$400 million in ETH Withdrawn from Blast L2 Network Following Mainnet Launch
$400 million in ETH Withdrawn from Blast L2 Network Following Mainnet Launch
Round $400 million in Ether (ETH) has been withdrawn from the Ethereum layer-2 network Blast after the launch of its mainnet on February 29 at 9:00 pm UTC, which unlocked virtually $2.3 billion in staked crypto that develop into as soon as beforehand locked up on the network.
Blast, an optimistic rollup blockchain scaler, offers users up to a 4% annual return on deposited Ethereum (ETH) and 5% on stablecoins held on the network, generated from staked ETH and United States Treasury Funds (T-Funds) managed by MakerDAO.
Ethereum Layer 2 Chain Blast Releases Official Mainnet
Blast 메인넷이 출시되었습니다.
얼리액세스 사용자는 메인넷으로 브리지하고 다른 곳에서는 찾아볼 수 없는 Blast 네이티브 Dapp을 사용할 수 있습니다👇 pic.twitter.com/BPBnxMxWbt
— Blast (@Blast_L2) March 1, 2024
Blast’s entire cost locked (TVL) has now fallen to $520 million after the launch with virtually $1.8 billion withdrawn, per DeFiLlama files.
Assets on the platform consist of roughly 479,000 ETH, 78.5 million USDC, 68.3 million USDT, 148,000 stETH, and 31 million DAI, per a Dune Analytics dashboard.
Blast, which claims to be the “handiest Ethereum L2 with native yield,” attracted substantial consideration with its deposit-handiest bridge launched in November. This bridge snappy accrued over $2 billion in deposits, with depositors receiving Blast “functions” for maintaining their ETH.
The belief develop into as soon as that these functions also can at closing be redeemed for a token airdrop, prompting merchants to comprise interplay in “functions farming” to get them.
Crypto protocols use airdrops to provide out tokens to early users and contributors, in most cases assisting in decentralized governance to boot. Blast is looking to thrill in an influence within the crowded Ethereum scaling market—which entails networks love Polygon, Arbitrum, Optimism, and Gruesome—by incentivizing users with each and each native yield on staked cryptocurrency and a share of tokens by airdrops.
With the network now dwell, merchants maintaining Blast Facets comprise the probability to redeem their deposits and can comprise to quiet leer higher opportunities in other locations. Provided that the value of ETH has appreciated tremendously since Blast opened to depositors slack closing year, from round $2,000 to about $3,450, some merchants will be looking to capitalize on earnings.
Blast Network Hits $2 Billion TVL Milestone Amid Controversy and Alleged Exit Rip-off
Blast, backed by Paradigm, initially confronted criticism, with concerns raised about its one-manner bridge and the optics of soliciting deposits while quiet underneath pattern.
Despite this skepticism, Blast grew to change into undoubtedly one of primarily the most energetic layer-2 networks on the subject of deposits even before the mainnet launch, attracting $2.3 billion in deposits from 181,000 users and generating an annual yield of $85 million.
There develop into as soon as a involving outflow of deposits from Blast straight after the launch of the predominant network. TVL falls sharply – Defilama files pic.twitter.com/OLBFSsAQ8r
— NekoZ (@NekozTek) March 1, 2024
Airdrop hunters were actively farming the blockchain in hopes of receiving a Blast token, which the crew has launched will most certainly be disbursed in Could well maybe additionally honest.
The network additionally experienced its first alleged exit rip-off on February 26, when a gambling protocol known as “Risk on Blast” disappeared with 420 ETH, connected to round $1.25 million on the time, quiet from client funds for its marketed RISK presale token.
In November 2023, Dan Robinson—Head of Research and Popular Partner at Paradigm, the VC firm that co-led Blast’s $20 million seed round—wrote that the firm thought the “announcement this week crossed lines in each and each messaging and execution.”
He additional criticized the decision to lock up funds for months and said that “critical of the selling cheapens the work of a crucial crew.” Blast founder Pacman admitted that Paradigm requested them to “delight in changes” to the launch realizing, but he said that it develop into as soon as by hook or by crook Blast’s own decision to thrill in.
Despite these early challenges, Blast has garnered crimson meat up from a entire lot of projects, in conjunction with NFT platform Zora and pricing oracle provider Pyth, each and each of which launched their integration with Blast on Thursday. Moreover, developers rising decentralized apps (dApps) on Blast are achieve to receive 50% of the upcoming airdrop allocation, additional making improvements to the ecosystem’s charm.
Source : cryptonews.com
