Is it possible that Blast will become the next blockchain product to achieve mass adoption? Or was it just a flash in the pan and started to go downhill after the airdrop? On June 26, 2024, Blast issued an airdrop and listed the token on exchanges such as Coinbase and Upbit, but it has not yet been listed on Binance and OKX. As of July 1, Blast has a market value of approximately US$380 million, second only to Arbitrum (US$2.6 billion), OP (US$2 billion), Starknet (US$900 million), and ZK (US$650 million) in the same category; TVL is Reaching US$1.45 billion, second only to Arbitrum (US$2.8 billion) and Base (US$1.57 billion). As the "youngest" Ethereum L2 at present, Blast has ranked among the top five on the track in just half a year, and its performance is remarkable in terms of TVL and number of users. The founder Pacman, who was born in 1999, is a serial Web3 entrepreneur. At the age of 22, he founded Blur, currently the world's largest NFT exchange (with a market share of 65%), and then founded Blast. Pacman chose these two tracks. They are the most promising development tracks in the encryption industry in the last two cycles, which also makes users look forward to Blast. However, while collecting various data, Blast has also been subject to controversy. From the beginning, it was questioned whether it was L2 (not decentralized enough, Web2 product strategy), to diluting points and "cutting off big players" during the airdrop. The airdrop started in May. As it dragged on to June, and then users questioned Blast's final airdrop earnings, Blast may have endured the most controversy among all Ethereum L2s. So, through all the fog of controversy, what kind of L2 is Blast? Why is it so controversial yet still attracting enough traffic and TVL data? Does it have a chance to stand out from the crowd of Ethereum L2s and be the first to break through a new user circle? Or is it just a flash in the pan? After the airdrop event, the technology is exhausted and there is no new way to attract new users? (This article starts from the advantages and advantages shown by Blast and explores its innovative side. This does not mean that it agrees with the above-mentioned controversies of Blast)
"Catfish Professional"
Pacman He is only 25 years old, but he has a high influence on the technology and ecology of the current cryptocurrency industry. Looking at the entire Crypto industry, Pacman, who is so young and can bring sustained and major changes to the industry, has certain potential after Vitalik. And this comes from the two companies he founded: Blur and Blast.
These two companies have become the "catfish" in the two industry tracks of "NFT" and "Ethereum L2" respectively, and are stirring up changes in the entire industry ecology at an extremely fast speed.
Take the NFT industry as an example. OpenSea, established in 2017, was once the leader in the NFT market. However, more than a year after its establishment in March 2022, Blur attracted more professionals and investors by launching a series of trading tools and functions. High-frequency traders have successfully surpassed OpenSea and become the leader in the NFT track.
In the Ethereum L2 track, Pacman seems to also hope to replicate this success. Within half a year, Blast became the leader in this track. The latest data from Defillama (as of July 1st):
It can be seen from the above that Blast has performed well in terms of overall TVL, stable currency, NFT, DEX, etc. It seems to have competed with Arbitrum and Base on the same stage, becoming three ecosystems with great potential at present, and in many aspect, leaving behind other L2s. It is worth mentioning that Meme in the Blast ecosystem also performs well. For example, Andy in the Blast ecosystem has reached US$28 million and is expected to surpass Pacmoon and become the No. 1 Meme in its ecosystem.
As the "catfish" in the industry, Blur has become the leader in NFT after more than a year of development. Blast is currently experiencing about half a year of growth and is trying to gain a foothold in the top three positions of Ethereum L2. This has also brought many L2 Here comes the pressure. After Blast, some L2 projects also chose to use a points system to issue airdrops. Of course, this once again caused controversy in the community.
Blast, can it become the next mass adoption product?
People who are short on Blast have different opinions, while those who are bullish on Blast are roughly the same.
A practitioner pointed out: Pacman is good at systematic innovation and can always find out the pain points of users. Blur's success largely comes from Pacman identifying the needs of professional and high-frequency users and creating a series of customized trading tools and features to attract them to trade on its platform. Blast hopes to create the image of an APP Store in the blockchain industry and become the entrance to the blockchain world for all users.
All L2s hope to be the entry point for users to enter the blockchain world. The advantage of Blast is that in terms of product experience, products in the Blast ecosystem generally have the characteristics of "simple and easy to use".
It should be pointed out that any DApp can add itself to Blast’s official website list, which also means that Blast officials will not guarantee the safety of users’ funds when experiencing these applications. During the airdrop period, the Blast ecological project experienced multiple instances of user assets being stolen, and this may continue to occur in the future. This has also become a problem that Blast needs to face if it wants to further break through existing users.
Blast and Base are the current star L2 projects. What they have in common is that they have strong identification of advantages, strong ability to innovate and get things done, and they constantly try to break through the circle to reach new users. And there are many differences between the two.
A major recognition of Base is that Base has a very correct pedigree and is an on-chain team directly incubated by Coinbase, the largest cryptocurrency exchange in the United States. With the rapid increase in the dominance and influence of the United States and Wall Street on the crypto world, Base naturally assumes this part of the assets. Especially for memes, Base has become the next Solana, and has also become the L2 with the most frequent meme transactions and the largest transaction volume. Base has been on the road to breaking out of the circle. From August 2023, the social application Friend Tech exploded, generating protocol revenue of US$710,000 a day; by February 2024, the social protocol Farcaster broke out of the circle on a large scale and became the number one Web3 social network. protocol; and from March 2024 to the present, meme transactions have been active on the chain, and Base has been visibly attracting new users and new transactions into its ecosystem.
One of the distinguishing features of Blast is that there are many unique “hit products” in the Blast ecosystem, and they are highly practical. For example, the stablecoin USDB can win a share of the highly competitive stablecoin market; in the NFT market, there are leading players like Blur that support and empower it, occupying more than 6% of the market. In financial products with strong demand such as loans (Juice) and contracts (Bloom), the products can be simple and easy to use, while in some emerging Web3 tracks, such as social networking (Fantasy) and games (YOLO GAMES), there are Some differentiated and recognizable products are taking the lead. The simplicity and rich features of the products in the Blast ecosystem have become its advantages in allowing more users to enter the on-chain world.
Blast also launched a mobile APP during the airdrop collection process, which is also relatively rare in L2. From the launch of L2, the launch of the airdrop point system, the launch of Blast Gold, the launch of Multiples, and now the launch of the mobile version of Blast APP, Blast It always brings novel experiences to users. For L2, which has only been in development for half a year, Blast’s innovation density cannot be infrequent, which also gives it the opportunity to compete for the L2 leader and the next entrance to blockchain mass adoption.
Of course, Blast’s opening up of all Web3 products into its ecosystem also means that users’ financial security faces great risks. At the same time, whether Blast can maintain continuous and frequent innovation after the first round of airdrops and bring more fresh gameplay to the community is currently being questioned. Blast seems to still have a long way to go before it can reach the goals of “L2 leader” and “the next blockchain mass adoption entrance”.
The above is the detailed content of Blast A flash in the pan? Or is it the next mass adoption entrance?. For more information, please follow other related articles on the PHP Chinese website!
![[Web front-end] Node.js quick start](https://img.php.cn/upload/course/000/000/067/662b5d34ba7c0227.png)
