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- RRUPDATES📍: Blur’s Ecosystem Expands With A Blast - Over $30m Bridged 💥
RRUPDATES📍: Blur’s Ecosystem Expands With A Blast - Over $30m Bridged 💥
In a swift surge of investor interest, over $30 million in ether and stablecoins flowed into Blast, the most recent Ethereum Layer 2 (L2) network, mere hours after its launch on Monday night.
The R Roundup
November 21, 2023
RRUPDATES📍: Blur’s Ecosystem Expands With A Blast - Over $30m Bridged 💥
In a swift surge of investor interest, over $30 million in ether and stablecoins flowed into Blast, the most recent Ethereum Layer 2 (L2) network, mere hours after its launch on Monday night.
The funding influx highlights a robust demand for Layer 2 solutions, which operate atop layer 1 blockchains like Ethereum, aiming to alleviate issues related to speed, cost, and scalability.
Prominent backers, including Paradigm and members of "eGirl Capital," have fueled Blast's meteoric rise. Notably, the project offers a distinctive feature enticing depositors: users start earning yields on transferred ether, coupled with BLAST points. Blast's design integrates native participation in ETH staking, with staking yields redistributed to L2 users and decentralized applications (dapps).
Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.
We’ve raised $20m from @paradigm and @standardcrypto to build the L2 that helps you earn more.
Details on how to get early access at the end of the thread👇
— Blast (@Blast_L2)
Nov 20, 2023
The team stated…
"We've redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time, it grows to 1.04, 1.08, 1.12 ETH automatically."
Despite the initial success, investors must exercise patience, as withdrawal of funds or engagement in on-chain activities is slated for the mainnet launch in February. The exclusive nature of Blast is underscored by its invite-only status, requiring a code from invited users for access. Additionally, redemption of BLAST points is scheduled to commence in May.
Analysis of the total bridged funds reveals over $19 million in ether staked on Lido, set to yield up to 4% annually. Another $3 million resides on Maker, while a smaller tranche of $150,000 in dai (DAI) stablecoins rests in wallets.
TLDR on @Blast_L2 + Some lengthy thoughts
- Deposit ETH to earn $BLAST points + $ETH staking rewards
- Deposit stables to earn RWA yields. No $BLAST points
- Partnered with @paradigm and a whole list of KOLs
- 1 way "bridge" and all funds are locked for 3 months
- Deposited… twitter.com/i/web/status/1…
— Defi_Maestro ✺ (@Defi_Maestro)
Nov 21, 2023
Users opting to bridge stablecoins receive Blast's auto-rebasing stablecoin, USDB. The yield for USDB is sourced from MakerDAO's on-chain T-Bill protocol.
Blast successfully raised over $20 million in a funding round led by Paradigm and Standard Crypto. The project is spearheaded by the pseudonymous figurehead @PacmanBlur, a co-founder of the NFT marketplace Blur. @PacmanBlur emphasized that Blast extends the Blur ecosystem, providing users the opportunity to earn yields on idle assets while enhancing the technical infrastructure required for advanced NFT offerings.
The positive reception of Blast translated into a 12% increase in BLUR prices within the first 24 hours following the network's launch.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.
This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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