Blast ecosystem star project migration, Layer 2 track faces reshuffling

Recently, the decentralized card game Fantasy.top announced that it will migrate from the Blast network to the Base ecosystem and support user asset transfers. This news has sparked extensive discussion within the community, with many believing that this is a long-anticipated outcome.

As the flagship project of the Blast network, Fantasy.top has quickly become a leader in the ecosystem since its launch in May 2024. Data shows that the game contributed 83% of the protocol revenue in the Blast ecosystem in the past 24 hours, approximately $10,000. Over the past six months, it has also been the third highest application in terms of trading volume on the Blast network.

However, Fantasy.top is not the first project to leave Blast. In fact, the Blast ecosystem is facing serious project and user loss. Data shows that the total locked value in Blast's DeFi has shrunk by over 95% from its peak of $2.2 billion, leaving only $87 million now. The number of daily active addresses has also plummeted from 180,000 at the end of June to between 2,000 and 5,000. The significant decline in contract deployment and token issuance further confirms the waning enthusiasm of developers.

The migration cases of multiple projects reflect this trend. For example, pump.fun chose to exit Blast after a brief attempt; the lottery application Megapot migrated to Base; while Ethos Network directly abandoned the plan to launch on Blast and opted for the Base ecosystem instead. These cases indicate that Blast is facing severe challenges in attracting and retaining projects.

Recently, the Blast ecosystem has also experienced a series of negative events. These include the termination of the Safe service agreement and the announcement of the cessation of operations by the ecological DEX Thruster, which further undermined market confidence in Blast.

The reasons for Blast's decline 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, strategies such as "deposit to mine" and "points for airdrops" have temporarily inflated the TVL but failed to create real user demand. Additionally, the continued sluggishness of token prices, the lack of ecological diversity, and the exhaustion of core narratives are all important factors contributing to the decrease in Blast's attractiveness.

The departure of Fantasy.top marks a further decline in the attractiveness of the Blast ecosystem. When incentive points fail and the narrative loses its appeal, developers will naturally choose networks that are more stable and liquid.

The rise and fall of Blast once again proves that relying solely on short-term marketing and speculation is insufficient to establish a foothold in the crypto world. Only projects that genuinely address user needs and build a healthy ecosystem can secure a place in the fierce Layer 2 competition. The migration trend from Blast to Base reflects not only individual project choices but also heralds a new round of reshuffling and reconstruction in the Layer 2 space.