Blast TVL Plunges Another 30% as Users Abandon the Network

Once the second largest Ethereum Layer 2 (L2), Blast decreased dramatically as users continued to flee from the ecosystem of green pastures.

The total value of the medium chain (TVL) reached its peak at $ 2.2 billion in June 2024, just one month before the very expected distinctive symbol (TGE) event. TVL Blast is now only $ 65 million, a 97 % decrease from its peak and a 30 % decrease during the past month.

Blast was launched with a controversial deposit cellar in November 2023, as users closed the capital on the series to earn points. Mainnet was launched four months later in February 2024, when Blast unveiled its agricultural system, which included the Onchain TVL system and Gold Gold, which was distributed to users by original protocols.

The chain has become a hotbed for farmer farmers who are looking for a very successful Airdrop player from February 2023, which was also led by Pacman’s main developer and funding the investment company.

However, Airdrop has left many users disappointed after the explosion code opened with a value of $ 2.9 billion, less than many farmers and analysts 5-10 billion dollars. The activity and TVL decreased on the chain quickly, as the explosion lost 60 % of TVL after less than two months of Airdrop.

The performance of the distinctive symbol of the explosion was bad, as it decreased by 91 % of its highest levels ever, and currently changing his hands with a fully diluted evaluation of $ 250 million (FDV).

Daily active users (DAU) also decreased, and decreased to only 3500, according to Tokeenseminal, after its peak at 77,000 shortly after Airdrop. Meanwhile, the L2S and Irrigation base runs about 1.3 million and 400,000 DAU, respectively, but part of this activity is also supposed to be attributed to robots.