【In Depth | Blast, which once managed $2.2 billion, is officially shut down—an “L2 winter” parable】
Bybit has officially announced the delisting of $BLAST perpetual contracts (effective October 4). And just this morning, multiple media outlets confirmed that the Ethereum Layer2 Blast has officially been shut down. On-chain assets have crashed 98% from their peak value of $2.2 billion. The official reason is blunt: the cost of maintaining the network has exceeded its revenue.
Replaying the script: high-yield staking narrative to attract new users → user drop-off after the airdrop → token collapse → revenue dries up → shutdown and exit. This is almost the standard death process for the previous cycle’s “points mining”-style L2s.
Look at today’s market instead: $BTC breaks above $86,000 and pushes toward $87,000. Over the past 24 hours, short liquidations have exceeded $120 million. BlackRock’s IBIT bought another $196 million worth of BTC yesterday, and net purchases over the past month have already reached $1.57 billion. The SEC has also approved the first batch of 3x leveraged BTC/ETH ETPs. Money is embracing top-tier assets while ruthlessly discarding fake-demand infrastructure.
The takeaway is clear: in this bull run, the logic for survival isn’t “issuing tokens,” but real cash flow. Choose infrastructure by revenue, and choose assets by buy-side demand.
NFA | DYOR
#比特币 #以太坊 #Layer2 #Blast #BTC
Bybit has officially announced the delisting of $BLAST perpetual contracts (effective October 4). And just this morning, multiple media outlets confirmed that the Ethereum Layer2 Blast has officially been shut down. On-chain assets have crashed 98% from their peak value of $2.2 billion. The official reason is blunt: the cost of maintaining the network has exceeded its revenue.
Replaying the script: high-yield staking narrative to attract new users → user drop-off after the airdrop → token collapse → revenue dries up → shutdown and exit. This is almost the standard death process for the previous cycle’s “points mining”-style L2s.
Look at today’s market instead: $BTC breaks above $86,000 and pushes toward $87,000. Over the past 24 hours, short liquidations have exceeded $120 million. BlackRock’s IBIT bought another $196 million worth of BTC yesterday, and net purchases over the past month have already reached $1.57 billion. The SEC has also approved the first batch of 3x leveraged BTC/ETH ETPs. Money is embracing top-tier assets while ruthlessly discarding fake-demand infrastructure.
The takeaway is clear: in this bull run, the logic for survival isn’t “issuing tokens,” but real cash flow. Choose infrastructure by revenue, and choose assets by buy-side demand.
NFA | DYOR
#比特币 #以太坊 #Layer2 #Blast #BTC