Fantasy.top Departure Behind: Is the Blast Ecosystem Already in Decline?

Written by: KarenZ, Foresight News

In the early morning of July 15th, Beijing time, the decentralized card game Fantasy.top of the Blast ecosystem announced that it will migrate to the Base ecosystem and will support users in migrating their assets to the Base network.

As soon as the news broke, the community's reaction was not one of regret, but rather a sense of "finally"—as if the ending that had long been written was 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. It transforms the social media performance of KOLs in the crypto space into NFT cards and combines gamification mechanisms to attract a large number of users. Since its mainnet launch on May 1, 2024, Fantasy.top has quickly become a star project in the Blast ecosystem.

According to DeFiLlama statistics, in the past 24 hours, Fantasy.top contributed 83% of the protocol revenue (approximately $10,566) to the Blast ecosystem; 78% over the past week and 56% over the past month. Additionally, according to Nansen data, in the past 6 months, Fantasy.top is 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 insult to injury for the already quiet Blast.

Not just Fantasy.top: The "Exodus" of the Blast ecosystem

In fact, Fantasy.top is not the first project to flee from Blast. From the overall data and numerous cases of departure, we can clearly see the loss of projects and users in the Blast ecosystem, as well as the declining trend of Blast.

In terms of data, according to DeFiLlama, the total locked value of the Blast ecosystem DeFi is currently only 87 million USD, which has shrunk over 95% from its peak of 2.2 billion USD. According to Nansen data, the daily active addresses on the Blast network reached over 180,000 at the end of June 2024, but have since declined sharply, maintaining only between 2,000 and 5,000 in recent months. Additionally, the daily contract deployment has dropped to double digits or just over a hundred, and the number of token deployments has even fallen to single digits, indicating a waning enthusiasm among developers.

Source: Nansen

Typical project migration case

pump.fun: Launching on Solana in January 2024, it went live on Blast a month later but did not receive much attention, and a few months later, operations on Blast ceased.

The lottery application Megapot (gambling application, please do not use) will also migrate from Blast to the Base ecosystem starting in March 2025.

Ethos Network: Originally planned to launch on Blast, but 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: will also migrate to the Base ecosystem in the later stages.

These cases point to a common conclusion: Blast is facing severe challenges in attracting and retaining projects. Although it was once highly anticipated as a "native yield-generating Ethereum Layer 2," its ecological development has obviously failed to fulfill early promises.

Blast ecosystem's recent turmoil

Recently, the negative signals or turmoil surrounding the Blast ecosystem have further intensified market concerns about it:

In May 2025, Blast announced that it would not renew its service agreement with Safe, but would support access to multi-signature wallets through the BrahmaFi frontend or self-hosted frontend. Pacman explained that there are many reasons for this, one of which is that there are already many alternative solutions supporting Blast. However, this decision has been interpreted by the outside world as a contraction of ecological infrastructure.

In the following month, Blast ecosystem DEX Thruster announced its decision to gradually cease the operation of Thruster. The official explanation from Thruster stated that this was the result of a comprehensive evaluation of Thruster's current situation, expectations, surrounding ecosystem, and future prospects. This also indirectly reflects the developers' lack of confidence in the Blast ecosystem.

Due to the above events, the Blast ecosystem SocialFi project EarlyFans previously stated, "Given that Blast will no longer renew its service agreement with Safe and the cessation of operations of Thruster, the risk of keeping assets on the Blast network is increasing, and it has withdrawn the LP of EARLY tokens (worth $70,000) from Thruster." Of course, ultimately, EarlyFans has switched to "maintenance mode" and is turning to develop a fully native mobile application 8020.

A series of chain reactions indicate that the trust foundation of the Blast ecosystem is crumbling. When infrastructure collaborations break down and core applications come to a standstill, developers and users will naturally opt for more stable networks.

Why has Blast moved from the spotlight to obscurity?

Behind Blast's fall from its peak are multiple contributing factors.

1. The significant cooling of NFTs: Blast and Blur are deeply intertwined, and the cooling of the NFT market has had a huge impact on Blast.

2. Mismatch between points economy and real demand: Blast quickly increases TVL through "deposit and mine" and "points for airdrops", but many addresses are only here to grab points, and the protocol layer lacks reasons for users to stay.

3. 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 cryptocurrency market, token prices often create a positive feedback loop with ecosystem activity, and the continued low prices further diminish the appeal of Blast.

4. Lack of Ecological Diversity: The DApp ecosystem of Blast is far less diverse compared to competitors like Base. Most users only cross-chain to earn airdrop points, and their willingness to actually engage with applications is very low, resulting in a continuous decline in network activity.

5. Narrative Overdraft and Competition: "Native Yield" was once the core selling point of Blast, but when the market lost interest in its narrative and the ecosystem failed to deliver breakthrough applications, being surpassed by competitors became inevitable.

Summary

The departure of Fantasy.top is undoubtedly a footnote to the diminishing appeal of the Blast ecosystem. When point incentives are no longer omnipotent and narratives lose their novelty, developers will naturally gravitate towards networks that are more stable, have stronger liquidity, and possess more genuine users.

Looking back at the rise and fall of Blast, its founder 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 cruel law 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 establish a foothold in fierce competition.

The migration trend from Blast to Base is not just a choice of a single project, but an inevitability of the "de-bubbling" of the Layer2 track.