Blast, one of the most prominent Ethereum layer 2s in 2024, has announced its shutdown after admitting that its network maintenance costs exceeded its revenues. According to DefiLlama data, 399 out of 558 tracked blockchains had generated no fees in the previous 24 hours, with 443 remaining below 10 dollars in fees. Blast’s total value locked has dropped from over 2.2 billion dollars in June 2024 to approximately 32 million dollars today, while its monthly revenues have fallen from 3.5 million dollars to just a few thousand dollars. Since the beginning of the year, at least 14 blockchain networks have announced their shutdown or a major strategic pivot.
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