Powerloom Blockchain Network to Shut Down Permanently on July 21

The Powerloom blockchain network is set to shut down permanently at 6:00 AM UTC on July 21, after a five-week winding-down period. Users with POWER or other transferable assets still held on the network have less than 24 hours to move them to Ethereum or risk losing access.

Powerloom's official wind-down page currently lists the bridge as active, and users are advised to initiate a withdrawal through the official bridge and complete the claim on Ethereum before the cutoff. However, claims, unstaking, and node burns have already been closed, leaving liquid balances as the only remaining exit path.

Powerloom's founders announced in June that they had concluded the project lacked a sustainable operating model and sufficient resources to support the network over the long term. The shutdown marks the end of a decentralized data infrastructure platform that launched various products and services, including a decentralized sequencer-validator network and BDS data market.

The bridge will stop functioning after the shutdown, leaving balances left behind on Powerloom inaccessible. However, Ethereum-held POWER remains separate from the shutdown, with its ERC-20 contract remaining accessible on-chain.