In the early hours of July 15 (Beijing time), Fantasy.top, a decentralized card game on Blast, announced its migration to Base and will support users in transferring their assets to the Base network.

The community's reaction was not one of surprise but rather a resigned "it was bound to happen"—as if the final page of a foregone conclusion had finally been turned.

Fantasy.top is a decentralized social card game built on Blast, where crypto influencers' social media performances are transformed into NFT cards. Since its mainnet launch on May 1, 2024, it quickly became Blast’s flagship project.

According to DeFiLlama, Fantasy.top contributed:

• 83% of Blast’s protocol revenue in the past 24 hours (~$10,566).

• 78% over the past week.

• 56% over the past month.

Nansen data also shows that Fantasy.top was the third most active dApp on Blast in the last six months by transaction volume.

Its departure is a heavy blow to Blast, which was already struggling with declining activity.

Fantasy.top isn’t the first project to abandon Blast. Data reveals a broader trend of declining TVL, user activity, and developer interest:

• TVL: Once at $2.2 billion, Blast’s DeFi TVL has plummeted 95%+ to just $87 million.

• Daily Active Addresses: Peaked at 180,000+ in late June 2024 but now hovers between 2,000–5,000.

• Developer Activity: Daily contract deployments have dropped to double or low triple digits, with token deployments often in the single digits.

1. pump.fun: Launched on Blast in early 2024 but shut down due to lack of traction.

2. Megapot: A lottery app that migrated to Base in March 2025.

3. Ethos Network: Skipped Blast entirely, launching directly on Base.

4. Baseline: A Blast BIG BANG winner that later moved to Base.

The conclusion is clear—Blast is failing to retain projects, despite its early promise as a "native yield-generating Ethereum L2."

Several recent incidents have further eroded confidence in Blast:

1. Safe Multisig Withdrawal (May 2025)

   • Blast announced it would not renew its contract with Safe, forcing users to rely on third-party frontends like BrahmaFi.

   • Interpreted as infrastructure downsizing, raising concerns about decentralization.

2. Thruster DEX Shutdown (June 2025)

   • Blast’s leading DEX, Thruster, announced it would wind down operations, citing "ecosystem challenges."

   • This triggered a domino effect, with projects like EarlyFans withdrawing liquidity and shifting development elsewhere.

These events suggest Blast’s foundational trust is crumbling. When core infrastructure falters, developers and users flee to more stable alternatives.

Blast’s decline stems from multiple factors:

1. NFT Market Collapse

   • Blast’s deep ties with Blur left it vulnerable when NFT trading dried up.

2. Points Farming ≠ Real Demand

   • Blast’s "deposit-to-farm" model inflated TVL, but most users were just hunting airdrops, not engaging with dApps.

3. Token Price Crash

   • $BLAST and $BLUR are down 90%+ from peaks, eroding investor and developer confidence.

4. Lack of Ecosystem Diversity

   • Compared to Base, Blast’s dApp ecosystem is shallow, with few compelling use cases beyond speculation.

5. Narrative Fatigue & Competition

   • The "native yield" story lost its novelty, while rivals like Base and Solana offered stronger growth prospects.

Fantasy.top’s exit is a symbolic moment—proof that Blast’s hype-driven model has run its course.

• Short-term incentives (points, airdrops) can’t sustain an ecosystem.

• Without real utility, even the best-marketed chains fail.

• The migration to Base reflects a broader L2 "de-bubbling."

Blast’s rise and fall is a cautionary tale in crypto: Marketing can win attention, but only genuine adoption wins long-term.

As projects flee to Base and Solana, Blast’s future looks increasingly uncertain. Will it pivot—or fade into obscurity?

In the early hours of July 15 (Beijing time), Fantasy.top, a decentralized card game on Blast, announced its migration to Base and will support users in transferring their assets to the Base network.

The community's reaction was not one of surprise but rather a resigned "it was bound to happen"—as if the final page of a foregone conclusion had finally been turned.

Fantasy.top is a decentralized social card game built on Blast, where crypto influencers' social media performances are transformed into NFT cards. Since its mainnet launch on May 1, 2024, it quickly became Blast’s flagship project.

According to DeFiLlama, Fantasy.top contributed:

• 83% of Blast’s protocol revenue in the past 24 hours (~$10,566).

• 78% over the past week.

• 56% over the past month.

Nansen data also shows that Fantasy.top was the third most active dApp on Blast in the last six months by transaction volume.

Its departure is a heavy blow to Blast, which was already struggling with declining activity.

Fantasy.top isn’t the first project to abandon Blast. Data reveals a broader trend of declining TVL, user activity, and developer interest:

• TVL: Once at $2.2 billion, Blast’s DeFi TVL has plummeted 95%+ to just $87 million.

• Daily Active Addresses: Peaked at 180,000+ in late June 2024 but now hovers between 2,000–5,000.

• Developer Activity: Daily contract deployments have dropped to double or low triple digits, with token deployments often in the single digits.

1. pump.fun: Launched on Blast in early 2024 but shut down due to lack of traction.

2. Megapot: A lottery app that migrated to Base in March 2025.

3. Ethos Network: Skipped Blast entirely, launching directly on Base.

4. Baseline: A Blast BIG BANG winner that later moved to Base.

The conclusion is clear—Blast is failing to retain projects, despite its early promise as a "native yield-generating Ethereum L2."

Several recent incidents have further eroded confidence in Blast:

1. Safe Multisig Withdrawal (May 2025)

   • Blast announced it would not renew its contract with Safe, forcing users to rely on third-party frontends like BrahmaFi.

   • Interpreted as infrastructure downsizing, raising concerns about decentralization.

2. Thruster DEX Shutdown (June 2025)

   • Blast’s leading DEX, Thruster, announced it would wind down operations, citing "ecosystem challenges."

   • This triggered a domino effect, with projects like EarlyFans withdrawing liquidity and shifting development elsewhere.

These events suggest Blast’s foundational trust is crumbling. When core infrastructure falters, developers and users flee to more stable alternatives.

Blast’s decline stems from multiple factors:

1. NFT Market Collapse

   • Blast’s deep ties with Blur left it vulnerable when NFT trading dried up.

2. Points Farming ≠ Real Demand

   • Blast’s "deposit-to-farm" model inflated TVL, but most users were just hunting airdrops, not engaging with dApps.

3. Token Price Crash

   • $BLAST and $BLUR are down 90%+ from peaks, eroding investor and developer confidence.

4. Lack of Ecosystem Diversity

   • Compared to Base, Blast’s dApp ecosystem is shallow, with few compelling use cases beyond speculation.

5. Narrative Fatigue & Competition

   • The "native yield" story lost its novelty, while rivals like Base and Solana offered stronger growth prospects.

Fantasy.top’s exit is a symbolic moment—proof that Blast’s hype-driven model has run its course.

• Short-term incentives (points, airdrops) can’t sustain an ecosystem.

• Without real utility, even the best-marketed chains fail.

• The migration to Base reflects a broader L2 "de-bubbling."

Blast’s rise and fall is a cautionary tale in crypto: Marketing can win attention, but only genuine adoption wins long-term.

As projects flee to Base and Solana, Blast’s future looks increasingly uncertain. Will it pivot—or fade into obscurity?