Skip to main content

L2 Protocol Blast Soars Past $1 Billion in Locked Crypto Value

L2 Protocol Blast Soars Past $1 Billion in Locked Crypto Value

Statistics reveal that the Ethereum layer two (L2) platform Blast now secures over $1 billion within its protocol. The total value locked (TVL) in Blast has expanded more than twelvefold since its launch in late November.

Blast’s TVL Hits $1 Billion

Initially, on Nov. 22, 2023, Blast’s value locked was recorded at $89.59 million, but as of today, it has surged to $1.135 billion. Currently, Blast ranks as the 17th largest decentralized finance (defi) protocol in terms of TVL, nestled between Juststables and Marinade Finance, according to data collected by defillama.com.

The platform is distinguished by its native staking and strategies to amplify yield through ether (ETH) staking and real-world assets (RWAs). Pacman, the creator behind the non-fungible token (NFT) marketplace Blur, is credited with building Blast.

L2 Protocol Blast Soars Past $1 Billion in Locked Crypto Value

Blast received a boost through investments from Paradigm and Standard Crypto, yet an executive from Paradigm remarked that the Blast debut “crossed lines” concerning Blast’s launch messaging and execution. Additionally, the project faced accusations of being a Ponzi scheme, allegations which Pacman strongly denied.

Depositors in Blast earn around 5% interest on their locked funds within the defi protocol, alongside accruing points set to be redeemable for a forthcoming airdropped digital currency. However, users are unable to transfer or withdraw their locked funds from Blast until February 2024.

In a recent discussion with DL News, Joseph Liu, the founder of Nftperp, highlighted that the NFT platform Blur aims to integrate a decentralized perpetual futures exchange system for NFTs via Blast. Nftperp, a platform offering similar services, has recently secured $3 million in funding.

“We see them as our major competitor going forward,” Liu commented on Blur and Blast’s position in the market to DL News. After reaching the $1 billion mark, Pacman celebrated Blast’s achievement on the social media platform X.

“Incredibly excited to close out the year with this milestone,” Pacman said. “Web3’s power is that wins for protocols are wins for the entire community. However, I think much more can be done to make sure that value creation goes to the end-users who are the lifeblood of the onchain economy. Excited for next year.”

What do you think about Blast jumping past the $1 billion mark in terms of TVL? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/eEKmyza
Labels:

Comments

Post a Comment

Popular posts from this blog

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Telegram users can now buy, sell, and send bitcoin, as the leading cryptocurrency has been integrated into the Wallet bot on the popular messaging application. The bitcoin support follows the wallet’s recent tether integration, which enables users to transact with the stablecoin as well. Over a Billion Telegram Users Can Now Transfer Bitcoin in Chats On Friday, April 21, the @wallet bot on Telegram announced the addition of bitcoin (BTC) support to its web interface. The development team explained that previously, the leading cryptocurrency by market capitalization was only accessible in the text bot. “Now, all @wallet users will be able to take full advantage of our web interface,” the announcement on Telegram details. Telegram is extremely popular among cryptocurrency users, and according to a report from April 2023, the messaging app has an estimated 1.068 billion users. Bitcoin.com News confirmed that BTC has been added, as our publication tested the @wallet bot on Telegram...
Post a Comment
Read more

Bitcoin ETFs Snap 10-Day Streak: $93M Flees as Fidelity’s FBTC Takes the Hit

Data compiled Friday revealed a striking reversal for spot bitcoin exchange-traded funds, which snapped a ten-session inflow streak with a $93.16 million exodus—marking their first day of negative movement. Bitcoin ETFs Drain While Ether ETFs Gain The abrupt shift punctuated a previously unbroken stretch of positive momentum for U.S. bitcoin ETFs, culminating in a $93.16 […] from Bitcoin News https://ift.tt/Q1xgKWA
Post a Comment
Read more

BLUR Token Plummets Over 28% in March, Despite Blur’s Dominance in NFT Sales Market

While the non-fungible token marketplace Blur has captured a significant amount of the market share in terms of NFT sales, the market’s native token, BLUR, lost more than 28% in value last month. At present, BLUR tokens are down more than 88% since the crypto asset’s all-time high recorded on February 14, 2023. Blur’s Native Token Slides 28% Against the Greenback in 30 Days The NFT marketplace Blur has captured a majority of the NFT sales over the past month, according to metrics from dappradar.com. Additionally, according to data from Dune Analytics, Blur’s market share in terms of volume over the past week was 71%. The Dune Analytics dashboard, created by @hildobby, shows that over the past week, Blur accounted for 42% of trades, while the NFT marketplace Opensea accounted for 48.3%. In terms of trader count this past week, Opensea outpaced Blur, with over 89,000 traders compared to Blur’s 39,000. While the marketplace has been competitive, Blur’s native token, BLUR , suffered...
Post a Comment
Read more