Ethereum
Blast Network Prepares to Wind Down as Revenue Drops and Users Move to Withdraw $51 Million
The layer-2 project Blast is closing after daily revenue dropped to $110, prompting withdrawals of approximately $51 million remaining in its bridge.
The Ethereum layer-2 network Blast is winding down operations after operating expenses surpassed protocol revenue. Following the announcement by founder Tieshun Roquerre, the BLAST token dropped 19%. Daily network revenue had fallen to roughly $110, while total value locked dropped to $32.3 million from a peak of $2.24 billion recorded in June 2024, representing an approximately 99% decline according to DefiLlama data.
According to L2BEAT, approximately $51 million in bridged assets remains in Blast's contracts, including $46.6 million in Ether staked through Lido. Because the protocol must unstake these funds, withdrawals will pause for about a week before the processing window is shortened from seven days to 24 hours. Users have until October 26 to access their funds via the standard application interface, after which withdrawals will require direct interaction with the underlying bridge contracts on Ethereum.
L2BEAT noted architectural risks surrounding the remaining funds, indicating that the bridge contracts are governed by five keyholders, with any three authorized to make immediate modifications or halt withdrawals. The analysis also highlighted that Blast's fraud-proof mechanism was never fully operational, creating technical design vulnerabilities, though the report did not allege any improper handling of user assets.
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