Once the brightest star in the L2 space, Blast blockchain announced yesterday that it's exiting the game. TVL dropped from $2.2 billion to $32 million—a 98% plunge. Monthly revenue fell from $3.5 million to $1,793—a 99.95% drop. This wasn’t due to hackers or a rug pull, it died because no one used it. L2s once thrived because Ethereum was congested, but now L1s are cheaper, and users have scattered. Daily fee revenue is down to just a few thousand dollars. A lot of Web3 projects are just utopias. They tell a grand story, raise some money, and then wait to die. Not much different from meme coins—peak at launch, then crash to zero and disappear.