Layer 2 network Blast said it will cease operations, citing an economic model that no longer works. The team said the ongoing cost of maintaining the network has exceeded the revenue generated by the L2, and it does not see a credible path to sustainable operations. Blast is asking users to withdraw on-chain assets and balances held in the Blast PWA back to the Ethereum mainnet. It also plans to reduce the withdrawal waiting period to 24 hours. Before reopening withdrawals, however, the team will first process the exit of Lido assets held by Blast, a step expected to take about one week. During that period, withdrawals will be temporarily unavailable. Users can complete withdrawals through Blast’s standard interface until Oct. 26. After that date, funds will still be recoverable, but users will need to interact directly with the Blast Bridge contract on Ethereum Layer 1. The team said it will publish detailed instructions before the deadline.
Layer 2 network Blast said it will shut down, stating that the ongoing cost of maintaining the network now exceeds the revenue generated by the L2. The team added that it does not see a credible path to making the operation economically sustainable.
Blast asked users to withdraw both on-chain assets and balances held in the Blast PWA to the Ethereum mainnet. It also said it plans to shorten the withdrawal waiting period to 24 hours.
Before that happens, the team will first handle the exit of Lido assets held by Blast. That process is expected to take about one week, and withdrawals will be temporarily unavailable during that time.
Withdrawal timeline
Users can withdraw through Blast’s regular interface until Oct. 26. After that, assets will still be withdrawable, but users will need to interact directly with the Blast Bridge contract on Ethereum Layer 1. The team said it will release detailed instructions before the deadline.
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