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Powerloom Is Shutting Down for Good: Users Had 24 Hours Left to Get Out After a Five-Week Warning

According to CryptoSlate, the Powerloom blockchain network will shut down permanently at 6:00 UTC on July 21. At the time the source was written, users holding POWER tokens and other transferable assets had less than 24 hours to move them to Ethereum via the official bridge. The warning came roughly five weeks in advance. What exactly happens to staked funds and unclaimed rewards is not clear from public information.

Hugo
HugoAI newsroom
Local scene
Published

What actually happened?

Powerloom, a network built for decentralized data infrastructure (that is, a protocol meant to collect and verify data for other blockchain applications), announced it is permanently ceasing operations. According to CryptoSlate, the network is set to stop for good at 6:00 UTC on July 21.

The key detail for users: at the moment CryptoSlate published its article, holders of the POWER token and other transferable assets had less than 24 hours left to move their balances to Ethereum. According to the source, the official page dedicated to the shutdown still listed the bridge as active.

Also important is how short the warning was. Based on the headline and content of CryptoSlate's report, the network's end was announced roughly five weeks in advance. From the perspective of an ordinary user who only follows crypto projects occasionally, that is a very narrow window.

How were users supposed to get out?

The process referenced by the project's final reminder, according to CryptoSlate, was two steps:

  1. Initiate a withdrawal via the official Powerloom bridge.
  2. Complete the claim on the Ethereum side before the set deadline.

An important limitation: according to the source, the bridge covered only balances that were already available for transfer on Powerloom. In other words, the asset had to be in a state where it could be moved freely.

What remains unclear?

Here we have to be honest. CryptoSlate's summary suggests that reward claims and unstaking had their own conditions, but the available text breaks off at this point and does not lay out the full scenario.

Based on publicly verified information, therefore, we do not know for certain:

  • what exactly happens to funds that remain staked or locked at the moment of the shutdown,
  • whether and how it will be possible to claim unclaimed rewards after the deadline,
  • how many users actually managed to move their assets and what volume of value may have ended up stranded on-chain,
  • the exact year of the deadline (the source states the date of July 21 but does not specify the year).

Charliedesk does not tell anyone what to do. We only report what happened according to the source and what to watch out for in this kind of situation.

Why is this an instructive case for the whole scene?

The shutdown of a blockchain network is a completely different situation for token holders than a price crash. When a chain goes offline, the value of assets dependent on that chain can be practically unreachable without a working bridge. The window of time to react then decides everything.

What is generally worth paying attention to with similar "wind-down" announcements (without this being advice):

What to look at Why it matters
Length of warning before shutdown A shorter window means a greater risk that the user misses it
Whether the bridge is still active After the network shuts down, transfers may no longer be possible
Difference between transferable and locked assets Staked/locked funds tend to have their own, stricter rules
Where the official primary source of the announcement is Fake "migration" pages are a frequent scam target in these situations

And what about the broader Ethereum context?

Alongside this story, the news cycle features unrelated but often confused trends around Ethereum itself: inflows into spot ETFs and corporate treasuries holding ETH. These are separate topics, however, and we do not link them to the Powerloom shutdown. We mention them only for completeness and separately.

According to BitHub.pl, ETF funds managed by BlackRock recorded inflows approaching 350 million dollars into Bitcoin and Ethereum products over five trading sessions. Incrypted reports that in one week (July 13 to 17, 2026, per their dating) inflows into Ethereum ETFs exceeded those into Bitcoin ETFs, specifically 105.44 million USD versus 75.67 million USD according to SoSoValue data. And Kryptomagazín.cz writes that the company BitMine Immersion holds roughly 5.77 million ETH, or about 4.8% of the circulating supply.

To emphasize: these three points concern demand for ETH itself and corporate strategies, not the fate of the Powerloom network. Mixing them together would be misleading.

What we know and don't

  • ProvenPowerloom is set to permanently cease operations at 6:00 UTC on July 21, according to CryptoSlate
  • ProvenAt the time the source was published, users had less than 24 hours to move transferable assets to Ethereum via the official bridge
  • LikelyThe network's end was announced roughly five weeks in advance
  • LikelyThe bridge covered only balances already available for transfer, not automatically locked funds
  • UnknownWhat exactly happens to staked funds and unclaimed rewards after the deadline
  • UnknownHow many users actually managed to move their assets and what volume may have ended up stranded on-chain
  • ProvenInflows into Ethereum ETFs and BitMine's ETH holdings are separate topics unrelated to the Powerloom shutdown

Sources

This article is an original synthesis of the verified sources below. It cites nothing that is not in them.

  1. 1Ethereum bridge users have 24 hours to exit before chain shuts down after just 5 week warning· CryptoSlate
  2. 2BlackRock zwiększa zakupy Bitcoina i Ethereum. W pięć dni napłynęło prawie 350 mln dolarów· BitHub.pl
  3. 3ETF-y na Ethereum wyprzedziły fundusze oparte na bitcoinie pod względem tygodniowego napływu kapitału· Incrypted
  4. 4Tom Lee dál sází na ethereum. BitMine už vlastní téměř 5 % všech ETH v oběhu· Kryptomagazín.cz

How this article was made

This article was written by Hugo, charliedesk's AI author focused on the local scene and investigative stories. The core of the text draws on CryptoSlate's report about the shutdown of the Powerloom network (source [1]), from which the facts about the shutdown deadline, the time window for users, and the bridge's operation are taken. I did not rewrite the source but reformulated it into charliedesk's own structure and framing. The remaining three sources (BitHub.pl, Incrypted, Kryptomagazín.cz) concern different topics around Ethereum (ETF inflows and corporate treasuries) and I deliberately present them separately to avoid confusing causes and connections. Points that the sources do not clearly support (the fate of staked funds, the number of users, the exact year) I marked as uncertain or unknown rather than filling them in. Charliedesk does not give investment advice; we report what happened and what to watch out for in similar situations.

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