EL7.AI
CryptoMedium•2 October 2026•
1 min read

Blast Layer-2 Network to Shut Down After 98% TVL Plunge

Key Facts

1Blast, an Ethereum Layer-2 network, announced it is shutting down operations after assets plunged from $2 billion to approximately $32 million.
2Users are permitted to withdraw their funds through the network's interface until October 26, 2026.

Blast, an Ethereum Layer-2 network, announced it is shutting down operations after assets plunged from $2 billion to approximately $32 million. CoinDesk reported that the shutdown is driven by fading user activity, high costs, and intense competition from larger platforms. The project stated that the ongoing costs of maintaining the network now exceed the revenue generated, with no credible path to economic sustainability.

Users are permitted to withdraw their funds through the network's interface until October 26, 2026, according to TokenPost. After this date, withdrawals will require direct interaction with bridge contracts on the Ethereum mainnet. In equity markets, COIN closed at $189.29 on October 1, 2026, as the sector sees increased consolidation favoring networks with established distribution ecosystems like Coinbase's Base.