Blast, the Ethereum Layer 2 network, has unveiled its official Mainnet, marking a significant milestone in decentralized finance (DeFi) innovation.
With the launch of the live Mainnet, users now have access to a robust ecosystem boasting approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI, as reported by a Dune Analytics dashboard. This development enables users to withdraw their funds seamlessly.
Founded by Tieshun Roquerre, the mastermind behind the NFT marketplace Blur, Blast introduces a native yield model for both ether and stablecoins. It promises an attractive 4% interest for ETH and 5% for stablecoins.
The platform has garnered substantial interest, with over 180,000 community members and a staggering $2.3 billion in total value locked (TVL) during its early access phase, preceding the mainnet launch.
Notably, a bridge to the platform surfaced ahead of the official launch, drawing parallels to previous developments preceding major launches in the crypto space.
Arnold Toh, a blockchain research analyst at The Block, commented, “Blast’s TVL surpasses $2 billion even prior to its mainnet debut, positioning it as a significant player alongside L2 giants like Arbitrum One and OP Mainnet.”
Blast’s early access period, which commenced in late November 2023, allowed users to commence earning yields through bridging assets and Blast Points, a rewarding system for bridging assets and referring new users to the platform.
Addressing concerns about the platform’s sustainability and likening it to a Ponzi scheme, Roquerre, also known as Pacman, refuted such claims. He clarified that the yield generated is sourced from reputable protocols such as Lido’s liquid staking and MakerDAO’s DeFi protocol.
Blast secured $20 million in funding in November 2023, spearheaded by crypto-focused venture firms Paradigm and Standard Crypto. The redemption of Blast Points is tentatively set to commence on May 24.
It’s important to note that Larry Cermak, CEO of The Block, serves as an angel investor in Blast, underscoring notable industry support for the project’s vision.
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