The chain’s economics deteriorated quickly as speculative capital moved elsewhere and activity faded. Total value locked peaked over $2 billion in June 2024, according to DeFiLlama, and has since fallen to only $32 million. Meanwhile, Blast generated just $1,793 in revenue from network usage last month, down from a peak of about $3.5 million in June 2024, DeFiLlama data shows.

Its demise points to a broader shakeout among blockchain networks.

Running a chain means paying for development, infrastructure and security even after user activity dries up. A recent wave of crypto exploits has drawn additional attention to security spending, while AI tools may also make it easier for…