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Blockbeats
Tomorrow’s news rhymes on BlockBeats.
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Bitwise NEAR ETF cumulative net inflow exceeds $50 million
BlockBeats news, on October 3, NEAR Protocol officially announced that the newly launched Bitwise NEAR ETF has accumulated net inflows exceeding 50 million USD, and stated that institutional investors are choosing NEAR. Relevant data shows that the ETF started trading on September 29, and by September 30, the accumulated net inflows had already exceeded 50 million USD.
A certain whale went 10x long on WLD, with a position return rate of about 655%
BlockBeats news, on October 2nd, according to TradingBeats monitoring, the Hyperliquid whale address 0x77ee currently holds about 10.23 million WLD long positions, with a 10x full position leverage, an average holding price of about $0.35, a cumulative unrealized profit of about $2.34 million, and a position return rate of about 655%.
This address has held this WLD long position since late May, with a holding period of over 4 months. The mark price of the WLD perpetual contract on Hyperliquid i
HIP-3 auction adds two new targets, GLW and GDX, with a total payment of 1107.25 HYPE
BlockBeats news, on October 2nd, according to Hyperliquid HIP-3 related auction information, on October 1st, two new targets GLW and GDX were added, with a total payment of 1107.25 HYPE. Among them:
GLW corresponds to Corning, deployed by TradeXYZ, contract code xyz, auction time October 1st at 14:41, transaction fee 545.97 HYPE.
GDX corresponds to VanEck Gold Miners ETF, deployed by TradeXYZ, contract code xyz:GDX, transaction fee 561.28 HYPE.
💥 The myth of Tieshun shattered? Blast officially announces shutdown!
An L2 phenomenal bubble built on "gambling" and collapsed due to "costs"
Blast announced it will cease operations. The reason is very realistic: the cost of maintaining the network has exceeded the generated revenue, and the team sees no economically sustainable path.
From a wild start at the end of 2023 to a regrettable end in 2026, Blast's life is almost a condensed projection of the Web3 innovation and challenges in this cycle.
🧵 A brief recap of Blast's "past and present":
1. Wild start: Tieshun's "financial magic" With Blur dethroning OpenSea, Pacman (Tieshun) launched Blast spectacularly. He hit the most sensitive pain point in Web3 at the time—idle capital. He pioneered the concept of "Native Yield," putting ETH in to help you stake with Lido, stablecoins to earn MakerDAO yields, while also earning "Blast points." With an extremely clever fission and locking mechanism, a "one-way cross-chain bridge" without even a withdrawal function or mainnet launch, forcibly attracted tens of billions of dollars in TVL within weeks.
2. Ecosystem competition: The big split of "Gold points" To fill the ecosystem void, Blast launched the "Big Bang" competition, distributing token airdrops to DApp developers (Blast Gold). Suddenly, chaos reigned on-chain—gambling, DEX, meme coins, lending... all projects competed over "who could give users more Gold." On-chain liquidity mining and Ponzi arbitrage were pushed to the extreme. It forced other established L2s (Arbitrum, OP, ZK) to also compete with points and airdrops.
3. TGE became the death knell: Token launch as the peak In June 2024, the long-awaited Blast finally had its TGE. However, when "expectations" turned into real token sell pressure, the wealth creation myth collapsed, and massive yield farmers and speculators began withdrawing. Without high-yield subsidies, TVL quickly bled out, and the on-chain ecosystem fell silent.
4. The endgame: High "chain operation costs" Many think L2 is a highly profitable industry (making money from Sequencer spreads), but reality is harsh: when there are no high-frequency trading users or real DApp demand on-chain, its low fees cannot cover the complex node maintenance, data availability (DA), and security operation costs. When expenses exceed income and no new story supports it, "voluntary shutdown" becomes the most dignified end.
💡 What lessons does Blast bring to the industry?
1️⃣ Pure "yield-driven" liquidity is extremely fragile: funds attracted by interest and airdrops will exit at the fastest speed once interest ends and tokens launch.
2️⃣ L2 supply-demand relationship is completely unbalanced: if a chain only has people "making money and farming points" but no real paying "users," the sunk cost of infrastructure will eventually crush the project.
3️⃣ Limits of mechanism innovation: Tieshun pushed game theory and growth hacking to the extreme, but when the market returns to rationality, it ultimately depends on "self-sustaining ability."
An era has ended. From Blur's rise to fame in one battle, to Blast's spectacular rise and lonely exit, one cannot help but lament the harshness of the crypto market.
⚠️ Final reminder: If you still have assets on Blast, please be sure to withdraw via the official instructions through the regular interface or mainnet Bridge before October 26! Don't let the tears of an era turn into your real loss.
Blast
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 we do not see a credible path to making the chain economically sustainable.
As a result, we've made the difficult decision to wind Blast down.
We're sorry to the users and developers who believed in Blast, built on it, and supported the ecosystem. Our priority now is making the shutdown as smooth and safe as possible.
We're asking all users to withdraw their assets from Blast to Ethereum mainnet, including any balances held in the Blast PWA.
To make this easier, we will be reducing the withdrawal delay to 24 hours.
As part of the shutdown process, we'll first begin withdrawing Blast's Lido assets. This process is expected to take approximately one week. During this period, withdrawals will temporarily be unavailable, even after the withdrawal delay is reduced to 24 hours.
Once that process is complete, withdrawals will resume with the new 24-hour delay.
Users will have until October 26, 2026 to withdraw through the normal Blast interface.
After October 26, assets will remain withdrawable, but users will need to interact directly with the Blast bridge contracts on Ethereum L1. We'll publish detailed instructions before then.
We strongly encourage everyone to withdraw their assets to Ethereum mainnet before October 26.
Layer2 network Blast announced it will cease operations; users must withdraw their assets to the Ethereum mainnet before October 26
BlockBeats news, on October 2, Layer 2 network Blast announced it will cease operations due to the ongoing maintenance costs exceeding the revenue generated by L2. The team believes there is no credible path to achieve economically sustainable operation.
Blast advises all users to withdraw their on-chain assets and balances in the Blast PWA back to the Ethereum mainnet, and plans to reduce the withdrawal waiting time to 24 hours. However, the team will first handle the exit of Lido assets held
Pons founder announces official entry into V3 mode, where creators will independently decide whether to adopt Bonding Curve
BlockBeats news, on October 2, Pons founder Ozzy announced that Pons has officially entered V3 mode. Ozzy stated that V3 mainly targets newly launched tokens, and the V1 and V2 contracts will remain unchanged, so existing tokens do not need to be adjusted.
Regarding whether V3 tokens will continue to use the Bonding Curve, Ozzy responded that it will be up to the creators to decide. In response to user feedback about insufficient visibility of the Bonding Curve and other issues, Pons will give
"Maji" has won 10 consecutive PUMP swing trades in the past 5 days, earning about $1.34 million
BlockBeats news, on October 2, according to Lookonchain monitoring, Maji has won 10 consecutive PUMP swing trades in the past 5 days, with a total profit of about 1.34 million USD. The currently held long positions include: 33,950 ETH (worth about 92.56 million USD), 409 BTC (worth about 35.22 million USD), and 180,000 HYPE (worth about 16.16 million USD).
Data: In Q4, multiple projects will experience large VC and team token unlocks, among which Monad is expected to unlock 131.6% of its current market value
BlockBeats news, on October 2nd, according to CryptoRank data, in the fourth quarter of 2026, multiple projects will face their first major "cliff" token unlock, involving investors, teams, early supporters, and other early participants, which may bring additional token supply pressure.
Among them, MON is expected to unlock tokens worth approximately $521 million, STABLE about $353 million, KITE about $119 million, LIT about $52 million, PIEVERSE about $46 million, and ALLO about $43 million.