🚦 A Shocking Capital Flow Phenomenon: Liquidation Shifting to Blast
Last week, the Ethereum ecosystem witnessed an unprecedented capital surge: just 4 months after mainnet launch, Blast has attracted over 1.6 million ETH (valued around $5.8 billion) directly sent to its chain. For every 10 ETH moving to L2, 7 ETH are poured into Blast.
On-chain data shows Blast's TVL growth rate far exceeds recently launched L2s like Base, zkSync, and even surpasses Arbitrum during its peak expansion. What's happening?
📊 Data Overview: An Unexpected Shift
- TVL on Blast: Peaked at 2 million ETH in June, capturing over 35% of total layer-2 TVL just after 4 months.
- Benefits of holding ETH on Blast: Native yield ~3.5%, 4-5 times higher than Lido or traditional staking.
- New app ecosystem exploding: Projects like Fantasy.top, Pacmoon, Juice Finance are top trending dApps on Dune Analytics.
The capital flow picture is clear: this is no longer just typical capital rotation. "Real" capital from users is choosing Blast as their new destination.
🌊 Phenomenon: Native Yield + Airdrop & New Narrative
Breakthrough via Native Yield and Point Mechanism
Blast is not just an Ethereum L2 built on OP Stack. What makes it different is native auto-yield technology: when depositing ETH or stables on Blast, users automatically receive yields from staking or RWA, without complex DeFi interactions as before.
Simultaneously, upon mainnet launch, Blast started a "massive" airdrop point game: users depositing ETH/stables earn points – anticipating a BLAST token airdrop with hundreds of millions of dollars in the pool. The early L2 narrative from 2023 has never seen a "native yield and point farming" approach like this.
Momentum from Meme dApp Games, Yield Stacking
Beyond yield, Blast created a wave of new projects leveraging user flow: Fantasy.top (esport fantasy model), Pacmoon (meme bonding curve), and Juice Finance (degen money market) all entered the "top 10 dapp ETH volume" just 1-2 weeks after launch. These projects distribute incentives, and the exploding meme trend increased app TVL 4 times in the first week.
Weekly active wallets on Blast reached 600,000 – while Optimism took 1 year to reach the same number.
💸 Why is Capital Strongly Shifting to Blast?
Old Meta Fatigued: Users Truly Craving Yield
After a year exploring "generic" L2 airdrops (Starknet, zkSync Era), most users became tired of traditional yield farm/airdrop farming: sharing with too many bots, spending gas bridging back and forth, boring experiences. Blast appears as a promise: "Send funds, receive yield + points, earn without doing anything."
The native auto-yield mechanism satisfies the "sleep to earn" degen style psychology, while the massive airdrop narrative (with leaked allocation up to $500M) attracts numerous whales.
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