The project was created by the team of Blur NFT marketplace with the support of venture capital firm Paradigm

Users transfer $30 million to L2 network Blast in less than a day after its launch

21.11.2023 - 13:06

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3 min

What’s new? The co-founder and CEO of the Blur NFT marketplace, Tieshun Roquerre, known as Pacman, has announced the launch of a Layer 2 (L2) network based on the Ethereum blockchain called Blast. The project has raised $20 million from venture capital firms Paradigm, Standard Crypto, and eGirl Capital, and is positioned as a one-of-a-kind solution with native returns in ETH and stablecoins. Hours after the launch of the cross-chain asset transfer bridge, users transferred more than $30 million to Blast.

Источник: Twitter.com

What else is known? Roquerre noted that the creation of L2 is aimed at solving such problems in the segment of non-fungible tokens as reducing transaction costs and institutional implementation of institutional-grade NFT perps, the trading volume of which is already six times higher than the spot market.

The developer also highlighted the problem of asset depreciation. Thus, at the moment, the funds blocked in the Blur protocol, the value of which exceeds $100 million, do not bring income to users. In turn, the launch of L2 Blast with native yield for users and decentralized applications (DApps) will allow the Blur ecosystem to use the funds more efficiently.

Blast is an Ethereum Virtual Machine (EVM)-compatible L2 solution based on the Optimistic Rollup scaling technology.

The Blast developers write that users of the network automatically become staking participants. For example, a balance of 1 ETH will gradually increase to 1,04/1,08/1,12 ETH. USDC, USDT, and DAI stablecoins connected to the network will also generate yield by depositing them into treasury bond tokenization protocols such as MakerDAO and then exchanging them for Blast USDB stablecoin with an auto-rebasing mechanism.

Источник: Twitter.com

So far, the project is operating in early access mode by invitation only with rewards in Blast Points tokens and yields of 4% for ETH and 5% for stablecoins. The launch of the mainnet is expected on February 24 next year, at which time withdrawals will be opened. Redemption of Blast Points is possible from May 24, 2024.

Along with this, the Blur marketplace team announced the end of the second airdrop season, and within 45 days eligible users can leave applications for free native tokens BLUR. The third season was immediately announced, where the prize pool will be split 50/50 between traders and BLUR holders.

Источник: Twitter.com

Amid this news, the BLUR exchange rate jumped by 7,2% per day to reach $0,359766. The weekly growth, according to the data of the CoinGecko aggregator, amounted to 4,7%. The asset ranks 120th in the cryptocurrency ranking with a capitalization of $394,1 million.

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