Silicon Network Shutdown Imminent: Users Face Deadline for Withdrawal
The Ethereum layer 2 network Silicon is shutting down on December 31st, leaving users with only four months to withdraw their assets before they become unrecoverable. The network had stopped accepting new bridge deposits and ended its operations on September 2nd.
Nearly $9.75 million in assets remain on the chain, led by USDC ($2.66 million), WBTC ($2.54 million), ETH ($2.08 million), and USDT ($1.85 million). However, withdrawal options vary depending on the type of token, with directly issued assets facing a harder route due to dwindling network liquidity.
Silicon's shutdown highlights pressures facing smaller Ethereum layer 2 networks, as consolidation continues in the scaling market. The network had sought to connect Korean centralized-exchange users with Ethereum's on-chain economy but will now cease operations and leave assets unrecoverable for those who fail to withdraw them before the deadline.