Today is the last day to withdraw through Blast’s official withdrawal page, and there’s still about $40.4 million sitting in the bridge.
When they announced the shutdown on October 2, there was $63.5 million. In 24 days, only a little over a third has been withdrawn. The rest is either forgotten, too small to be worth the hassle, or sitting in wallets from people who farmed points back then and have long since moved on.
Honestly, this chain was a points farming scheme from start to finish. At its peak, more than $2 billion was locked up. How many people were really there for the chain itself? Everyone bought into the “native yield + points + airdrop” story. Once the story ended, the money and users left together. The official explanation was pretty candid too: operating costs exceeded revenue, and they couldn’t see a sustainable path forward.
So stop saying “TVL proves demand.” TVL built on incentives looks like this as soon as the incentives stop.
If you still have funds in there, withdraw through the website today. It takes about a day. After today, you’ll have to interact with the bridge contract on Ethereum yourself, submit a proof, and then wait another day. For beginners, the barrier to entry is now sky-high.
When the next L2 comes along offering points in exchange for locking up your funds, remember Blast first.
#Blast #L2
When they announced the shutdown on October 2, there was $63.5 million. In 24 days, only a little over a third has been withdrawn. The rest is either forgotten, too small to be worth the hassle, or sitting in wallets from people who farmed points back then and have long since moved on.
Honestly, this chain was a points farming scheme from start to finish. At its peak, more than $2 billion was locked up. How many people were really there for the chain itself? Everyone bought into the “native yield + points + airdrop” story. Once the story ended, the money and users left together. The official explanation was pretty candid too: operating costs exceeded revenue, and they couldn’t see a sustainable path forward.
So stop saying “TVL proves demand.” TVL built on incentives looks like this as soon as the incentives stop.
If you still have funds in there, withdraw through the website today. It takes about a day. After today, you’ll have to interact with the bridge contract on Ethereum yourself, submit a proof, and then wait another day. For beginners, the barrier to entry is now sky-high.
When the next L2 comes along offering points in exchange for locking up your funds, remember Blast first.
#Blast #L2
