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Once a $2 billion Ethereum layer-2, Blast is shutting down after assets plunge 98%

The chains economics deteriorated quickly as speculative capital moved elsewhere and activity faded. Total value locked peaked over $2 billion in June 2024, according to DeFiLlama, and has since fallen to only $32 million. Meanwhile, Blast generated just $1,793 in revenue from network usage last month, down from a peak of about $3.5 million in June 2024, DeFiLlama data shows.　　Blast total value locked and chain revenue (DeFiLlama)　　Its demise points to a broader shakeout among blockchain networks.　　Running a chain means paying for development, infrastructure and security even after user activity dries up. A recent wave of crypto exploits has drawn additional attention to security spending, while AI tools may also make it easier for attackers to probe code for weaknesses.　　Competition is getting tougher, too.　　Large consumer platforms with built-in distribution have launched their own Ethereum-based networks. Crypto exchange Coinbase · rolled out Base and has turned its exchange users and developer ecosystem into a source of activity, while Robinhood · launched its own Ethereum layer-2 network earlier this year, with massive early onchain activity.　　That leaves smaller chains fighting for developers, users and transaction fees in an increasingly crowded market. Blasts closure shows what may happen when the economics no longer add up.

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Tethers USDT eyes Bitcoin return as Utexo plans October launch

Utexo has outlined an October launch for USDT on Bitcoin, with three planned services covering private transfers, direct BTC swaps, and Bitcoin-backed loans.　　SummaryOctober is the planned mainnet launch window, with Lightning Network support planned for a later stage.Utexo says borrowers will be able to use native Bitcoin as collateral without wrapping their holdings.The proposed privacy model includes a blacklist for transaction outputs linked to sanctioned or illegal activity.Tether co-led Utexos $7.5 million funding round announced in March alongside two other investment firms.　　Utexo has secured a commercial license to issue USDT on Bitcoin and use its trademark for distribution to exchanges, wallets and payment providers, according to co-founder Viktor Ihnatiuk. The Tether-backed company plans to begin issuance in October.　　Under the proposed rollout, Utexo will provide the software connections, developer tools and cloud services that other businesses need to offer Bitcoin-based USDT products. According to the company‘s plans, the first deployment will use Bitcoin mainnet before support extends to Lightning, Bitcoin’s payment network.　　USDT transfers would keep payment details off the public ledger　　Through RGB, Utexo plans to support stablecoin transfers in which participants check transaction information themselves, while ownership is tied to Bitcoin‘s unspent transaction outputs. According to the project’s description, most payment

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Bitcoin Price Taps $87K as SEC Moves to Unlock Institutional Custody

Driven by weak U.S. employment data and a major SEC regulatory proposal, bitcoin briefly reclaimed $87,000 for the first time since Sept. 23. Back near $85,000 as of this writing, bitcoin remains up over the last day.　　Key TakeawaysBitcoin reclaimed $87,000 as September U.S. nonfarm payrolls added just 29,000 jobs, missing forecasts.A soft jobs report sparked rate cut bets, triggering $145 million in short liquidations on Coinglass.The SEC proposed new 1940 Act rules allowing investment advisors to custody crypto assets directly.　　Bitcoin Reclaims $87,000 Amid Weak Labor Data　　In price action likely to fuel “Uptober” sentiment, the price of bitcoin reclaimed $87,000 on Friday morning, marking the first time the cryptocurrency has breached the threshold since Sept. 23. The rally coincided with the release of September nonfarm payrolls (NFP) data showing near-flat employment growth and an unemployment rate increase to 4.2%.　　According to Bitstamp data, prior to surging, the cryptocurrencys price was stuck in the $84,500 to $85,000 range until late Thursday. However, an hour before midnight, bitcoin began climbing, gradually rising to $85,500 before a sharp rally added more than $1,000 in under 30 minutes to reach $86,780.　　A brief period of relative volatility followed as the price fluctuated between $85,500 and $86,000 before

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Bitcoin Heads Higher on Macro Moves: Where Does BTC Go Next？

In briefThe U.S. added only 29,000 jobs in September versus 84,000 expected, and odds of an October Fed hike plunged to roughly 14% from 70% earlier this week.Bitcoin trades at $86,152, about 1.4% below its $87,354 September high.Where does BTC go next？ Heres what the charts are saying.　　Bad news for the economy is, once again, good news for risk assets.　　The U.S. added just 29,000 jobs in September, far below the 84,000 economists expected. The two previous months were revised down by a combined 60,000, and unemployment ticked up to 4.2%, according to the Bureau of Labor Statistics.　　Myriad: How high will Bitcoin go？ Click to make your prediction.　　Wall Streets reading: the pressure to keep hiking rates just eased, which generally bodes well for risk assets like Bitcoin. The largest cryptocurrency by market capitalization rose sharply following todays macro moves, and the charts suggest Bitcoin could go higher still during the month affectionately known as Uptober.　　Before diving into the data, heres some context traders and investors should know: The Federal Reserve raised rates by a quarter point on September 16, in a unanimous vote, lifting the target range to 3.75%-4.00%. It was the first hike since 2023. Higher rates means less “cheap

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Why Strategys STRC calculator shows $210 for a share it can redeem at $101

Strategys Bitcoin credit calculator produced an illustrative STRC price of $210.90 on Oct. 2, while displaying a market-price input of $99.50 for the perpetual preferred stock. The issuer also retains the option to redeem shares at $101, or a higher amount it chooses, plus applicable unpaid dividends.　　That gap exposes the limits of the calculation. The published formula holds the current dividend constant and replaces the market‘s credit spread with a modeled Bitcoin spread. It contains no explicit valuation of the issuer’s call option or a path for future dividend resets. Strategys pricing dashboard separately discloses those features and warns that the call can make Derived Price diverge substantially from realizable market prices.　　For buyers, the calculation is a view of the security under selected assumptions. It does not establish that STRC is worth more than twice its displayed market price, or that a holder can collect either the model output or the redemption amount on demand.　　Related Company Strategy Business intelligence software　　How the calculator reaches $210.90　　At approximately 08:18 UTC on Oct. 2, the dashboard used a Bitcoin price input of $86,593, an assumed annual return of 10% and volatility of 40%. Its STRC row showed a 12.06% effective yield, a 5.23% risk-free

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Ethereum Network Blast Is Shutting Down: Who Controls Users' Last $51 Million？

Blast, a crypto network that held $2.24 billion in June 2024, is shutting down. In the past day, it earned $110 in chain revenue.　　Blast is a Layer 2 (L2), a cheaper side network that runs on top of Ethereum. It paid interest on deposits and promised a token reward. The money came for the reward. The Blast (BLAST) token fell 19% on the news.　　Sponsored　　Sponsored　　BLAST Price Performance. Source: BeInCryptoWhy Blast Is Shutting Down Now　　The team said on Friday that the chain costs more to run than it makes, with no credible fix in sight.　　Blast will be shutting down.　　We launched Blast with the goal of building a self-sustaining chain for users and developers. Unfortunately, the economics of operating the chain no longer make sense: the ongoing costs of maintaining Blast exceed the revenue generated by the L2, and…　　Founder Tieshun Roquerre, known online as Pacman, also built Blur, a marketplace for digital collectibles. He posted his own goodbye.　　“I‘m disappointed that we weren’t able to make the chain sustainable over the long term, but Im grateful to the users, developers, and teams who helped give Blast its moment, even if its run was shorter than we had hoped,” Pacman said.　　Value locked on Blast has

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Crypto‘s billions are back, but the premiums aren’t

Crypto companies are raising billions again, but investors are no longer handing out premiums indiscriminately.　　Kalshi is reportedly seeking $1 billion at a $40 billion valuation, nearly twice what it was worth in May. Meanwhile, Blockchain.com is preparing for an initial public offering (IPO) at a potential $6 billion valuation, well below the $14 billion it commanded during the last crypto boom. The divide is even sharper among digital asset treasury companies, where just four of the 20 largest still trade above the value of their crypto holdings.　　This weeks Crypto Biz looks at where investors are still willing to pay up, where the old crypto premium has disappeared and how Bitget is dealing with the fallout from a $388 million security breach.　　Only 4 of top 20 crypto treasury companies still trade above NAV: DWF　　The crypto treasury model has largely lost its early advantage, with most digital asset treasury (DAT) companies no longer commanding the premiums that once helped them raise capital and accumulate crypto without diluting shareholders, according to DWF Ventures.　　DWF‘s report found only four of the 20 largest DATs by assets under management trade above an mNAV of 1: Bit Digital, Strive, Hyperliquid Strategies and BitMine. The discounts suggest investors

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‘Euro stablecoin isn’t enough: EU issuers make case for USD tokens

European stablecoin issuers are making the case for regulated US dollar tokens, arguing that Europe‘s push to strengthen the euro does not eliminate businesses’ need for dollar liquidity.　　AllUnity, a German stablecoin issuer, launched its US dollar-pegged stablecoin USDAU on Wednesday, expanding its MiCA-regulated lineup beyond European currencies.　　“In global trade and FX markets, the US dollar is the glue,” AllUnity CEO Alexander Höptner told Cointelegraph, adding: “For European corporates to make cross-border payments globally, offering only a euro stablecoin isnt enough.”　　European issuers‘ push into dollar stablecoins comes as the EU reviews its MiCA framework and the ECB continues to raise concerns about stablecoins reinforcing the dollar’s global dominance.　　Europe cannot “wish away” dollar demand　　Stable Mint CEO James Bennett said demand for dollar stablecoins in Europe reflects practical business needs rather than something policymakers can simply steer toward the euro.　　“Dollar stablecoins are where the demand is, and Europe cant wish that away,” Bennett told Cointelegraph. “What Europe can control is who issues them to European users, and under which rules.”　　Stable Mints USDSM stablecoin has moved more than $380 million onchain across 3.8 million transfers and is held by more than 2,600 addresses, according to figures provided by the company as of Wednesday.　　Related: Circle

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BNB Chain crosses $1B in tokenized stocks, ETFs as market hits $3.7B

BNB Chain has become the first blockchain to cross $1 billion in tokenized stocks and exchange-traded funds (ETFs).　　The market capitalization of the tokenized stocks and ETFs rose around 17% to $3.35 billion in September from $2.87 billion in August, according to Token Terminal data.　　The sectors market cap on BNB Chain stood at $1.1 billion at the time of publication, accounting for roughly 30% of the $3.7 billion market, followed by Ethereum at $828 million, or 22%, and Solana at $738 million, or 20%.　　Tokenized stocks, ETFs by market capitalization. Source: Token Terminal　　BNB Chain also led with 1.8 million addresses holding tokenized stocks, accounting for 45% of the total, Binance Research said in a report on Tuesday. The network hosts products including Binance bStocks and Ondo Global Markets tokenized securities.　　Tokenized stocks and ETFs have grown more than fivefold from $719 million in January, when Ethereum accounted for about 48% of the market, Solana 31% and BNB Chain just 13%, according to Token Terminal data.　　Related: Tokenized assets dont always mirror traditional markets, Dune finds

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Blast announces shutdown as network costs exceed Layer 2 revenue

Blast has announced plans to shut down its Layer 2 network, giving users until Oct. 26, 2026, to withdraw through its normal interface.　　Blast, in an Oct. 2 announcement on X, asked users to move their assets to Ethereum mainnet, including any balances held in the Blast PWA. According to the teams notice, withdrawals through the usual interface will remain available until Oct. 26, after a temporary suspension needed to process its Lido holdings.　　For users who miss the interface deadline, the announcement says assets will remain accessible through direct interaction with Blasts bridge contracts on Ethereum Layer 1. The team said it would publish instructions for that process before the deadline.　　Blast withdrawals will pause before the delay falls to 24 hours　　Under the shutdown plan, the team will first begin withdrawing the Lido assets held by Blast, a process it expects to take approximately one week. During that period, the announcement says user withdrawals will be temporarily unavailable.　　Alongside that process, the team plans to reduce the withdrawal delay to 24 hours. According to the notice, however, implementing the shorter delay will not make withdrawals available while the Lido withdrawal process is still underway.　　Once that process finishes, the team says withdrawals will resume

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