According to DeFiLlama data, the Blast project operating on the Ethereum Layer 2 is experiencing a sharp decline in both the total value locked (TVL) and the prices of its token. This article examines the current state of the project and its implications.
Decline in Total Value Locked
The total value locked in the Blast network has dropped to approximately $67 million. This figure is significantly lower than the peak value of $2.2 billion reached in June 2024, representing a decline of about 97% compared to its highest levels.
Price Dynamics of BLAST
The BLAST token also shows negative dynamics, dropping 16.79% in the last week, reaching a price of $0.002597. Since its peak value of $0.5223 on June 26, 2024, the token has lost 99.5% of its value.
Lack of Activity from the Project Team
Notably, both the official Blast account and the founder Pacman's Twitter account have not been updated for over three months, raising questions about the project's future. Currently, the market capitalization of BLAST is around $114 million, significantly lower than over $400 million at its launch.
Under these circumstances, the Blast project faces serious challenges. The drop in prices and low team activity may be seen as signs of instability that require attention from the community and investors.
