Blast Ethereum L2 shuts down as token collapses 98%
Ethereum (ETH)
Editor:
Eugene Serbin
Cryptocurrency.com.tr reports that Blast, an Ethereum layer-2 network, announced it is shutting down after concluding the chain no longer makes financial sense to run. The team shared the news in a post on X on Friday, stating that operating costs now exceed the revenue the network brings in. They wrote, “The ongoing costs of maintaining Blast exceed the revenue generated by the L2, and we do not see a credible path to making the chain economically sustainable.” The project launched with the goal of building a self-sustaining chain for users and developers but found the economics unsustainable.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 3 October 2026. Not the outlet's figures.
Whalio's Binance spot data for Ethereum (ETH) shows a price of $2,668.59 with a 1-hour buy ratio of 63.2% and a 4-hour buy ratio of 52.3%, compared to a 24-hour buy ratio of 44.4%. This indicates that buying pressure is building in the short term, as the 1-hour and 4-hour ratios are higher than the 24-hour average. The 1-hour volume delta is positive at +$3,043,999, while the 4-hour delta is +$1,743,085, suggesting net inflows in the immediate and near-term windows. However, the 24-hour volume delta is -$128,547,313, showing that over the full day, selling pressure has outweighed buying. The CVD at 24-hour close is -$172,109,747, confirming that cumulative selling has dominated the day. Spot volume for the 24-hour period was $1,151,282,505 across 4,399,004 trades.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 48.0%, with the latest day showing a buy ratio 3.6 points lower than that average. Volume was 1.85x the weekly average, indicating significantly higher trading activity than usual. Only 1 of the past 7 days saw net buying, and the price change over 8 days was -0.9%. The total volume delta for the 8-day period was -$274,815,118, reflecting sustained net outflows. This day is unusual due to the 1.85x volume spike, contrasting with the generally low net buying days and negative delta over the week.