Blast to wind down Ethereum L2 after costs outpace revenue — SkimNews
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- Blast will reduce its withdrawal delay to 24 hours, though withdrawals are temporarily unavailable while it unwinds its Lido assets over about a week.
- Blast gave users until Oct. 26 to withdraw through its interface; after that cutoff, assets remain accessible only via direct interaction with Blast bridge contracts on Ethereum.
- Blast will publish instructions for direct bridge withdrawals ahead of the Oct. 26 deadline and urged users to move their assets to Ethereum mainnet before then.
- Blast's DeFi total value locked has fallen more than 98% since peaking at roughly $2.2 billion in June 2024, according to DeFiLlama data.
- Blast was unveiled by Tieshun "Pacman" Roquerre in November 2023 with native yield on ETH and stablecoins and a points program, attracting more than $2 billion in deposits before its February 2024 mainnet.
- Blur, the NFT marketplace also founded by Roquerre, saw its TVL decline from above $200 million at its early-2024 peak to about $27 million, reflecting a broader NFT market downturn.
Why it matters: Blast's 98%+ TVL collapse from a $2.2 billion June 2024 peak left it unable to sustain operations, and the Oct. 26 cutoff forces every user — including those holding through the points/airdop era — to either navigate Blast's interface or learn to interact with raw bridge contracts, a higher-friction exit that disadvantages less technical holders.
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