Blast L2 is officially dead.
The team just announced they're shutting down after admitting the network bleeds more money than it makes. No credible path to sustainability.
Users have until October 26 to bridge assets back to Ethereum mainnet. Withdrawal delay dropping to 24 hours, but first they need ~1 week to unwind Lido positions.
After Oct 26, you'll need to manually interact with bridge contracts on Ethereum if you haven't moved your funds.
The collapse:
- Launched Feb 2024 with $2B+ in deposits pre-mainnet
- Now sitting at $65M TVL
- $BLAST down 98% from ATH
- Another yield narrative that couldn't sustain itself
Pacman's second major project, first was Blur. This one attracted massive hype with native yield on ETH and stables, but the economics never worked.
If you're still on Blast, get your assets out. Clock is ticking.
The team just announced they're shutting down after admitting the network bleeds more money than it makes. No credible path to sustainability.
Users have until October 26 to bridge assets back to Ethereum mainnet. Withdrawal delay dropping to 24 hours, but first they need ~1 week to unwind Lido positions.
After Oct 26, you'll need to manually interact with bridge contracts on Ethereum if you haven't moved your funds.
The collapse:
- Launched Feb 2024 with $2B+ in deposits pre-mainnet
- Now sitting at $65M TVL
- $BLAST down 98% from ATH
- Another yield narrative that couldn't sustain itself
Pacman's second major project, first was Blur. This one attracted massive hype with native yield on ETH and stables, but the economics never worked.
If you're still on Blast, get your assets out. Clock is ticking.