TechFlow news, on August 20, according to nftgators, Blast's total value locked (TVL) has dropped 62% from its all-time high, while daily active user counts have fallen to a six-month low.
As an Ethereum Layer 2 scaling network, Blast has experienced massive user attrition following its June airdrop, facing significant challenges in recovery. In early August, the network lost over $300 million in liquidity, with TVL falling from $1.1 billion to $785 million—the lowest level in six months. According to growthepie data, Blast's daily active users dropped to 27,800 on August 18, the lowest since the scaling solution launched at the end of February. In contrast, Base and Arbitrum each recorded more than 740,000 and 360,000 daily active wallets respectively.
Not only are airdrop participants dissatisfied with Blast's strategy, but some teams building on the platform are also frustrated. For example, Pacmoon, once the largest meme coin on this Layer 2 network, is now migrating to Solana. Lamboland of Pacmoon stated on X: “We believe tokens, community, and culture are key to blockchain success. However, Blast has never focused on these aspects. In fact, they created a system that suppresses native tokens on Blast and provided no social support.”
