Once a $2 billion Ethereum layer-2, Blast is shutting down after assets plunge 98%

Blast, an Ethereum layer-2 network previously valued between $2 billion and $2.3 billion, is shutting down. The decision follows a 98% plunge in assets, leaving operating costs higher than the revenue generated by the network. Consequently, Blast has instructed all users to withdraw their assets to the mainnet before the deadline of October 26. This closure marks the end of the network's operations due to unsustainable financial conditions and significant loss of value.