In the fast-paced world of crypto, stories of meteoric rises and sudden crashes are all too common. A recent thread on X (formerly Twitter) by @StarPlatinumSOL has sparked discussions about one such tale: the disappearance of Blast and its enigmatic founder, Pacman. For those in the meme token space, this narrative offers valuable insights into the volatility of Layer 2 solutions and how they impact community-driven projects like memecoins.

Pacman's Early Journey: From Dropout to Crypto Pioneer

Pacman, a self-taught programmer born in the US, has always marched to his own beat. Dropping out of high school at 16, he dove headfirst into building tech. By 18, he snagged a spot at MIT but ditched it after winning the prestigious $100K Thiel Fellowship. His obsession? Ownership, decentralization, and lightning-fast product development – core principles that would define his crypto ventures.

From 2018 to 2021, Pacman founded Namebase, a decentralized domain platform on Handshake. It raised $5 million, handled tens of millions in transactions, and culminated in a successful exit to Namecheap in 2021. This win fueled his full dive into crypto.

The Blur Era: Revolutionizing NFTs

In 2022, Pacman raised $11 million from Paradigm to launch Blur, an NFT marketplace tailored for traders. With zero fees and token incentives, it debuted in October and swiftly dethroned OpenSea, capturing over 40% of Ethereum NFT volume. The community dubbed it the "Binance of NFTs" for its trader-friendly features.

Come February 2023, Pacman revealed his identity during Blur's massive airdrop, distributing 12% of the token supply to early users. This event sparked $400 million in trading volume in just one week. Hot on its heels, he announced Blast – a Layer 2 network promising native yield on ETH and stablecoins.

Blast's Explosive Launch and Red Flags

Blast launched in 2024 with minimal fanfare – just a landing page hyping yield from staking returns and gas fees rewarding developers. Despite no product, it amassed over $2.2 billion in deposits within weeks. Backed by Paradigm, the launch drew criticism, even from its investors, for "crossing lines." Key concerns included no testnet, a multisig bridge, and upgradeable contracts – all potential risks in crypto terms (multisig means control by a group via multiple signatures, while upgradeable contracts allow changes post-launch, raising centralization fears).

Yet, the hype was real, drawing in users and projects, including memecoins like Pacmoon.

The 2025 Crash: From Boom to Bust

Fast forward to 2025, and Blast's total value locked (TVL – the amount of assets staked or locked in the protocol) plummeted from $2.2 billion to a mere $62 million, a staggering 97% drop. The BLAST token tanked post-launch, prompting memecoins like Pacmoon and various NFT projects to jump ship. Blur's daily volume dipped below $120K, and Paradigm publicly distanced itself.

By mid-2025, Pacman went silent, with his last post in May. Blast's official updates ceased, earning it the "ghost chain" moniker. The Blur DAO even floated a 0.5% trading fee to stay afloat.

Lessons for Meme Token Communities

This saga underscores the fragility of even promising Layer 2 chains. Meme tokens, often built on hype and community, thrive on scalable, low-cost networks like Blast promised to be. But when foundations crack – due to poor tokenomics (the economic design of a token), questionable decisions, or market shifts – everything can unravel quickly.

Pacmoon's exodus from Blast highlights how memecoin projects must pivot fast. For blockchain practitioners eyeing meme tokens, it's a reminder: Vet founders, scrutinize tokenomics, and diversify. Do we need so many L2s? Probably not, but the survivors will shape the next wave of meme innovation.

Check out the original thread on X for more details and community reactions. In crypto, today's star can be tomorrow's cautionary tale – stay informed with Meme Insider for the latest on meme tokens and beyond.