Blast network TVL plummets 65% losing $2 billion in 24 hours post-mainnet launch

Crypto traders maintain as we utter removed their property on the Ethereum-basically based layer two blockchain Blast following its Feb. 29 mainnet open.

In line with DefiLama and Flipside info, the final ticket of property locked (TVL) on the community plummeted by over 65% within the past day, losing to $745.47 million from a height of $2.27 billion.

Final year, Blast enticed neighborhood individuals to lock up their Ethereum and stablecoin property, providing as a lot as a 5% annual percentage yield generated from staked ETH and real-world asset protocols.

The charm of excessive yields and likely airdrops incentivized neighborhood individuals to participate. On the different hand, this pass drew criticism from crypto stakeholders, who identified that customers couldn’t withdraw their property till the mainnet open.

With the profitable mainnet open, customers maintain quickly withdrawn their caught property, leading to the immediate decline in TVL.

Despite this setback, Blast continues its operations, boasting over 1 million whole transactions on the community and witnessing the open of several unique decentralized applications.

Phishing sites on rampage

Meanwhile, malicious actors maintain exploited Blast mainnet open to proliferate phishing sites mimicking the layer2 community’s decent platform.

Internet 3 security firm Scam Sniffer disclosed two cases the keep folks fell victim to these schemes, ensuing in a blended loss exceeding $5 million in digital property.

In one case, a user suffered an absence of $4.39 million, comprising $ALI and $PUSH tokens, after interacting with a spurious Uniswap Permit2’s Allow Batch message.

Another user encountered a equivalent destiny, losing $717,817 price of Aave BTC and Pandora tokens thru an airdrop phishing predicament.

These incidents ended in Scam Sniffer to relate a stark warning:

“There are too many phishing sites impersonating Blast! It’s time to remind you but again that clicking on links in Twitter feedback is harmful.”

Blast additionally echoed this sentiment, urging its neighborhood to deliver vigilance in opposition to scammers and completely depend on decent documentation for accessing block explorers, RPCs, and other chain-linked data.