Key Takeaways
According to CryptoSlate, Silicon Network is shutting down, leaving users until Dec. 31 to withdraw nearly $10 million in assets before the chain and explorer permanently close.
According to CryptoSlate, the Ethereum layer 2 network Silicon is shutting down, giving users until Dec. 31 to withdraw nearly $10 million in remaining on-chain assets. Silicon stopped accepting new bridge deposits and ended its network on Sept. 2.
Data from L2Beat indicated that Silicon held roughly $9.75 million in assets, including USDC, WBTC, ETH, and USDT. Assets originally bridged from Ethereum can return to the mainnet during the withdrawal window, provided users initiate withdrawals and keep enough ETH for gas before the cutoff. However, tokens issued directly on Silicon face a more difficult route, depending on remaining network liquidity as activity winds down.
Silicon was built using Polygon CDK, connected to Agglayer, and integrated with Korbit, a South Korean crypto exchange. Its Korbit Web3 Wallet is also being discontinued less than two years after launch. Silicon noted that it is a non-custodial service, meaning users manage their own custody and withdrawals, and unrecovered assets cannot be recovered after the final termination.
Source & Fact-Check Note
This report is synthesized from coverage by CryptoSlate. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at CryptoSlate ↗
