BLUR Jumped 12% Amid Blur Founder Raises $20 Million For New L2 Network

Tieshun ROQUERRE, founder of NFT marketplace Blur (aka “Pacman”), is launching a new Layer 2 network where users can lower transaction costs for digital collectibles. On social network X on November 21, Roquerre spoke about high network fees, saying hundreds of millions were spent on NFT gas trading. Almost every decentralized application, or DApp, on the blockchain faces the problem of users locking up their funds in pools that don’t generate income for them, Roquerre said.

In an effort to solve all these problems at once, the founder of Blur decided to launch Blast, a new layer 2 network with native revenue for DApps, where users could avoid asset depreciation, as well as reduce transaction costs for non-fungible tokens. For the new venture, Roquerre raised $20 mln in funding from Paradigm, Standard Crypto and others. To generate revenue, Blast initially participates in Ethereum (ETH) staking, automatically returning staking revenue to network users and DApps. In addition to ETH, Blast also generates stablecoin revenue through USDB, the network’s own auto-rebasing stablecoin.

In addition to Blast, Roquerre announced that he has raised another $40 mln to contribute to the Blur ecosystem. It is expected that the funds received will be used to create DApps based on Blast, as well as to continue promoting NFTs on Ethereum. Amid the news, Blur’s native token BLUR rose 12% to $34, according to CoinGecko.

Image: The Block