Blast's exit window has closed. About $30 million is still on two L2s

Blast’s deadline for withdrawing through its own interface passed on Oct. 26.CoinDesk: Once a $2 billion Ethereum layer-2, Blast is shutting down. Abstract, which announced its own shutdown four days after Blast, stops operating on Dec. 15.CoinDesk: Pudgy Penguins’ Abstract becomes second Ethereum layer-2 to shut down. Most of the money did not wait. L2BEAT counted $92.6 million on Blast on Oct. 2, the day it announced, $43.3 million on the deadline and $12.07 million on Nov. 3.L2BEAT TVS history: Blast (max range) 2026-11-03; L2BEAT Blast page (md) 2026-11-03. Abstract went from $48.9 million on its announcement day to $18.04 million.L2BEAT TVS history: Abstract (max range) 2026-11-03; L2BEAT Abstract page (md) 2026-11-03.

That leaves about $30.1 million on the two chains, against $72.4 million on Oct. 20. Blast said “the ongoing costs of maintaining Blast exceed the revenue generated by the L2”.Blast shutdown announcement (X). Igloo, the Pudgy Penguins company behind Abstract, had been funding the chain, and its CEO Luca Netz said Igloo “could no longer justify taking from the Pudgy Penguins business”.Luca Netz: Abstract is winding down (X).

The figures are L2BEAT’s total value secured: assets bridged in through the chain’s own bridge, bridged by other routes, or minted on the chain itself.L2BEAT daily total value secured, Blast and Abstract, 1 July to 3 November 2026; L2BEAT TVS history: Blast (max range). That is broader than a count of deposits in apps.

How fast it left Blast

Between the announcement and the deadline, Blast’s value fell 53% in dollars and 46% in ETH terms, so falling prices explain only a small part of it. The chart’s sharp dip in early October is not users leaving. Blast said it would first withdraw its own Lido assets, a process expected to take “approximately one week”, during which “withdrawals will temporarily be unavailable”. L2BEAT’s count of Blast’s bridged value dropped from $50.0 million to $6.3 million on Oct. 3, while staked ETH sat in Lido’s withdrawal queue, and returned to $44.5 million on Oct. 10. Once withdrawals reopened, the delay before funds could be claimed on Ethereum was 24 hours.

After the deadline the fall steepened. On Nov. 3, L2BEAT put Blast at “$12.07 M (-70.3% compared to seven days ago”.

Where Blast’s ETH went

Most of that last drop was a single move on Ethereum. On Oct. 31, a transaction moved 9,955.4 ETH from the bridge’s ETH yield contract to a multisig wallet that L2BEAT labels BlastMultisig 1, which needs three of five signers and can upgrade Blast’s contracts with no delay.Blockscout: tx 0xa66541fe internal transfers (2026-10-31). On Nov. 3 a second transaction moved the remaining 963.0 ETH to the same wallet. Together that is about 10,918 ETH, about $25 million, and the yield contract now holds no ETH. Before the first transfer it held about 11,010 ETH, down from 13,423 on Oct. 20, as users withdrew.

Blast has said that after Oct. 26 “assets will remain withdrawable, but users will need to interact directly with the Blast bridge contracts on Ethereum L1”. It has not said publicly what the transfer to the multisig is for. L2BEAT’s Blast page now carries a notice: “There are impactful changes and part of the information might be outdated.”

What is left on Blast

On Nov. 3 the largest holding was USDB, Blast’s dollar token: 8,638,189 tokens worth $8.25 million. Next came stETH worth $1.88 million and $967.77K of Blast’s own BLAST token. USDB is withdrawn as DAI on Ethereum, and Blast’s guide tells users to wait up to 1 day after finalizing while Blast processes the withdrawal.Blast docs: Withdraw to Ethereum.

The route for those holders is thin on paper. Blast’s website at blast.io returned an error page on Nov. 3.blast.io front end returns HTTP 404 (2026-11-03). Its withdrawal guide still describes only the interface flow and does not cover the shutdown or the direct route on Ethereum.Blast docs: Withdraw to Ethereum (2026-11-03). Blast had said that after October 26 users would deal with the bridge contracts directly and that “We’ll publish detailed instructions before then.” L2BEAT also notes that “Only the whitelisted proposers can publish” the state updates that withdrawals are proved against, and lists the result of proposer failure as “Cannot withdraw”.L2BEAT project page: blast (risks, exit, permissions).

Abstract: six weeks left

Abstract’s exit came early too. Its value fell 56% in the first two weeks after the Oct. 6 announcement, to $21.7 million on Oct. 20, then a further 17% to Nov. 3. Of the $18.04 million left, 4,983 ETH was worth $11.38 million, PENGU $3.73 million and USDC.e $2.14 million.

Abstract’s Migration Hub still opens with “On December 15, Abstract will be shutting down.”Abstract Migration Hub (2026-11-03). Abstract says users who do not migrate by then “will lose access to their funds”.Abstract: Abstract is Winding Down (X). Users can bridge off through the Migration Hub at migrate.abs.xyz or through the Native Bridge, which Abstract says carries a 3-hour delay. It also asks users to “beware of impersonation, fake migration sites, and DMs claiming to represent Abstract.”

Not the first

The two chains follow at least 11 layer 2 closures, sunsets or migrations in 2026 before Blast, by our count of L2BEAT’s archive.L2BEAT archived projects list, 103 projects reviewed by The S-Curve. One of them, Mint, set Oct. 20 as its withdrawal deadline, after which L2BEAT says “Any assets left on the chain after that date will be unrecoverable.”L2BEAT project page (md): Mint. On that date Mint held about $42K, almost all of it in its own MINT and MST tokens.L2BEAT Mint TVS breakdown 2026-10-20.

DefiLlama, which counts deposits in apps rather than bridged assets, now reads Blast at $0 and Abstract at $2.93 million.DefiLlama chain TVL history: Blast (2026-11-03).