Ethereum platform Blast is shutting down

00:00 Speaker A

Blast to shut down Ethereum Layer 2 sets October 26th withdrawal deadline. You guys remember Blast, don't you?

00:04 Speaker A

No, no. You don't remember Blast. But Blast was one of the very heavily hyped layer twos and that was largely because of a massive airdrop that they offered showing that these airdrop incentives don't generally mean long-term stickiness.

00:13 Speaker A

But Ethereum Layer 2s were all the rage there for quite a while before you had base and Robin Hood and ones people actually cared about.

00:19 Speaker A

But at one point assets on Blast were $2.2 billion. They have collapsed to 32 million. They say that their monthly revenue no longer covers their security budget and expenses. The Blast token has lost 98% of its launch value. Monthly network revenue fell from roughly 3.45 million at its peak

00:33 Speaker A

to $1,793.

00:37 Speaker A

Not million.

00:38 Speaker A

$1,793. So you guys may remember before Blast even launched,

00:42 Speaker A

users deposited more than $1.1 billion because they expected an airdrop. Then the airdrop came and all of those people left.