Ethereum Network Blast Is Shutting Down: Who Controls Users' Last $51 Million?
Blast is shutting down its Ethereum layer-2 network after assets on it fell from more than $2 billion in June 2024 to about $32 million. Users can still withdraw through the network’s interface until Oct. 26, and the BLAST token moved down 19% after the shutdown news. The team said the chain’s operating costs now exceed what it earns, and one report adds that the network held $2.24 billion in June 2024 while generating $110 in chain revenue in the past day.
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Blast users and depositors are the group most directly affected today because the network is shutting down and withdrawals stay open only through Oct. 26. Anyone still holding assets on the chain now has a limited window to move them through Blast’s interface.
In practice, the network stops operating as a live Ethereum layer-2 after the shutdown announcement, while the withdrawal interface remains available for a set period. The deposit interest and token-reward setup described earlier no longer changes that timeline, even though those features were part of how the network drew activity.
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Where this sits in the Ethereum series
| When | What happened | Figure |
|---|---|---|
| 1.0 years ago | ETH a 4.245 $ high | today it sits -43.0 % from there |
| 4 months ago | ETH a 1.566 $ low | today it sits +54.5 % from there |
From what we have stored, starting 1.0 years ago.
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