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[TECHNOLOGY] · South Korea · 14 sources

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Part of situation: Blast Ethereum Layer 2 network shutdown (2 clusters)

Blast Ethereum Layer 2 network announces shutdown due to high costs

Blast network shutdown Ethereum Layer 2 BLAST token crash cryptocurrency liquidity Lido asset unwinding

Blast, an Ethereum Layer 2 network, has announced it will shut down operations because the costs of maintaining the chain exceed the revenue it generates. The project team stated they see no credible path to economic sustainability.

Total Value Locked (TVL) in the network has plummeted from a peak of over $2 billion in June 2024 to approximately $32 million. Following the announcement, the native BLAST token experienced a significant price drop, falling roughly 99% from its historical high.

The shutdown process includes a temporary pause in withdrawals for about one week to allow for the unwinding of assets held in Lido. Users are urged to withdraw their assets to the Ethereum mainnet through the standard Blast interface by October 26, 2026. After this deadline, users will be required to interact directly with Blast's bridge contracts on the Ethereum mainnet to recover funds.

In response to the news, the South Korean exchange Upbit has placed BLAST on a trading alert list and suspended deposits for its trading pairs to protect investors.

Entities

BLASt · Ethereum · Lido · Paradigm · Tieshun Roquerre · Upbit

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

曾鎖倉 22 億美元的 Ethereum L2 倒了！Blast 宣布關閉，TVL 暴跌 98% 只剩 3,200 萬美元 [blockcast.it]
Ethereum-netwerk Blast stopt: gebruikers moeten crypto verplaatsen [newsbit.nl]
Definitivní konec známé krypto sítě: Její token se propadl o více než 90 % [finex.cz]
Monero FCMP++: Testnetz-Fork am 5. Oktober [cryptoticker.io]
BLAST-Token minus 98 Prozent: Layer-2 Blast stellt Betrieb ein – Block-Builders. de [block-builders.de]
Blast L2 shuts down and sets an October 26 exit date [mycryptoparadise.com]
Blast anuncia encerramento após queda de 98% do token [www.spacemoney.com.br]
BREAKING: Another Blow to the Altcoin That Announced It Would Shut Down—This Time from South Korea - It Has Been Added to the Warning List [en.bitcoinsistemi.com]
'Costs exceed revenue’- Ethereum L2 network Blast to shut in October [ambcrypto.com]
Blast Shuts Down After $2B Peak Fades, Urges Users to Withdraw Before Oct. 26 [www.cryptoninjas.net]
Blast Announces Shutdown With October 26 Withdrawal Deadline [coinedition.com]
Blast shuts down $20M layer-2 network, forcing Oct. 26 exit deadline [cryptoslate.com]
Ethereum Layer 2 Network Blast to Shut Down After Revenue Collapse [news.bitcoin.com]
Why Did Blast Decide to Wind Down Its L2? [coinpedia.org]