Key facts
- Ethereum layer-2 network Blast is shutting down due to unsustainable operating costs.
- Users must withdraw assets by October 26 via Blast's interface.
- Blast's DeFi total value locked has fallen more than 98% since its June 2024 peak.
- Blast was founded by Tieshun “Pacman” Roquerre, founder of NFT marketplace Blur.
- Blast secured a $20 million seed round co-led by Paradigm.
Ethereum layer-2 network Blast is shutting down after its operating costs exceeded the revenue generated by the chain, with the team citing no "credible path" to economic sustainability.
Users are urged to withdraw their assets to Ethereum mainnet by October 26 through Blast's interface. After this date, withdrawals will require direct interaction with Blast's bridge contracts on Ethereum. Withdrawals will be temporarily unavailable for about a week while Blast unwinds its assets from the Lido liquid staking protocol, after which the delay will be reduced to 24 hours.
Launched in November 2023 by Tieshun “Pacman” Roquerre, the founder of NFT marketplace Blur, Blast attracted over $2 billion in deposits before its mainnet launch in February 2024 by offering native yield on Ether and stablecoins and a points program tied to an anticipated token airdrop. The network's total value locked has since fallen more than 98% from its June 2024 peak of roughly $2.2 billion, according to DeFiLlama data.
Blast secured a $20 million seed round co-led by Paradigm. The network experienced a brief halt in block production following Ethereum's Dencun upgrade in March 2024, and a June airdrop reportedly disappointed many users.