Blast, an Ethereum layer-2 network, is winding down and shutting down its service after a sharp drop in value and reduced activity. Multiple reports say assets have fallen dramatically since the network peaked, with figures indicating a decline of about 98% from earlier levels.
The outlets report that Blast cites operating economics as a key reason. According to the network, its operating costs now exceed the revenue it generates from the layer-2. Decrypt and Cointelegraph also report that Blast asks users to withdraw their assets to the Ethereum mainnet before a specific deadline.
While the core explanation is consistent, outlets emphasize different context. CoinDesk highlights competition and ecosystem shifts, pointing to larger platforms such as Coinbase and Robinhood building their own networks. Cointelegraph and Decrypt focus more directly on the shutdown process and the financial rationale, including that Blast is urging users to move funds ahead of the planned discontinuation date. Overall, the reports agree on the shutdown announcement and the need for users to withdraw before the cutoff.
