The Ethereum layer-2 network, Blast, has achieved a milestone of over $2.1 billion in total value locked (TVL), marking a significant increase since its bridging protocol went live on Nov. 22. The protocol is set to launch its mainnet by the end of this month.
Blast’s TVL has surged by more than 2,200% since its bridging protocol launch, reaching $2.1 billion, according to DefiLlama data. The substantial growth is attributed largely to users locking their Ethereum in anticipation of a future airdrop of the Blast token, scheduled for May.
Blast’s launch faced criticism due to its requirement for users to lock funds without the ability to withdraw until the mainnet launch. This raised concerns about messaging and execution practices, with some viewing it as setting a negative precedent.
Recent controversy surrounded the “Risk on Blast” gambling protocol, which allegedly executed a rug pull after raising funds for a presale token called RISK. The team reportedly moved funds to a noncustodial exchange and deleted social media accounts.
Launched in mid-November, Blast provides a scaling solution for Ethereum and offers native yields in Ether (ETH) and stablecoins to users staking their funds. Founder Tieshun Roquerre, known as “PacMan,” is also behind the NFT platform Blur.
Blast closed a $20 million seed round led by Paradigm and Standard Crypto shortly before its launch, indicating significant investor confidence in the project’s potential.
Despite facing challenges and controversies, Blast has demonstrated remarkable growth in TVL and remains poised for its mainnet launch. The protocol’s ability to attract substantial investment and navigate through issues underscores its resilience and potential within the Ethereum ecosystem.
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