Blast’s TVL has dropped by 62% in 2 months
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Johny Smith
2024/09/14
3 mins read
According to data provided by NFTgators, the total value locked (TVL) on the Blast platform has dropped by 62% from its all-time high, according to renowned reporter and journalist Colin Wu. He also noted that the number of active users has reached its lowest level in the last 6 months.
TVL has grown by over $100 million in the last two weeks, but the network is still struggling to attract liquidity. The value has fallen more than 60% since its all-time high of $2.3 billion in early June. In April, the frozen funds quickly grew to over $1.7 billion shortly after the project launched.
According to growthepie, Blast’s daily user count fell to 27,800 as of August 18, the lowest since the scalable platform launched in late February this year.
Blast has attracted users’ attention due to its innovative scaling technology, which has significantly improved blockchain performance and reduced transaction costs. These features have made the platform attractive to developers and users seeking fast and inexpensive interaction on the network.
According to analysts, the current decline in activity may indicate the need for further improvements and adaptations to retain community interest and regain its previous market position. In the face of increasing competition among scaling solutions, Blast will need to prove its viability and continue to innovate to regain the trust of users and investors.
The sharp drop in Blast’s key metrics shows that decentralized finance (DeFi) projects and public decentralized networks need to focus more on organic growth and focus on their communities and use cases. It turns out that the rapid growth of the ecosystem was due to a long-awaited airdrop. However, many users ended up being disappointed with the process of receiving tokens and their distribution.
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