The chain’s economics deteriorated quickly as speculative capital moved elsewhere and activity faded. Total value locked peaked over $2 billion in June 2024, according to DeFiLlama, and has since fallen to only $32 million. Meanwhile, Blast generated just $1,793 in revenue from network usage last month, down from a peak of about $3.5 million in June 2024, DeFiLlama data shows.
Its demise points to a broader shakeout among blockchain networks.
Running a chain means paying for development, infrastructure and security even after user activity dries up. A recent wave of crypto exploits has drawn additional attention to security spending, while AI tools may also make it easier for attackers to probe code for weaknesses.
Competition is getting tougher, too.
Large consumer platforms with built-in distribution have launched their own Ethereum-based networks. Crypto exchange Coinbase
