Ethereum layer2 network Blast is shutting down.
According to recent reports by foreign media outlets including The Block, Blast said the cost of maintaining the network had exceeded the revenue it earns as a layer2, and that it had no realistic way to remain financially viable for the time being.
Blast asked users to move their assets to the Ethereum mainnet. It plans to cut the withdrawal waiting time to 24 hours.
Users can withdraw assets through the existing interface until Oct. 26. After that, they can still retrieve assets through the Blast bridge smart contract on Ethereum layer1.
Blast drew attention after raising $20 million from investors including Paradigm and Standard Crypto at its launch in November 2023, but it failed to show sustainability amid a downturn in the cryptocurrency market.
Chi-gyu Hwang
delight@d-today.co.kr