Fantasy.top, the ecological "flag bearer", has left. What happened to Blast?

By KarenZ, Foresight News

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

When the news came out, the community's reaction was not regret, but a feeling of "finally" - as if the ending that had already been written had been turned to the last page.

Fantasy.top: The "Flag Bearer" of the Blast Ecosystem

Fantasy.top is a decentralized social card game based on the Blast network. It attracts a large number of users by converting the social media performance of KOLs in the crypto field into NFT cards and combining gamification mechanisms. Since the launch of the mainnet on May 1, 2024, Fantasy.top has quickly become a star project in the Blast ecosystem.

According to DeFiLlama statistics, Fantasy.top contributed 83% of the Blast ecosystem's protocol revenue (about $10,566) in the past 24 hours; 78% in the past week, and 56% in the past month. According to Nansen data, Fantasy.top is the third highest application in terms of user transactions on the Blast network in the past 6 months.

The existence of Fantasy.top is an important pillar for maintaining the "activity" of the Blast ecosystem. Its migration now undoubtedly makes the already deserted Blast even worse.

Not just Fantasy.top: The exodus of Blast ecosystem

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

In terms of data, according to DeFiLlama, the total locked amount of Blast Ecosystem DeFi is currently only 87 million US dollars, which has shrunk by more than 95% from the peak of 2.2 billion US dollars. According to Nansen data, the daily active addresses of the Blast network reached more than 180,000 at the end of June 2024, but have since plummeted, and have only remained in the range of 2,000-5,000 in recent months. In addition, the daily contract deployment volume has dropped to double digits or just over a hundred, and the number of token deployments has even fallen to single digits, which also shows that the enthusiasm of developers has faded.

 Source: Nansen

Typical project migration cases

• pump.fun: It was launched on Solana in January 2024, and was launched on Blast more than a month later, but it did not receive much attention and stopped operating on Blast a few months later.
• The lottery app Megapot (a gambling app, please do not use it) also migrated from Blast to the Base ecosystem in March 2025.
• Ethos Network: Originally planned to be launched on Blast, it was eventually launched directly on Base. Ethos Network is currently a popular reputation protocol in the Base ecosystem.

Blast BIG BANG award-winning project Baseline: will also be migrated to the Base ecosystem in the future.

These cases all point to one conclusion: Blast is facing severe challenges in attracting and retaining projects. Although it was once highly anticipated as a "native yield-based Ethereum Layer2", its ecological development has obviously failed to deliver on its early promises.

Blast Ecosystem Recent Turmoil

Recently, negative signals or disturbances in the Blast ecosystem have further exacerbated market concerns about it:

In May 2025, Blast announced that it would no longer renew its service agreement with Safe, but would support access to multi-signature wallets through BrahmaFi's front-end or self-hosted front-end. Pacman explained that there are many reasons, one of which is that there are already many alternatives to support Blast. However, this decision was interpreted by the outside world as a contraction of the ecological infrastructure.

The following month, Blast ecosystem DEX Thruster announced its decision to gradually stop operating Thruster. Thruster officials explained that this was the result of a comprehensive assessment of Thruster's current status, expectations, surrounding ecosystem, and future prospects. This also indirectly reflects the lack of confidence developers have in the Blast ecosystem.

Affected by the above events, EarlyFans, a SocialFi project in the Blast ecosystem, previously stated that “given that Blast will not renew its service agreement with Safe and Thruster has ceased operations, the risk of keeping assets on the Blast network is increasing, and the LP of EARLY tokens (worth US$70,000) has been withdrawn from Thruster.” Of course, in the end, EarlyFans switched to “maintenance mode” and turned to developing a completely native mobile application 8020.

A series of chain reactions show that the trust foundation of the Blast ecosystem is collapsing. When infrastructure cooperation breaks down and core applications are shut down, developers and users will naturally choose a more stable network.

Why did Blast fall from the spotlight to decline?

The reason behind Blast's fall from the peak is the combined effect of multiple factors:

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

2. The mismatch between the points economy and real needs: Blast uses "deposit is mining" and "points for airdrops" to quickly increase TVL, but a large number of addresses only come to collect points, and the protocol layer lacks reasons for users to stay.

3. Token price: The price of BLAST and BLUR has fallen by more than 90% from its historical high, which has severely hit the confidence of investors and developers. In the crypto market, token prices often form a positive cycle with ecological activity, and the continued slump in prices has further weakened the appeal of Blast.

4. Lack of ecological diversity: Blast’s DApp ecosystem is far less diverse than competitors such as Base. Most users cross chains only to earn airdrop points, and their willingness to actually participate in application interactions is extremely low, resulting in a continuous decline in network activity.

5. Narrative Overdraft and Competition: “Native Revenue” was once Blast’s core selling point, but when the market lost interest in its narrative and the ecosystem failed to come up with breakthrough applications, it became inevitable that it would be surpassed by its competitors.

summary

The departure of Fantasy.top is undoubtedly a footnote to the decline of the attractiveness of the Blast ecosystem. When point incentives are no longer omnipotent and narratives lose their freshness, developers will naturally flow to a more stable, more liquid, and user-friendly network.

Looking back at the rise and fall of Blast, although its founder attracted a group of excellent developers through early marketing, he failed to build the infrastructure and user stickiness to support the sustainable development of the ecosystem. This also once again confirms the cruel law of the crypto world: relying on short-term speculation and traffic routines may win temporary attention, but only by truly solving user needs and building a healthy ecosystem can you gain a foothold in the fierce competition.

The migration trend from Blast to Base is not only the choice of a single project, but also a necessity for the "de-bubble" of the Layer2 track.