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ZEC $1,363 Blast to shut down Layer 2 network as costs exceed revenue
Blast says network costs now outpace revenue, giving users until Oct. 26, 2026 to withdraw through its usual interface.
Key takeaways
- Deadline is Oct. 26. Users have until Oct. 26, 2026 to withdraw through Blast's regular interface.
- Peak bridge value. More than $2.3 billion was locked in Blast's bridge by the February 2024 mainnet launch.
- Airdrop was $354 million. Blast's June 2024 airdrop set aside $354 million worth of BLAST tokens for users.
What happened
Blast said on Oct. 2 that it will wind down its Ethereum layer-2 network. The team said maintaining the chain costs more than it earns and that it sees no credible path to making it economically sustainable.
Users are asked to move assets back to Ethereum mainnet, including balances in the Blast PWA. Withdrawals through the normal interface close on Oct. 26, 2026.
Withdrawals will pause for about a week while the team pulls Blast's Lido assets out. The team plans to cut the withdrawal delay to 24 hours, but the shorter delay will not open withdrawals while the Lido process runs.
After the deadline, funds stay withdrawable only by interacting directly with Blast's bridge contracts on Ethereum. The team said it will publish instructions before Oct. 26.
Why it matters
Blast launched in November 2023 by the team behind NFT marketplace Blur. Paradigm co-led its $20 million seed round, and the network pitched automatic yield on ETH and stablecoin balances.
More than $1.1 billion was deposited before the network went live, and more than $2.3 billion was locked in its bridge by the February 2024 mainnet launch.
The June 2024 airdrop set aside $354 million worth of BLAST tokens for users. By then, total value locked had already slid about 30% from its peak.
Other layer-2 networks are also closing. Zerion said it would wind down Zero Network, and Silicon Network stopped accepting deposits Sept. 2 with about $9.75 million still on the chain.
What the data shows
Blast's bridge held more than $2.3 billion at its February 2024 peak.
The June 2024 airdrop set aside $354 million in BLAST tokens, and total value locked had fallen about 30% from the peak by then.
Silicon Network still has about $9.75 million on its chain, according to L2Beat data.
Background
Blast launched in November 2023 by the team behind NFT marketplace Blur, with Paradigm co-leading a $20 million seed round.
In May 2025, Blast ended its Safe integration, citing third-party risk and usability as it prepared its own multisignature wallet.
CoinEx said it will close Dec. 22, joining BitMEX and BitMart in a wave of exchange shutdowns this year.
Questions readers ask
When is the Blast withdrawal deadline?
Oct. 26, 2026 is the last day to withdraw through Blast's normal interface. After that, assets remain withdrawable through bridge contracts on Ethereum mainnet.
Why is Blast shutting down?
The team said network maintenance costs exceed revenue and that it sees no credible path to sustainable operations.
How long will Blast withdrawals pause?
Withdrawals pause for approximately one week while the team withdraws Blast's Lido assets.
What happens to funds after Oct. 26?
Assets remain withdrawable through direct interaction with Blast's bridge contracts on Ethereum Layer 1.
