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Blast’s TVL Hits $109M After 23K+ Users Join Its Community

source-logo  coinedition.com 22 November 2023 16:48, UTC

Lookonchain shared in an X post today that the total value locked (TVL) for Blast has achieved a significant milestone. According to the post, the project has more than $109 million locked up in its protocol.

The TVL of #Blast has exceeded $109M!@Blast_L2 deposited 45,654 $ETH($91M) into #Lido, swapped stablecoins to 18M $DAI and deposited it into #Maker.

Wallet"0x49E9"(@Cbb0fe) deposited 2K $ETH($4M) and boby1337.eth deposited 2.5M $USDC to #Blast.https://t.co/Zns7cFEBQN pic.twitter.com/W4mv6wbzZt

— Lookonchain (@lookonchain) November 22, 2023

Furthermore, on-chain data shows that Blast deposited 45,654 ETH, worth $91 million, into Lido. Thereafter, the team swapped stablecoins for 18 million DAI tokens, which were then deposited into Maker.

Meanwhile, wallet “0x49E9” deposited 2,000 ETH, worth $4 million, to Blast, while the whale by the name of boby1337.eth sent 2.5 million USDC to the platform, according to Lookonchain.

Interestingly, this break above $109 million in Blast’s TVL happened just a few hours after it broke above $80 million. This was after 23,368 new users joined the Blast community.

23,368 users have joined the Blast Community in the past 24 hours.

Thanks to them, Blast has reached $81 Million in TVL in one day!

We're excited to share more with community members soon — there's much more to come! pic.twitter.com/fQVAQW8v06

— Blast (@Blast_L2) November 22, 2023

Blast, which claims to be the only Ethereum Layer-2 project with native yield for ETH and stablecoins, has raised $20 million to build its Layer-2 network. The two investors that led this round were Paradigm and Standard Crypto.

The project’s early access stage is now live, which rewards users points based on how much they bridge and who they invite to join the platform. Once a person has gained access to Blast’s early access stage, they can bridge their assets and start generating yields on their tokens. Currently, Blast offers users 4% for ETH and 5% for stablecoins.

Blast’s yield comes from ETH staking and various real-world asset protocols. The yield from these decentralized protocols is then passed back to Blast users automatically. The yields offered by the platform are attractive, given that the default interest rate for other Layer-2 projects is 0%, according to Blast.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.