Blast, an Ethereum Layer 2 network, will shut down on October 26 due to operational costs exceeding generated revenue. The team said they did not see a credible path to economic sustainability, with total value locked declining by over 90% from $2.4 billion to $32 million since mid-2024. The BLUR token has dropped 98% from its $0.80 peak in late 2024 to $0.02 in 2026. The community has slammed the project and its founder for being extractive, with some venture capital firms calling it a slow rug pull. Several crypto platforms including BitMart, BitMEX, and CoinEX also shut down in 2026 due to competition, compliance costs, and falling revenues.
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