Blast L2 shutting down operations. Economics don't work—burn rate exceeded revenue with no viable path to profitability. Users instructed to bridge assets back to Ethereum mainnet.
Founder: Tieshun Roquerre (Pacman), previously built Blur NFT marketplace. Raised $20M Series A in Nov 2023 (Paradigm, Standard Crypto lead).
Post-mortem: Classic ponzi mechanics. TVL spiked on points farming pre-airdrop. Token distribution marked the top. Activity collapsed immediately after $BLAST TGE. Project effectively dead for months before official announcement.
$BLAST down 99% from listing. Further drawdown on closure news.
Implication: Another data point on unsustainable L2 unit economics and airdrop-driven user acquisition models. Paradigm portfolio loss.
Founder: Tieshun Roquerre (Pacman), previously built Blur NFT marketplace. Raised $20M Series A in Nov 2023 (Paradigm, Standard Crypto lead).
Post-mortem: Classic ponzi mechanics. TVL spiked on points farming pre-airdrop. Token distribution marked the top. Activity collapsed immediately after $BLAST TGE. Project effectively dead for months before official announcement.
$BLAST down 99% from listing. Further drawdown on closure news.
Implication: Another data point on unsustainable L2 unit economics and airdrop-driven user acquisition models. Paradigm portfolio loss.