Once a $2 billion Ethereum layer-2, Blast is shutting down after assets plunge 98%
Once home to more than $2 billion in crypto assets, Blast is shutting down as activity fades, costs rise, and bigger platforms like Coinbase and Robinhood build networks of their own.
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Summary
- Blast said it will shut down after concluding that its Ethereum layer-2 network no longer makes economic sense to operate.
- The closure points to consolidation among blockchains as security costs rise and platforms such as Coinbase and Robinhood build their own networks.
- Blast activity has dried up after its speculative peak, with assets on the network falling 98% from $2.2 billion in June 2024.
