The full worth locked in DeFi on the Ethereum Layer 2 blockchain is down 30% this month and 97% from its all-time excessive.
As soon as the second-largest Ethereum Layer 2 (L2) community, Blast has fallen off considerably as customers proceed to flee the ecosystem for greener pastures.
The chain’s DeFi whole worth locked (TVL) peaked at $2.2 billion in June 2024, only a month earlier than its extremely anticipated token technology occasion (TGE). Blast’s TVL now stands at simply $65 million, a 97% decline from its peak and a 30% drop over simply the final month.
Blast launched with a controversial deposit vault in November 2023, the place customers locked capital on the chain to earn factors. The mainnet launched 4 months later in February 2024, with Blast unveiling its farming system, which featured a factors system that rewarded onchain TVL, and a Blast Gold system, which was distributed to customers by native protocols.
The chain turned a hotbed for airdrop farmers searching for a repeat of the extremely profitable Blur airdrop from February 2023, which was additionally spearheaded by lead developer PacMan and funded by funding agency Paradigm.
Nonetheless, the airdrop left many customers disenchanted after the BLAST token opened at a $2.9 billion valuation, falling wanting many farmers’ and analysts’ $5 – $10 billion projections. Exercise and TVL on the chain rapidly declined, with Blast dropping 60% of its TVL lower than two months after the airdrop.
The BLAST token has carried out simply as poorly, down 91% from its all-time excessive and at present altering palms at a $250 million absolutely diluted valuation (FDV).
Day by day energetic customers (DAU) have additionally plummeted, and are down to simply 3,500 in accordance with TokenTerminal, after peaking at 77,000 shortly after the airdrop. In the meantime, main L2s Base and Arbitrum handle roughly 1.3 million and 400,000 DAU, respectively, however additionally it is presumed {that a} portion of this exercise will be attributed to bots.
