$BLAST will be delisted from South Korea’s Upbit. Upbit announced this afternoon Beijing time that it will suspend trading of its KRW, BTC, and USDT pairs on the Monday after next.
BLAST is the token of Blast, an Ethereum Layer 2 network that initially promoted directly sharing ETH and stablecoin yields with users.
The background is that the Blast team announced earlier this month that it would shut down the network. They said operating costs had consistently exceeded on-chain revenue, and they could not see a path to making the network self-sustaining.
Upbit said the reason for the delisting was shortcomings in the project’s actual operations and sustainability. It first placed the token under a warning earlier this month, then reviewed it again, but the warning remained in place, so it decided to end trading.
Withdrawals are the main thing to watch. Upbit will stop withdrawals over the Blast network on Monday morning next week, then help users convert their tokens to the Ethereum mainnet version and allow withdrawals for 30 days.
Upbit also relayed the Blast team’s statement that any BLAST remaining on the Blast network when it shuts down will be burned in a single batch. So anyone who has already withdrawn tokens to their own wallet will need to use the official bridge to move them back to the Ethereum mainnet.
BLAST is the token of Blast, an Ethereum Layer 2 network that initially promoted directly sharing ETH and stablecoin yields with users.
The background is that the Blast team announced earlier this month that it would shut down the network. They said operating costs had consistently exceeded on-chain revenue, and they could not see a path to making the network self-sustaining.
Upbit said the reason for the delisting was shortcomings in the project’s actual operations and sustainability. It first placed the token under a warning earlier this month, then reviewed it again, but the warning remained in place, so it decided to end trading.
Withdrawals are the main thing to watch. Upbit will stop withdrawals over the Blast network on Monday morning next week, then help users convert their tokens to the Ethereum mainnet version and allow withdrawals for 30 days.
Upbit also relayed the Blast team’s statement that any BLAST remaining on the Blast network when it shuts down will be burned in a single batch. So anyone who has already withdrawn tokens to their own wallet will need to use the official bridge to move them back to the Ethereum mainnet.