Closure of Blest Network Due to Costs Exceeding Revenue

The Blest network, one of the largest layer two networks on Ethereum, has announced to its users that they should transfer their assets to the main Ethereum network. This network is shutting down due to operational costs surpassing its revenues. The development team stated in a post that they see no viable path to achieve economic sustainability and have asked users to withdraw their assets. Blest is reducing the withdrawal delay to 24 hours, but withdrawals will temporarily be unavailable, and this process is expected to take about a week. Users have until October 26 to withdraw their assets through the official Blest user interface. After this date, to withdraw assets, they will need to interact with Blest's bridge contracts on the Ethereum network. Blest was born during the NFT market boom and quickly became one of the competitors to OpenSea. However, the total value locked in this network has decreased by more than 98% from its peak of $2.2 billion in June 2024.

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