The Ethereum-based L2 network Blast is shutting down operations as maintenance costs now exceed revenue. The development team stated that the project is no longer economically viable and lacks a clear path to financial sustainability. Users are advised to bridge their assets back to the Ethereum mainnet by October 26.
The project, founded by the creator of the Blur NFT marketplace known as Pacman, launched in November 2023. At its peak in June 2024, the network's total value locked (TVL) exceeded $2.2 billion. By early October 2026, the TVL had dropped to approximately $32 million, representing a decline of more than 98%.
Revenue for the network also saw a sharp decline, falling from $3.5 million in June 2024 to $6,532 in the final month of operation. Following the closure announcement, the native token BLAST dropped 41% to $0.00024. The current market capitalization stands at $16.9 million, down from a peak of approximately $468.2 million.
