Silicon Network sets Dec. 31 deadline to withdraw nearly $10 million

Silicon Network is shutting down with nearly $10 million still on-chain. The network ended operations and stopped accepting new bridge deposits on Sept. 2. Users can withdraw assets through Dec. 31. Silicon said its explorer and network will shut down after that date. Assets that remain on the chain will be unrecoverable. L2Beat data showed that Silicon held about $9.75 million in assets. USDC accounted for $2.66 million. WBTC accounted for $2.54 million. ETH accounted for $2.08 million. USDT accounted for $1.85 million. Assets originally bridged from Ethereum can return to the mainnet during the withdrawal window. External-wallet users must start the withdrawal process. They must keep enough ETH for gas. They must complete the required finalization before the cutoff. Tokens issued directly on Silicon cannot be bridged directly to Ethereum. Those tokens depend on liquidity remaining inside the network. Silicon warned that declining activity could make swaps or withdrawals difficult or impossible. Silicon described the network as non-custodial. It said users are responsible for managing custody and withdrawals. Silicon said it has no obligation to redeem assets that users fail to move. Korbit's Web3 Wallet is also being discontinued less than two years after its launch. The wallet ran on Silicon and gave exchange customers access to decentralized finance and decentralized applications. Silicon was built with Polygon CDK. It connected to Agglayer. It was integrated with Korbit. Base and Arbitrum secure about $24.7 billion between them. That amount represents more than 80% of the roughly $30.5 billion held across Ethereum networks tracked by L2Beat. Vitalik Buterin has argued that layer 2 networks should offer value beyond cheaper execution. Silicon has not attributed its shutdown to those broader pressures.