COBIE’S THESIS ON BLAST

Summary from the TLDR Crypto newsletter

This post lays out a thesis for Blast and other L2s like it. The growing commodification of L2 blockchain solutions is driving competition for users, attention, and traction amid an increasing number of L2s. This shifts user behavior and has caused protocols to focus on incentivizing on-chain activities. Despite criticism around the way it launched, Blast has attracted more TVL than established L2s like Coinbase's Base. The fact that many complained about the launch but also bridged assets to the L2 highlights the more general mismatch between public sentiment and private actions in the crypto space.