explosion, not Upcoming Ethereum Layer-2 Scaling Network From the creator of Seondo NFT Marketplace Blur has now secured over $1 billion in deposits from users competing to earn profits and points for upcoming token airdrops.
As of this writing, approximately $1.13 billion worth of cryptocurrency has been deposited into the Blast bridge, according to the two companies. official website and DeFiLlama, making it the 23rd largest protocol by total value locked according to the latter resource. More than 86,000 users have donated funds so far.
According to Blast, users are earning around 4% per year on their deposits. Ethereum (ETH) and 5% for stablecoins. They are also earning “Blast Points” which will serve as their share in the upcoming BLAST token airdrop.
According to the Blast website, the airdrop is scheduled for May 2024.
Blast aims to make an impact in the crowded Ethereum scaling market, including networks such as: polygon, decision, optimismand Base—Incentivize users who provide full base revenue. Staked Cryptocurrency With token sharing through airdrop. Crypto protocols use airdrops to give away tokens to early users and contributors, which also helps with decentralized governance in general.
Attracting users with the allure of token rewards is the same strategy that has worked wonders for Blur. It ousted one-time leader OpenSea. By February it will be the leading NFT marketplace. Blur was airdropped Valued at over $800 million In two stages based on the highest value of the token per data of BLUR tokens for NFT traders in 2023 CoinGecko.
Both Blast and Blur were founded by Tieshun “Pacman” Roquerre, and both companies are backed by Paradigm, a prominent cryptocurrency venture capital firm. But Blast’s launch was controversial, even for its backers.
Users are depositing cryptocurrency on a bridge that is not connected to the actual Blast network, which is currently under development, and will not be able to withdraw their funds until February 2024. The overt emphasis on earning returns and rewards before the network goes live seems to have bothered some cryptocurrency users. wrong method.
In late November, just a few days after Blast was released to the world, Paradigm Research Director and General Partner Written by Dan Robinson The company believed that “the announcement crossed the line in both messaging and execution.”
“For example, we disagree with the decision to launch bridges before L2 or not allow withdrawals for three months, as we believe this sets a bad precedent for other projects.” he continued. “We also believe that much of marketing saves work costs for serious teams.”
There are a lot of things about Blast that I find interesting and want to connect with people. That said, we at Paradigm believe this week’s announcement crossed a line in terms of messaging and execution. For example, we disagree with the decision to launch…
— Dan Robinson (@danrobinson) November 26, 2023
Blast and Pacman did not respond to the comments. But before Robinson’s tweet, Pacman wrote it Paradigm was not involved in Blast’s launch to market, and the VC firm that co-led Blast’s $20 million fundraising has already requested several changes to the Blast team.
He added that Paradigm’s proposal was “under active consideration” but would ultimately be Blast’s decision.
In December, Robinson tweeted Paradigm said it had worked with Blast to develop a “new timed upgrade system” that “will set a better precedent for future projects looking to emulate it.”
Edited by Ryan Ozawa.
