Ethereum Layer-2 Network Blast Shuts Down After Assets Drop 98%
(2 hours ago) · 2 sources · Summarized by CryptoBipto
Blast, an Ethereum layer-2 network that once held over $2 billion in assets, is shutting down after its total value locked plunged by 98%. The network, which had attracted significant attention during its launch, saw a dramatic decline in user activity and deposited funds over time.
WHY IT MATTERS
Think of a layer-2 network like an express lane built on top of a highway (Ethereum). It is supposed to help traffic move faster and cost less. Blast was one of these express lanes, and at one point people had parked about $2 billion worth of crypto assets on it. But nearly all of that money left, and now the project is closing down. For anyone new to crypto, this is a reminder that not every project survives long-term, even ones that attract large amounts of money early on. Total value locked, or TVL, is a common way to measure how much money people have deposited into a crypto platform. A 98% drop in TVL means almost everyone pulled their funds out.
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- coindesk.com
- decrypt.co
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