Blast TVL plummeted 65%, losing 2 billion USD after 24 hours of mainnet launch

Cryptocurrency investors quickly withdrew assets from the layer 2 blockchain based on Ethereum Blast after the network launched its mainnet on February 29.

According to data from DefiLama and Flipside, the total value of assets locked (TVL) on the network has plummeted more than 65% in the past day, falling to $745.47 million from a peak of $2.27 billion.


Source: DefiLama

Last year, Blast enticed community members to lock up their Ethereum and stablecoin assets, offering up to 5% annual percentage yield generated from staked ETH and real-world asset protocols.

The lure of high returns and potential airdrops encouraged community members to participate. However, the move drew criticism from cryptocurrency stakeholders, who pointed out that users cannot withdraw their assets until the mainnet launch.

With the successful mainnet launch, users quickly withdrew their stranded assets, leading to a rapid decrease in TVL.

Despite this setback, Blast continues to operate, boasting a total of over 1 million transactions on the network and seeing the launch of several new decentralized applications.

Fraudulent websites are widespread

Meanwhile, malicious actors took advantage of Blast's mainnet launch to develop phishing websites that imitate the official platform of the layer 2 network.

Security firm Web 3 Scam Sniffer has disclosed two cases in which individuals fell victim to these schemes, resulting in a total loss of more than $5 million in digital assets.

In one case, a user lost $4.39 million, including ALI and PUSH tokens, after interacting with a fraudulent Uniswap Permit2 Permit Batch message.



Another user met a similar fate, losing $717,817 worth of Aave BTC and Pandora tokens through an airdrop scam site.

These incidents prompted Scam Sniffer to issue a stern warning:

“There are too many scam sites impersonating Blast! It's time to remind you once again that clicking on links in Twitter comments is dangerous.”

Blast also echoed this sentiment, urging its community to exercise vigilance against scammers and rely only on official documentation to access block explorers, RPCs and chain-related information. other.