Blast to Shut Down as Profitability Worsens, Urges Asset Withdrawals by Oct. 26
Ethereum layer-2 network Blast is shutting down after worsening profitability eroded the viability of its operations. The project urged users to move their assets to the Ethereum mainnet by Oct. 26.Blast announced the shutdown in a post on its official X account on Oct. 2, saying the cost of maintaining the chain had exceeded the revenue generated by the L2 network and that it had been unable to find a realistic path to economically sustainable operations. It apologized to users and developers, adding that its top priority would be a safe and orderly wind-down.To facilitate withdrawals, Blast will shorten the waiting period to 24 hours. Before that, however, it will first complete the process of recovering assets it had deposited with Lido. Withdrawals will be temporarily suspended during that period, which is expected to last about a week. Even after the waiting period is reduced to 24 hours, users will not be able to withdraw assets until the recovery process is complete.Once the Lido asset recovery is complete, withdrawals will resume with a 24-hour waiting period. Balances held in the Blast web app, or progressive web app, must also be moved to the Ethereum mainnet.Withdrawals through Blast's existing interface will be supported until Oct. 26. After that, users will still be able to withdraw assets, but they will need to interact directly with the Blast Bridge smart contract on the Ethereum mainnet. Blast said it would provide detailed instructions in advance and urged users to complete withdrawals before Oct. 26 if possible.