Behind Fantasy.top Exodus: Blast Ecology Is Twilight?

Original article by KarenZ, Foresight News

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

As soon as the news came out, the community's reaction was not regret, but a "final" emotion - as if the ending that had been written for a long time 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, which attracts a large number of users by converting the social media performance of KOLs in the crypto space into NFT cards, combined with gamification mechanisms. Since its mainnet launch on May 1, 2024, Fantasy.top has quickly become the star project of the Blast ecosystem.

According to DeFiLlama statistics, in the past 24 hours, Fantasy.top contributed 83% of the protocol revenue (about $10, 566) to the Blast ecosystem; 78% in the past week and 56% in the past month. According to Nansen, Fantasy.top was the third-highest number of transactions on the Blast network in the past six months.

The existence of Fantasy.top is an important pillar for the Blast ecosystem to maintain its "activity". And now its migration has undoubtedly made the already deserted Blast even worse.

More than Fantasy.top: The "exodus" of the Blast ecosystem

In fact, Fantasy.top isn't the first project to escape from Blast. From the overall data and many exodus cases, we can clearly see the loss of projects and users in the Blast ecosystem, as well as the trend of Blast going into decline.

In terms of data, according to DeFiLlama, the total lock-up amount of DeFi in the Blast ecosystem is currently only $87 million, and the $2.2 billion at its peak has shrunk by more than 95%. According to Nansen data, the Blast network had more than 180,000 daily active addresses at the end of June 2024, but has plummeted since then, remaining in the 2000-5000 range in recent months. In addition, the number of daily contract deployments has dropped to double digits or early hundreds, and the number of token deployments has fallen to single digits, which also indicates that developer enthusiasm has waned.

Source: Nansen

Typical project migration cases

• pump.fun: Launched on Solana in January 2024, Blast was launched a little over a month later, but it didn't get much attention and stopped operating on Blast a few months later.

• The lottery app Megapot (spinach app, don't use it) will also migrate 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 for the Base ecosystem.

• Blast BIG BANG Winning Project Baseline: Later it will also be migrated to the Base ecosystem.

Together, these cases point to the conclusion that Blast is facing serious challenges in attracting and retaining programs. Although there were high hopes for Ethereum as a "native yield Layer 2", its ecological development has clearly failed to live up to its early promises.

The Blast ecosystem has been in turmoil recently

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

In May 2025, Blast announced that it would not renew its service agreement with Safe, but would allow access to multisig wallets via BrahmaFi's frontend or self-custody frontend. Pacman explains that there are many reasons for this, one of which is that there are already a lot of alternatives in favor of Last. But this decision has been interpreted by the outside world as a contraction of ecological infrastructure.

The following month, Blast Eco DEX Thruster announced its decision to phase out Thruster's operations. Thruster officials explained that this is the result of a comprehensive assessment of Thruster's current situation, expectations, surrounding ecosystems, and future prospects. This also reflects the developer's lack of confidence in the Blast ecosystem.

Affected by the above incident, EarlyFans, a SocialFi project in the Blast ecosystem, also previously stated that "given that Blast does not renew its service agreement with Safe and Thruster's cessation of operations, there is a growing risk of keeping assets on the Blast network, and withdrew LPs of the EARLY token (worth $70,000) from Thruster." Eventually, of course, EarlyFans moved into "maintenance mode" and turned to developing a fully native mobile app, 8020.

A series of chain reactions suggest that the foundation of trust in the Blast ecosystem is disintegrating. When infrastructure cooperation is broken and core applications are down, developers and users naturally choose a more stable network.

Why did Blast go from the spotlight to the wane?

Behind Blast's fall from the top is a combination of factors:

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

2. Mismatch between the integral economy and real demand: Blast uses "deposit and mining" and "points for airdrops" to quickly pile up TVL, but a large number of addresses are only here to collect points, and the protocol layer lacks a reason for users to stay.

3. Token price: BLAST and BLUR prices are down more than 90% from their all-time highs, severely dampening the confidence of investors and developers. In the crypto market, token prices tend to form a positive cycle with ecological activity, and the continued downturn in prices further weakens Last's appeal.

4. Lack of biodiversity: Last's DApp ecosystem is far less diverse than that of competitors such as Base. Most users cross-chain just to earn airdrop points, and their willingness to actually participate in app interaction is extremely low, resulting in a continuous decline in network activity.

5. Narrative overdraft and competition: "Native income" used to be the core selling point of Blast, but when the market loses its freshness to its narrative and the ecosystem fails to come up with breakthrough applications, it becomes inevitable to be surpassed by competitors.

brief summary

The departure of Fantasy.top is undoubtedly a footnote to the decay of Blast's ecological appeal. When integral incentives are no longer omnipotent and narratives lose their freshness, developers will naturally flow to a more stable, more liquid, and more authentic network.

Looking back at the rise and fall of Blast, although its founders attracted a group of excellent developers with early marketing, they 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 we gain a foothold in the fierce competition.

The migration from Blast to Base is not only the choice of a single project, but also the inevitable "de-bubble" of the Layer 2 track.