Maybe this is just wishful thinking, but... there was no body. So I think there's a chance he's still alive somehow, somewhere.

My brother keeps saying that matter doesn't disapear it is just placed somewhere else.but he didn't watch it and there is a high chance that Wally isn't coming back. I'll miss you Wally

Its only been season 2 and a main character dies? Not cool. Its probably like JL when Superman goes into another dimension or in the future or something, meets vandal savage, Batman is trying to solve his disappearance, and so on. What I'm trying to say is maybe Wally got sent to another dimension or into the future.

Wally could just be stuck in the speed force there is no way that the creators could just have killed off Wally everybody loves him

To the naked eye and what we can see so far is that Kid flash has died. Us young justice fans know that YJ makers and other animation to want a little catch to the story (like the death of Artemis for ex). Remember guys? How much us fans reacted to that situation?. We have no evidence to say that he is still alive but just think about it. We would need hardcore evidence to recognize that kid flash is dead to. If this is not the case then i think the makers just wanted a mysterious and heroic (but sad) ending. ;( i hope hes not dead really.

I refuse to believe he's gone for good. He's supposed to become the next Flash. And we all know about those things in shows and films where a dead character turns out to be alive, whether they really died or not.