Blast surpassed $2 billion in TVL ahead of its mainnet launch on February 29th.
Ethereum Layer 2 Blast has surpassed $2 billion in total locked value ahead of its expected mainnet launch this week.
“Blast reached $2 billion in TVL. Currently, 157,638 community members are earning profits and Blast Points (rewards).” The project was published on X early Tuesday. According to current data from DeFiLlama, Blast’s TVL is $2.1 billion.
Built by Tieshun Roquerre, founder of NFT marketplace Blur, also known as “Pacman,” Blast launched in early access mode in November after a $20 million investment from the likes of Paradigm and Standard Crypto.
Blast claims to provide native layer 2 yield generation for ether and stablecoins. Essentially, you participate in Ether staking and deposit stablecoins into an on-chain T-Bill protocol like MakerDAO, passing the returns to users and dapps on layer 2.
However, despite the obvious demands, the project has been criticized for how the model is structured and marketed. Members were given more points based on how many connections they provided and who they invited to increase their leaderboard rankings, and could not be withdrawn until the mainnet launch. .
Earlier this week, RiskOnBlast, a Blast-based gambling project, reportedly raised 420 ether (more than $1 million) through a token pre-sale before burning its funds on February 25, attracting investors. Websites and social media accounts also disappeared.
Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blast.
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