Blast, once one of the most talked-about layer-2 projects in the Ethereum ecosystem, has decided to cease operations. The project team stated that the network’s maintenance and operating cost
Blast, once one of the most talked-about layer-2 projects in the Ethereum ecosystem, has decided to cease operations. The project team stated that the network’s maintenance and operating costs exceeded its revenue, and that the current economic structure was unsustainable.
Users were asked to migrate their on-chain assets and PWA balances from Blast to the Ethereum mainnet. The withdrawal waittime, which is normally longer, was reduced to 24 hours as part of the closing process. However, withdrawals are temporarily unavailable while the team completes the withdrawal of Lido assets held on Blast. This phase is expected to last approximately one week.
Blast’s current user interface will remain open until October 26th. After this date, assets will not completely disappear, but withdrawals will only be possible through direct interaction with the Blast Bridge contract on Ethereum. The team stated that the necessary technical instructions will be released before the deadline.
Therefore, it is important for users holding assets on Blast to check their balances and open transactions without waiting until the last day.
This chart shows the recent drop in BLAST price.
*This is not investment advice.
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