Investors have poured more than $2 billion into L2 network Blast in three months

The project offers native yield in ETH and stablecoins

27.02.2024 - 13:30

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3 min

What’s new? The team of the Layer 2 (L2) network Blast based on the Ethereum blockchain has announced the launch of the mainnet on February 29, after which the total value locked (TVL) of the project reached $2,152 billion and the number of users surpassed the 157 000 mark. Blast, created by the developers of the Blur NFT marketplace, was launched on November 21 last year. Earlier, it had already set a record among L1 and L2 blockchains for the speed of reaching a TVL of $500 million, such an amount of investors invested in the project in just five days.

Source: Twitter.com

What else is known? The creators call Blast the first project with native returns in ETH and stablecoins. Blast, built on Optimistic Rollup’s scaling technology, automatically sends locked funds to staked or treasury bond tokenization protocols.

The testnet was launched on February 16, at which time the team announced an airdrop, 50% of which will go to decentralized application developers (DApps) who win the Big Bang competition.

Over 3000 teams participated in the contest, and 47 winners were announced on February 24, including spot exchanges Ambient Finance, Thruster, and Bebop, derivatives exchanges Blitz, Bloom, and InfinityPools.finance, lending protocols Fragment, Juice Finance, and MetaStreet, social network Fantasy, as well as projects in gambling, NFT games, and infrastructure.

It also became known about the first case of a Blast-based project scam. The developers of the RiskOnBlast game platform withdrew users’ 420 ETH of $1,25 million, deactivated the website and social networks, and transferred the funds to the exchanges ChangeNOW, MEXC, and Bybit. Over 750 users were affected.