crypto-news-flash.com
- A Blur NFT marketplace-backed L2 Blast has launched with significant embrace.
- With $30 million in locked funds, users anticipate the revolutionary future Blast currently heralds.
Blast, an Ethereum (ETH) Layer 2 protocol reportedly exploded onto the scene, captivating investors who quickly poured over $30 million in Ether and stablecoins within hours of its launch on Monday evening.
The impressive inflow of funds attests to the robust demand for Layer 2 networks, which operate atop primary blockchains like Ethereum. These networks aim to alleviate issues related to speed, cost, and scalability, offering a solution to the persistent bottlenecks faced by users.
Inflow of Funds and Staking to Blast
Investors showcased their confidence in Blast by bridging over $30 million, with data revealing that over $19 million in Ethereum has been staked on Lido, set to earn an annualized yield of up to 4%. Another $3 million found its way to Maker, while a smaller tranche of $150,000 in Dai (DAI) stablecoin is currently held in wallets.
Blast distinguishes itself in the crowded Layer 2 landscape through its innovative design. Depositors not only transfer their assets to Blast but also start earning yields on their transferred ETH alongside BLAST points.
The platform is engineered to participate in Ethereum staking, with the staking yield being distributed back to the Layer 2 users and Decentralized Applications (dApps). The team behind Blast expressed this concept in a post on Tuesday, stating, “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.”
However, users eager to explore the benefits of Blast will have to exercise patience until the mainnet’s official launch in February. As of now, the platform is invite-only, requiring a unique code for access. Additionally, the redemption of BLAST points is scheduled to commence in May, providing users with an additional incentive to engage with the platform.
Users bridging stablecoins to Blast receive the auto-rebasing stablecoin, USDB. The yield for USDB is derived from MakerDAO’s on-chain T-Bill protocol, providing users with additional incentives for utilizing the platform
Blur Ecosystem and Market Response to Blast
Blast is an extension of the Blur ecosystem, led by the pseudonymous figurehead @PacmanBlur, co-founder of the Non-Fungible Token (NFT) marketplace Blur. A separate post by @PacmanBlur emphasized that Blast not only allows Blur users to earn yields on idle assets but also enhances the technical aspects required to offer sophisticated NFT products to users.
The market’s response to Blast has been resoundingly positive, with BLUR prices rising by 12% within the first 24 hours following the Layer 2 protocol’s launch. Blur, established in October 2022, has swiftly become a preferred marketplace for NFT traders, providing a platform where users can access analytics, real-time data, and other tools to optimize their NFT trading experience.