Blast Will Wind Down Its Ethereum Layer-2 Network

Blast is winding down its Ethereum layer-2 network after operating costs surpassed revenue, giving users until Oct. 26 to move their assets to Ethereum mainnet through the network’s regular interface.

The team said it sees no credible path to making the network economically sustainable. Withdrawals will pause for about a week while Blast withdraws assets held through Lido, then are expected to resume with a 24-hour delay.

Assets will remain recoverable after the deadline, but users will need to interact directly with Blast’s bridge contracts on Ethereum. The team plans to publish instructions for that process before Oct. 26.

Blast launched in November 2023 with built-in yield features for Ether and stablecoin balances. More than $2.3 billion was locked in its bridge by its February 2024 mainnet launch.