Layer 2 network Blast announces cessation of operations, users must withdraw assets to Ethereum mainnet before October 26.

BlockBeats news, October 2: Layer 2 network Blast has announced it will cease operations, as the ongoing cost of maintaining the network now exceeds the revenue generated by the L2, and the team believes there is no credible path to achieving economically sustainable operations.

Blast advises all users to withdraw on-chain assets and balances in the Blast PWA back to the Ethereum mainnet, and plans to shorten the withdrawal waiting time to 24 hours. However, the team will first handle the exit of Lido assets held by Blast, which is expected to take about a week, during which withdrawal functionality will be temporarily unavailable.

Users can complete withdrawals through Blast's regular interface before October 26. After that, assets can still be withdrawn, but this will require direct interaction with the Blast Bridge contract on Ethereum L1, and the team will publish specific instructions before the deadline.