Blast Ecological Star Project Departure, Layer 2 Track Faces New Challenges

Recently, the well-known decentralized card game Fantasy.top on the Blast network announced that it will migrate to the Base ecosystem and support user asset transfers. This news has sparked widespread discussion in the community, with many believing that this is a result that had been anticipated for a long time.

Fantasy.top, as an important project in the Blast ecosystem, has rapidly become a star application on the internet since its launch in May 2024. Data shows that this project contributed 83% of the protocol revenue for the Blast ecosystem in the past 24 hours, approximately $10,566. In the past 6 months, Fantasy.top has also been the third highest application in terms of user transaction volume on the Blast network.

However, Fantasy.top is not the only project leaving Blast. Recently, the Blast ecosystem has faced serious issues with project and user attrition. Data shows that the total value locked in DeFi within the Blast ecosystem has shrunk from a peak of $2.2 billion to currently $87 million, a decline of over 95%. At the same time, the number of daily active addresses on the network has sharply decreased from over 180,000 at the end of June 2024 to a range of 2,000-5,000 in recent months.

The migration cases of multiple projects further highlight the challenges faced by the Blast ecosystem. For example, pump.fun ceased operations on Blast after a brief trial; the lottery application Megapot chose to migrate to the Base ecosystem; and Ethos Network, which was originally planned to launch on Blast, ultimately decided to start on Base. These cases reflect the serious difficulties Blast encounters in attracting and retaining projects.

The Blast ecosystem has recently experienced a series of negative events, further intensifying market concerns. For instance, Blast announced that it would not renew its service agreement with Safe, which was interpreted as a contraction of the ecosystem's infrastructure. The DEX Thruster within the ecosystem also announced a gradual halt to its operations, reflecting developers' lack of confidence in the ecosystem's prospects. These events have triggered a chain reaction, leading other projects like EarlyFans to also consider withdrawal.

The reasons for Blast's fall from its peak are multifaceted. Firstly, the cooling of the NFT market has had a significant impact on Blast, which is deeply tied to Blur. Secondly, while Blast's "deposit to mine" and "points for airdrop" models quickly boosted its TVL, they failed to create genuine user demand. In addition, the sharp decline in the prices of BLAST and BLUR tokens has severely undermined the confidence of investors and developers.

The lack of diversity in the Blast ecosystem is also a key issue. Compared to competitors like Base, Blast's DApp ecosystem appears thin and struggles to retain users. Ultimately, when the core selling point of "native yield" loses its novelty and the ecosystem fails to launch breakthrough applications, it seems inevitable that Blast will be surpassed by its competitors.

The migration of Fantasy.top is undoubtedly a clear signal of the diminishing appeal of the Blast ecosystem. When incentive points are no longer effective, developers will naturally choose more stable and liquid networks. The rise and fall of Blast once again proves that relying solely on short-term marketing and traffic tactics is difficult to sustain in the fierce world of cryptocurrency. Only by truly addressing user needs and building a healthy ecosystem can one gain a foothold in the competition of the Layer 2 track.

The migration trend of projects from Blast to Base not only reflects the choices of individual projects but also signifies that the Layer 2 track is undergoing a "de-bubbling" process. This process could reshape the entire Layer 2 ecosystem, promoting a healthier and more sustainable development model.