On December 13, East 8 Time, Blast Mainnet Bridge officially opened, while Eigenlayer triggered a large-scale re-staking wave, rapidly heating up interactions and capital flow on the Base chain. The interlinking effects of multiple emerging Ethereum Layer 2s and new public chains are reshaping the distribution pattern of funds among the ETH ecosystem, re-staking protocols, and new public chains.

Blast Mainnet Open: Bridging Funds and User Profiles

● News Driven:
● On December 13, East 8 Time, Blast announced the opening of the mainnet bridge, allowing users to directly cross-chain Ethereum mainnet assets to participate in ecological interactions on the Blast mainnet.
● According to data disclosed by the project team in the Brief, Blast has accumulated over 100,000 participating wallets during the previous Points warming phase, and the opening of the bridge is seen as a key moment to convert "airdrop expectations" into real on-chain activities.

● Capital Scale and Asset Structure:
● The Brief shows that the TVL during the pre-storage phase before the mainnet opening has reached tens of billions of dollars, primarily in ETH and LST (such as stETH), supplemented by some stablecoins and long-tail assets.
● After the bridge opened, the influx rhythm shifted from a "one-time explosion" to a sustained climb, with funds primarily rotating from DeFi protocols rather than all coming from new inflows from cold wallets.

● User Profiles and Behavioral Characteristics:
● Main participants include:
● Early DeFi farmers and airdrop hunters, inclined to split assets among Blast / Eigenlayer / other L2s.
● Some NFT and meme users, participating in early ecological interaction tasks with small amounts of funds to seek comprehensive airdrop benefits.
● Interaction behaviors mainly include: bridging, basic DEX trading, simple liquidity mining, and task platform check-ins, with no large-scale emergence of complex derivatives applications yet.

Base Heat Resurgence: Dual Drive of Re-staking + New Public Chains

● Changes in Capital and Interaction Data:
● The Brief shows that the daily active addresses and interaction counts on the Base chain did not significantly decline after the Blast opened, but rather slightly rebounded, indicating that funds and users are not flowing out in one direction but are engaging in rotational arbitrage across multiple chains.
● Some existing popular projects on Base (such as on-chain social and meme ecosystems) experienced a slowdown in transactions after the Blast opened, but were subsequently driven by Eigenlayer's re-staking narrative and new task activities, attracting interaction volume again.

● Re-staking and L2 Interlinking:
● The re-staking logic of Eigenlayer allows Ethereum's native assets to be used in multiple ways, namely:
● Earning basic returns on L1 / L2;
● Re-staking to similar Eigenlayer protocols, adding security and returns;
● Ultimately connecting with new public chain ecosystems (such as AVS-related projects on Blast and Base).
● The Brief points out that early attempts around re-staking derivative assets have already emerged in the Base ecosystem, including using re-staking certificates to participate in liquidity mining, task points, etc., further improving capital utilization.

● Ecological Overlay Effect, Not Zero-Sum Game:
● From on-chain data, the opening of Blast did not lead to a systemic "bloodletting" in the Base ecosystem, but rather:
● Guided new users to familiarize themselves with multi-chain interactions;
● Increased overall attention to Ethereum Layer 2 and re-staking narratives;
● Introduced new arbitrage, market-making, and task players to Base.
● In the competition with new public chains like Blast, Base seems to have entered a multi-chain capital synergy and user resonance phase, rather than a phase of one-way outflow.

Capital Diversion and Structural Changes in the Ethereum Ecosystem

The opening of the Blast bridge and the resurgence of Base's popularity are not isolated events, but resonate with the long-term trend of "asset composability + multi-layer yield stacking" in the Ethereum ecosystem. As re-staking protocols like Eigenlayer gradually mature, new public chains and Layer 2s are no longer simply "competing for TVL" with Ethereum, but are amplifying the same batch of ETH, LST, and re-staking certificates across multiple chains through protocol layers, yield structures, and task incentives. Capital is no longer locked in a single chain but forms high-frequency rotation and structural diversion between Blast, Base, and other Layer 2s: the attachment to ETH's native assets and security is becoming tighter, while dependence on a single public chain is decreasing.

Bullish and Bearish Views: Divergence Amidst the New Public Chain Boom

● Optimistic/Supporters:
● They believe that the interlinking of new public chains like Blast and Base with Layer 2s is an inevitable stage in the Ethereum ecosystem's transition to a "multi-centered high-density network":
● Re-staking protocols will diffuse the security and yield of ETH to more application layers;
● Multi-chain parallelism reduces single-point congestion and gas costs, attracting more long-tail users and developers;
● Although airdrop and task mechanisms are speculative in the early stages, they effectively complete user cold starts and ecological cold starts.

● Pessimistic/Concerns:
● They worry that the high-frequency rotation of funds between Blast, Base, and re-staking protocols may amplify systemic leverage and correlation risks:
● The same ETH being used through staking, re-staking, and cross-chain could lead to a longer potential liquidation chain;
● New public chains and Layer 2s are highly dependent on airdrop-driven returns, and if subsequent returns do not meet expectations, there may be a "flash crash-style withdrawal" of on-chain liquidity;
● The complex coupling between protocols, in the absence of unified regulation and transparent risk pricing, could easily trigger a chain reaction in extreme market conditions.

Outlook: Strategies and Observation Points in Multi-Chain Rotation

In the short term, the market will continue to focus on the further disclosure of Blast's airdrop rules, Eigenlayer's re-staking limits, the rhythm of new AVS launches, and the combination of gameplay around re-staking and task ecosystems on Base. For participants, the key is not to bet solely on a single new public chain, but to understand how capital circulates between ETH, L2, and re-staking protocols—whoever can provide truly sustainable use cases and stable returns in this cycle is likely to occupy a larger weight in the next phase of rotation. Against the backdrop of increasingly evident multi-chain synergy, the Ethereum ecosystem has transitioned from a "single-chain narrative" to a "network narrative," with Blast and Base being two increasingly important nodes in this network.

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