Original Author: KarenZ, Foresight News
In the early hours of July 15, Beijing time, the decentralized card game Fantasy.top from the Blast ecosystem announced its migration to the Base ecosystem and will support users in transferring their assets to the Base network.
Upon the announcement, the community's reaction was not one of regret, but rather a sense of "finally"—as if the ending that had long been written had been turned to the last page.
Fantasy.top: The "Flagbearer" of the Blast Ecosystem
Fantasy.top is a decentralized social card game based on the Blast network, which transforms the social media performance of KOLs in the crypto space into NFT cards, attracting a large number of users through gamification mechanisms. Since its mainnet launch on May 1, 2024, Fantasy.top has quickly become a star project in the Blast ecosystem.
According to DeFiLlama, in the past 24 hours, Fantasy.top contributed 83% of the protocol revenue in the Blast ecosystem (approximately $10,566); it accounted for 78% over the past week and 56% over the past month. Additionally, data from Nansen shows that in the past six months, Fantasy.top has been the third highest application in terms of user transaction volume on the Blast network.
The existence of Fantasy.top is an important pillar for maintaining the "activity" of the Blast ecosystem. Its migration undoubtedly adds to the woes of an already quiet Blast.
Not Just Fantasy.top: The "Exodus" from the Blast Ecosystem
In fact, Fantasy.top is not the first project to flee from Blast. From the overall data and numerous cases of exodus, we can clearly see the loss of projects and users in the Blast ecosystem, as well as the downward trend of Blast.
In terms of data, according to DeFiLlama, the total locked value in the Blast ecosystem's DeFi is currently only $87 million, down over 95% from its peak of $2.2 billion. Additionally, Nansen data shows that the number of daily active addresses on the Blast network reached over 180,000 at the end of June 2024, but has since declined sharply, maintaining only between 2,000 and 5,000 in recent months. Furthermore, the daily contract deployment has dropped to double digits or just over a hundred, with the number of token deployments falling to single digits, indicating a waning enthusiasm among developers.
Source: Nansen
Typical Project Migration Cases
pump.fun: Launched on Solana in January 2024, it briefly launched on Blast a month later but did not gain much attention and ceased operations on Blast months later.
Lottery application Megapot (gambling application, please do not use) also migrated from Blast to the Base ecosystem in March 2025.
Ethos Network: Originally planned to launch on Blast, it ultimately chose to start directly on Base. Ethos Network is currently a popular reputation protocol in the Base ecosystem.
Blast BIG BANG award-winning project Baseline: Later also migrated to the Base ecosystem.
These cases point to a common conclusion: Blast is facing severe challenges in attracting and retaining projects. Despite being expected to be a "native yield-generating Ethereum Layer 2," its ecosystem development has clearly failed to deliver on early promises.
Recent Turmoil in the Blast Ecosystem
Recently, negative signals or turmoil in the Blast ecosystem have further intensified market concerns:
In May 2025, Blast announced it would not renew its service agreement with Safe, but would support access to multi-signature wallets through BrahmaFi's frontend or self-hosted frontend. Pacman explained that there were many reasons for this, one of which is that there are already many alternative solutions supporting Blast. However, this decision was interpreted by outsiders as a contraction of the ecosystem's infrastructure.
The following month, the Blast ecosystem DEX Thruster announced its decision to gradually cease operations. Thruster's official explanation stated that this was the result of a comprehensive assessment of Thruster's current situation, expectations, surrounding ecosystem, and future prospects. This also indirectly reflects developers' lack of confidence in the Blast ecosystem.
As a result of the above events, the Blast ecosystem's SocialFi project EarlyFans previously stated, "Given that Blast will no longer renew its service agreement with Safe and the cessation of Thruster's operations, the risk of keeping assets on the Blast network is increasing, and it withdrew the EARLY token's LP (valued at $70,000) from Thruster." Ultimately, EarlyFans transitioned to "maintenance mode," focusing on developing a fully native mobile application 8020.
A series of chain reactions indicate that the trust foundation of the Blast ecosystem is crumbling. When infrastructure cooperation breaks down and core applications come to a halt, developers and users will naturally choose more stable networks.
Why is Blast Moving from the Spotlight to Decline?
The fall of Blast from its peak is due to a combination of multiple factors:
Significant cooling of the NFT market: The deep binding of Blast and Blur, along with the cooling of the NFT market, has had a huge impact on Blast.
Mismatch between points economy and real demand: Blast rapidly increased its TVL with "deposit to mine" and "points for airdrops," but many addresses came only to farm points, and the protocol layer lacked reasons for users to stay.
Token prices: The prices of BLAST and BLUR have fallen over 90% from their historical highs, severely undermining the confidence of investors and developers. In the crypto market, token prices often create a positive feedback loop with ecosystem activity, and the continued low prices further weakened Blast's appeal.
Lack of ecological diversity: The diversity of Blast's DApp ecosystem is far inferior to competitors like Base. Most users only cross-chain to earn airdrop points, with very low willingness to actually engage with applications, leading to a continuous decline in network activity.
Narrative fatigue and competition: "Native yield" was once the core selling point of Blast, but as the market lost interest in this narrative and the ecosystem failed to deliver breakthrough applications, being surpassed by competitors became inevitable.
Conclusion
The departure of Fantasy.top is undoubtedly a footnote to the diminishing appeal of the Blast ecosystem. When point incentives are no longer universal and narratives lose their freshness, developers will naturally gravitate towards more stable, liquid, and genuinely user-friendly networks.
Looking back at the rise and fall of Blast, its founders attracted a group of excellent developers through early marketing but failed to build the infrastructure and user stickiness necessary for sustainable ecosystem development. This once again confirms the harsh rule of the crypto world: relying on short-term speculation and traffic tricks may win temporary attention, but only by truly addressing user needs and building a healthy ecosystem can one stand firm in fierce competition.
The migration trend from Blast to Base is not just a choice of individual projects, but an inevitable "de-bubbling" of the Layer 2 track.
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