Ethereum Layer-2 Blast to Shut Down After Value Locked Drops Roughly 98%
Blast said maintenance costs have outpaced its revenue, and has asked users to move assets to Ethereum mainnet before October 26.
AfroEuropa Newsroom
AfroEuropa desk
Blast, an Ethereum layer-2 network, is winding down after more than two years in operation, citing costs that now exceed the revenue the blockchain brings in. The network said it found no credible route to making the project economically sustainable.
According to DeFiLlama data cited by BitKE, Blast's total value locked has fallen to about $32 million, down from a peak above $2.2 billion in June 2024, a drop of roughly 98%. Revenue from usage declined to about $1,793 in September 2026, compared with a peak of around $3.5 million in June 2024. The network's BLAST token fell nearly 50% after the shutdown announcement and is down about 98% from its launch.
Keep reading
Most Large UK Financial Firms Expect Tokenisation to Reshape the Sector: Lloyds Survey
A Lloyds survey of 100 senior executives found 71% expect tokenisation to transform financial services, with faster payments and settlement seen as the main benefit.
Other highlights
California Subpoenas OpenAI Over AI Models Linked to Hacking Incidents
California's attorney general has compelled OpenAI to hand over information about cybersecurity incidents involving its AI models, including a reported breach of Hugging Face.
Follow the story
One newsletter, two continents
The Bridge brings you the tech, startups, and leaders moving between Africa and Europe in one sharp email each morning. No spam, unsubscribe anytime.
