Nearly 400 Blockchains Generated No Revenue

According to DefiLlama, 399 of the 558 tracked blockchains generated no fees in the last 24 hours. In total, 514 networks recorded less than $1,000 in fees and 443 less than $10. This situation arises as Blast, an Ethereum layer 2, announced its closure due to maintenance costs exceeding its revenues. Launched in November 2023, Blast had reached a total value locked of over $2.2 billion in June 2024, but this has fallen to around $32 million. Monthly revenues dropped from $3.5 million to a few thousand dollars. Users have until October 26 to transfer their assets to Ethereum. Only a few networks, such as Solana and Bitcoin, have recently exceeded $100,000 in fees. Many Ethereum layer 2s are also suffering from low revenues despite significant investments. Since the beginning of the year, 14 blockchains have announced their shutdown or a pivot, some having experienced a lack of revenue or users.

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