Ethereum Layer-2 Blast Is Shutting Down: Withdraw Before October 26

Ethereum layer-2 network Blast is winding down, saying its operating costs now exceed the revenue the network generates. Users have been asked to withdraw their assets to Ethereum mainnet before October 26, according to reports from The Block and Decrypt.

What happened

Blast announced on October 2 that it will shut down. The Block and Decrypt both report that users have until October 26 to withdraw through the Blast app. Cointelegraph reports that Blast is urging users to move their assets to mainnet ahead of the shutdown.

At its peak Blast held more than $2 billion in crypto assets. CoinDesk reports that assets on the network have since fallen by about 98% as activity faded, costs rose and larger companies such as Coinbase and Robinhood built networks of their own. The Block describes Blast as Paradigm-backed.

What to do if you still hold funds on Blast

• Withdraw well before the deadline. Don't wait for the final days, when congestion and support queues tend to grow.
• Use only official links. Shutdowns attract phishing sites that copy a project's withdrawal page. Read our guide to fake bridge websites before you connect a wallet anywhere.
• Nobody needs your seed phrase to help you withdraw. Messages offering "assisted withdrawals" are scams.
• Check what is actually on the network. Tokens that only exist on Blast may have little or no liquidity elsewhere once it closes.

Why it matters

Blast's closure shows that layer-2 networks are businesses with running costs. When usage falls, a network can close, and users are responsible for moving their funds in time. Before you bridge assets to any smaller network, check how withdrawals work and what happens if the operator shuts down. You can follow live Ethereum prices on Certified Crypto Market.

Sources

• Paradigm-backed Layer 2 Blast to wind down network as costs exceed revenue — The Block
• Once a $2.3 Billion Network, Ethereum Layer-2 Blast Is Shutting Down — Decrypt
• Once a $2 billion Ethereum layer-2, Blast is shutting down after assets plunge 98% — CoinDesk
• Blast to wind down Ethereum L2 after costs outpace revenue — Cointelegraph