ethereum layer 2 network Silicon is shutting down, leaving nearly $10 million in assets still on-chain. The closure of the non-custodial service will begin a withdrawal period from September 2 to December 31. Users have until year-end to exit their funds, but those who fail to do so will lose access to their assets.
Silicon was built with Polygon CDK and connected to Agglayer, closely integrated with Korbit, one of South Korea's major crypto exchanges. The network aimed to connect Korean centralized-exchange users with Ethereum's on-chain economy through its Web3 Wallet.
According to data from L2Beat, Silicon held approximately $9.75 million in assets at the time of shutdown, led by USDC ($2.66 million), WBTC ($2.54 million), ETH ($2.08 million), and USDT ($1.85 million). Users with externally-held funds will need to initiate a withdrawal, complete the required finalization, and keep enough ETH for gas before the cutoff.