Blast to Shut Down After Raising $20 Million From Paradigm and Others in 2023Ethereum Layer 2 network Blast announced th | Hanami
Blast to Shut Down After Raising $20 Million From Paradigm and Others in 2023
Ethereum Layer 2 network Blast announced that it will shut down, saying the ongoing cost of maintaining the chain now exceeds the revenue generated by the L2 and that it sees no credible path to becoming economically sustainable. Users are being asked to withdraw assets to Ethereum mainnet by October 26, with the withdrawal delay set to be reduced to 24 hours. After that date, assets will remain withdrawable through Blast’s bridge contracts on Ethereum L1.
Blast launched in early access in November 2023 after raising $20 million from investors including Paradigm and Standard Crypto.