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Blast under scrutiny for alleged 'extraction' for shutting down after BLUR price tanked by +90%.
Ethereum Layer 2 Blast will shut down operations by the end of October, citing challenging operational costs. In an X post, the team said they didn’t see a “credible path” to make the chain economically sustainable.
The economics of operating the chain no longer make sense: the ongoing costs of maintaining Blast exceed the revenue generated by the L2. Users are expected to withdraw their assets from Blast to the Ethereum mainnet.
Additionally, for the asset still locked up in Lido, the team said they will need one week to withdraw and make the funds available. Reacting to the same, Blast founder Tieshun Roquerre, who goes by “Pacman” on X, said he was “disappointed” with the shutdown. I’m disappointed that we weren’t able to make the chain sustainable over the long term.
But I’m grateful to the users, developers, and teams who helped give Blast its moment, even if its run was shorter than we had hoped. A quick spot check showed the chain had flat cumulative revenues from early 2025. Simply put, data showed no meaningful revenue was generated in nearly two years.from $2.4 billion to $32 million since mid-2024. , CoinEX, and others shut down, citing competition, overwhelming compliance costs, and falling revenues.
The final deadline for withdrawals will be on the 26th of October. Afterward, any stranded Blast assets will only become withdrawable via the Ethereum mainnet. Unfortunately, Blast’s shutdown has triggered community backlash against the project and the founder.mainnet without the L2 app is fairly complicated and technical for average retail users. Besides, some notable venture capital firms and analysts said the project was “slow rug” and “extractive.
” One user said,$BLUR bags during the staking program, they slow rugged. For his part, Mike Dudas, founder of VC firm 6th Man Ventures,Pacman, one of the greatest extractors of all time between Blast and Blur. Cut and ran, didn’t have the balls to show his face, absolute disgrace, and those who backed him never called him to account either. It remains to be seen whether retail users will be allowed to withdraw everything without going through the Ethereum mainnet. The community alleged the project and the founder were “extractive. ”
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