Blast’s Layer 2 Network TVL Plummets by 97% from Peak

Blast's TVL has dropped from $2.2 billion to $67 million, a 97% decrease.

The total value locked (TVL) in the Blast Layer 2 solution has plunged from a record $2.2 billion to $67 million over the past year, a decline of 97%.

The Blast project was launched in November 2023 by the founder of Blur, known by the pseudonym Pacman. Initially, the protocol lacked even a test network and offered users the chance to deposit coins for a passive yield of 4-5%. It now advertises an APR of “up to 50%.”

In July 2024, the protocol’s TVL reached its peak, only to rapidly decline following the airdrop of the native BLAST token. 

The BLAST token itself has shown a consistently negative trend since its launch. Initially priced at around $0.025, it now trades at $0.0025, a 90% drop.

The official Blast account on X has been inactive since May 2025. The last post concerned a partnership with the Safe platform.

No new posts have appeared on the founder’s page in the past three months. 

Meanwhile, Pacman’s NFT marketplace Blur has led the segment over the past 30 days with trading volumes exceeding $150 million. Notably, the platform’s account has not posted on X since March.

Earlier in June, the team behind the L2 protocol zkLend on Starknet announced its shutdown, citing a hack and the delisting of the LEND token from major exchanges.