Blast Attracts $30 mn After Bridge Goes Live
Investors have bridged over $30 million in ether and stablecoins to Blast, the latest Ethereum layer 2 network, just hours after the project went live. This inflow is evidence of strong demand for Layer 2 networks to reduce bottlenecks related to speed, cost, and scalability. Blast’s unique design allows depositors to earn yields on the transferred ether alongside BLAST points.
The team said that Blast natively participates in ETH staking, and the staking yield is passed back to the L2’s users and dapps. Users must wait until the launch of the mainnet in February before withdrawing funds or participating in on-chain activities. Blast is invite-only as of Tuesday, requiring a code from invited users to gain access. Over $19 million in ether has been staked on Lido, with a 4% annualized yield. Another $3 million is on Maker, and a smaller tranche of $150,000 in dai (DAI) stablecoins sits idle in the wallet. Users who bridge stablecoins receive Blast’s auto-rebasing stablecoin, USDB, which comes from MakerDAO’s on-chain T-Bill protocol. Blast raised over $20 million in a round led by Paradigm and Standard Crypto.
(With inputs from Shikha Singh)
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