The $ETH L2 Blast, which once surged to $2B+ TVL, was shut down by the official themselves.
It’s not a “transition narrative”—it doesn’t add up: maintenance costs outweigh L2 revenue, and there’s “no credible path to make the chain economy sustainable.” The Block / CoinDesk / Cointelegraph all cite the original text from its Friday X announcement.
Only the hard facts selected:
1️⃣ First, withdraw Lido assets; withdrawals paused for about a week
2️⃣ After resumption, withdrawal delays are pushed to 24h; before Oct 26, withdraw via the normal Blast interface and get back $ETH mainnet
3️⃣ After that, withdrawals are still possible, but you have to deal with the L1 bridge contract yourself
4️⃣ DeFiLlama: TVL fell from a peak of $2B+ to about $32M (~-98%)
$BLAST also got hammered on Friday (The Block reports about -17%). The L2 space is crowded—if cash flow doesn’t hold, you’ll get washed out—Paradigm backing can’t stop it either.
If you still have positions on-chain, don’t wait for a second reminder—sync your bridge / withdrawal window first. Not investment advice.
Source: Blast official X (as cited by The Block / CoinDesk / Cointelegraph); DeFiLlama TVL
It’s not a “transition narrative”—it doesn’t add up: maintenance costs outweigh L2 revenue, and there’s “no credible path to make the chain economy sustainable.” The Block / CoinDesk / Cointelegraph all cite the original text from its Friday X announcement.
Only the hard facts selected:
1️⃣ First, withdraw Lido assets; withdrawals paused for about a week
2️⃣ After resumption, withdrawal delays are pushed to 24h; before Oct 26, withdraw via the normal Blast interface and get back $ETH mainnet
3️⃣ After that, withdrawals are still possible, but you have to deal with the L1 bridge contract yourself
4️⃣ DeFiLlama: TVL fell from a peak of $2B+ to about $32M (~-98%)
$BLAST also got hammered on Friday (The Block reports about -17%). The L2 space is crowded—if cash flow doesn’t hold, you’ll get washed out—Paradigm backing can’t stop it either.
If you still have positions on-chain, don’t wait for a second reminder—sync your bridge / withdrawal window first. Not investment advice.
Source: Blast official X (as cited by The Block / CoinDesk / Cointelegraph); DeFiLlama TVL