Blast is winding down its Ethereum Layer 2 after operating costs outpaced revenue, telling users to move assets to Ethereum mainnet. The once-major DeFi network says it sees no credible path to sustainability.

  • Blast’s DeFi TVL is down more than 98% from its June 2024 peak.
  • Withdrawals will have a 24-hour delay; they’ll pause temporarily while the team unwinds Lido assets, expected to take about a week.
  • Use Blast’s interface to withdraw by Oct. 26. After that, users must withdraw through the bridge contracts on Ethereum.

The shutdown is a hard reminder that incentives and headline deposits don’t guarantee durable demand. Withdraw early, and don’t wait for the deadline: the direct-contract route adds friction and risk.