Blast to Shut Down Ethereum Layer-2 Network, Urges Asset Withdrawals by Oct. 26
Ethereum layer-2 network Blast will shut down after deteriorating profitability made operations unsustainable. The project urged users to move their assets to the Ethereum mainnet by Oct. 26.Blast announced the decision on its official X account on Oct. 2, saying the cost of maintaining the chain had exceeded the revenue generated by the layer-2 network and that it had failed to find a realistic path to economically sustainable operations. It also apologized to users and developers, adding that a safe and orderly shutdown would be its top priority.To facilitate withdrawals, Blast will shorten the waiting period to 24 hours. First, however, it must recover assets deposited with Lido. Withdrawals will be temporarily suspended during that process, which is expected to take about a week. Even after the waiting period is cut to 24 hours, users will not be able to withdraw assets until the recovery process is complete.Once the Lido asset recovery is completed, withdrawals will resume with a 24-hour waiting period. Balances held in the Blast web app (PWA) must also be transferred 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 will provide detailed instructions in advance and urged users to complete withdrawals before Oct. 26 if possible.