Ethereum
Ethereum Layer-2 Network Blast Announces Shutdown Due to Operating Costs
The Blast network is winding down operations after expenses outpaced revenue, prompting users to bridge their funds back to the Ethereum mainnet.
Ethereum layer-2 network Blast has announced plans to wind down operations after its operational costs outpaced the revenue generated by the chain. In a public statement on October 2, 2026, the team stated that it found no credible path to economic sustainability.
Blast has instructed users to withdraw their assets to the Ethereum mainnet. The network's standard withdrawal delay is being lowered to 24 hours, though withdrawals are subject to a temporary one-week pause while the network unwinds underlying Lido assets. Users can withdraw funds through the web interface until October 26, after which withdrawals will require direct interaction with bridge smart contracts on Ethereum.
Founded by Blur creator Tieshun "Pacman" Roquerre, Blast originally launched in November 2023, offering native yields on Ether and stablecoins. The platform reached more than $2 billion in deposits prior to its February 2024 mainnet debut and peaked at $2.2 billion in total value locked in June 2024. According to DefiLlama data, the chain's total value locked subsequently dropped by more than 98% alongside a downturn in the broader NFT ecosystem.
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