explosion, Ethereum Layer-2 Scaling Network From a leading founder NFT Marketplace Blur launched its mainnet on Thursday afternoon, finally unlocking billions of dollars worth of cryptocurrency funds that users had been freezing to earn staking and airdrop rewards.
Just before the extended network came online, more than $2.3 billion was invested in the bridge from the Ethereum mainnet to Blast, according to the Blast website. The explosion Released in NovemberWith bridge and reward campaigns.
The total has risen sharply over the past few days. In part, this is because traders have been trying to put money into Blast to take advantage of the growing slate of projects launching on the network. airdrop Provide tokens and rewards to early users.
Moreover, the recent price rise of Ethereum has helped increase the value of what is already staked. of Ethereum The price went up 12% With the market surging even further last week thanks to Bitcoin, spike At a price of nearly $64,000 on Wednesday.
In summary, Blast is L2 with basic yield. Blast’s ETH and stablecoin balances automatically generate yield. This increases capital efficiency for users and opens up new possibilities for Dapps.
— Blast (@Blast_L2) February 29, 2024
While some Blast users may be keeping their funds on the network to take advantage of newly released apps and protocols and enjoy ongoing rewards and airdrops, others are withdrawing their funds into the cryptocurrency markets and subsequently making significant profits overall. Got it. Late last year.
According to On-chain data dashboard As of this writing, Blast’s total funding has fallen to less than $1.9 billion, according to analytics firm Arkham Intelligence.
In May, Blast will offer users “airdrop points” tied to future token launches around its expanding network. It is competing with other Ethereum scalers such as: decision, optimism, Baseand polygon—But the incentive model I threw Blur over the top. NFT world founder Tieshun “Pacman” Roquerre and team should expect the same from Blast as the network expands.
The Blast’s launch was not without controversy. For both cryptocurrency traders and builders criticized Blast’s approach. It launched a bridge that prevented users from withdrawing their funds for months and raised questions about the structure of the incentive model.
Dan Robinson, head of research and general partner at Paradigm, the VC firm that co-led Blast’s $20 million seed round in November, wrote that he thought the company would “announce this week.” A line has been crossed in both messaging and execution..”
He also criticized the decision to freeze funding for several months, saying “so much of marketing cheapens the work of serious teams.” Blast founder Pacman said Paradigm had asked him to “change” the release plan, but that it was ultimately Blast’s own decision.
editor Ryan Ozawa.
