Once a $2.3 Billion Network, Ethereum Layer-2 Blast Is Shutting Down

In brief

• Blast, the Paradigm-backed Ethereum layer-2, is shutting down, saying it costs more to run than it earns and has no credible path to sustainability.
• Users have until Oct. 26 to withdraw through Blast's interface. After that, funds remain reachable only through its bridge contracts on Ethereum.
• Once holding more than $2.3 billion, Blast joins Zero Network and Silicon Network among Ethereum layer-2s winding down this year.

Blast, the Ethereum layer-2 network that once drew billions of dollars with promises of built-in yield and airdrops, is calling it quits.

The team said Friday on X that maintaining the network now costs more than it earns, and that it sees no credible path to making the chain economically sustainable. "As a result, we've made the difficult decision to wind Blast down," the team wrote.

Users are being asked to move their assets back to Ethereum's mainnet, including balances held in Blast's PWA, or progressive web app. Blast said it will cut its withdrawal delay to 24 hours, but withdrawals will first pause for about a week while it pulls the network's assets out of Lido, a liquid staking protocol.

Users have until Oct. 26 to withdraw through Blast's regular interface. After that, funds will remain withdrawable, but only by interacting directly with Blast's bridge contracts on Ethereum. Blast said it will publish instructions before then.