Fantasy.top, a SocialFi project built on the Ethereum layer 2 Blast, is leaving the blockchain after its revenue from monthly fees dropped 93% since its May 2024 debut to about $200,000 in June, according to DefiLlama.
Its number of active users dropped 80% to 2,000 in the same period, according to Dune.
The blockchain-based social trading card game is attempting to turn a new leaf by moving into centralised crypto exchange Coinbase’s Base blockchain.
“Fantasy.top is officially migrating to Base, teaming up with the most active layer 2 to become the leading social experience in the ecosystem,” fantasy.top said on X. The migration would start on Tuesday.
The initiative highlights not just the diminished buzz around SocialFi projects, but also how Coinbase’s Base is gulping up market share in the DeFi ecosystem, elbowing out rival blockchains like Blast who once dominated the space.
Migrating blockchains
Fantasy.top’s migration from Blast marks the layer 2’s latest setback.
Having touted over $2.5 billion in deposits in May 2024 in the run-up to the blockchain’s eagerly anticipated airdrop, deposits have since fallen 95% to $140 million and its active users have fallen 97% to about 5,000, according to Dune.
Over the same time, deposits on Base have climbed to over $5.3 billion, while it now has over 10 million in weekly active addresses, according to DefiLlama.
Base launched in August 2023, joining a growing list of Ethereum layer 2 network projects connected to centralised crypto entities, such as MetaMask’s Linea and ByBit’s Mantle.
What is SocialFi?
SocialFi is a category of crypto projects that combines elements of social media with DeFi.
Content creators and users are rewarded for interacting with the platforms, potentially earning more than they would using a traditional social media platform.
SocialFi emerged as a trend with the launch of friend.tech in 2023. Deposits into the platform reached a peak of $52 million in October 2023, according to DefiLlama. Since then, deposits have dropped 94% to $3 million.
The entire SocialFi sector has experienced a significant decline in deposits since the launch of friend.tech as it was the largest project by far. Deposits sank 70% from a peak of $53 million in 2023 to $16 million currently, according to DefiLlama.
