Blast TVL Drops 97% as Ethereum Layer 2 Project Goes Silent

According to Wu Blockchain, using data from DeFiLlama, the Ethereum Layer 2 network Blast has suffered one of the steepest declines in recent memory. In June 2024, Blast was sitting on more than $2.2 billion in total value locked (TVL). Fast-forward to today, and that number has crashed to just $67 million—a jaw-dropping 97% collapse.

For a project that stormed into the spotlight with huge promises and billions in deposits, the fall has left many wondering: what went wrong?

The Rise That Had Everyone Talking

When Blast first arrived, it wasn’t just another Ethereum scaling solution. It came with a bold promise—native yield on ETH and stablecoins, something no other Layer 2 was offering at the time. That pitch worked. Money flowed in, and Blast soon became one of the most talked-about projects in the crypto world.

But the excitement didn’t last. Withdrawals began to rise, trust started slipping, and the project that once seemed unstoppable is now struggling to stay in the spotlight.

Silence That Speaks Volumes

What makes the collapse harder to swallow for investors is the complete radio silence from the team. Neither the official Blast Twitter account nor Pacman, the project’s founder, has posted in over three months.

In crypto, where projects live and die on trust, that silence has been deafening. Users want updates, even when things aren’t perfect. Without them, rumours spread, doubt grows, and money leaves. Many in the community are now openly asking if Blast has been quietly abandoned.

A Contrast With Other Layer 2s

Blast’s downfall stands out even more when compared with rivals like Arbitrum, Optimism, and Base. Those networks are still expanding, with developers building, communities growing, and liquidity holding steady.

Blast, on the other hand, shows the risk of chasing early hype without building lasting foundations. Attracting deposits is one thing, but keeping users engaged with real progress and clear communication is what separates short-lived experiments from long-term players.

Can Blast Make a Comeback?

The main question now is whether Blast can recover. There’s still hope if the team comes forward with a clear roadmap, keeps the community informed, and rebuilds trust. But with TVL now just a fraction of its former size, the road ahead is steep.

Right now, Blast stands as a warning: in crypto, staying quiet can hurt a project as much as poor performance. What was once a billion-dollar platform is now fighting to show it has a future.