The total value locked (TVL) in Blast's layer 2 solution fell from a record $2.2 billion to $67 million in one year, a decline of 97%.
The Blast project was launched in November 2023 by the founder of Blur, under the name Pakman. Initially, the protocol did not have a test network, and allowed users to deposit coins for a passive income of 4-5%. Now, the project offers an annual interest rate of "up to 50%".
In July 2024, the protocol's TVL peaked and then quickly declined after the airdrop of the original BLAST token.
The currency itself has also seen very poor performance since its launch. Initially, the price of BLAST was around $0.025, and now it is $0.0025 (a 90% decline).
The official X account for Blast has been inactive since May 2025. The last post was about a partnership with the Safe platform.
The founder's page has also not posted any new entries in the past three months.
At the same time, the Blur platform, the NFT marketplace owned by Pakman, led the sector for 30 days with trading volume exceeding $150 million. Meanwhile, the platform's account has not posted any updates on X since March.
Let's not forget that in June, the L2 zkLend protocol team, based on Starknet, announced the end of operations. The reason was the hacking of the LEND token and its removal from major trading platforms.
It is essential to conduct thorough research on your own and understand the risks before investing. Never invest more than you can afford to lose.
Disclaimer: The information provided is not financial or investment advice.
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