Achieving Over $720 Million in Total Value Locked (TVL), Blast L2 Prepares for Promised Mainnet Launch

A layer-2 network attracting deposits

A layer-2 network called Blast, created by Pacman, the founder of NFT marketplace Blur, continues to gain deposits as it works on its mainnet. According to data from DefiLlama, the total value locked (TVL) for Blast has exceeded $720 million. This represents a $120 million increase in deposits since our last report on Blast’s TVL.

Blast’s unique launch strategy

Pacman launched Blast in November 2023 as a native yield chain with an attached token airdrop. Instead of having a mainnet at the beginning, early users were able to pre-fund their accounts and earn interest on their crypto deposits through a multi-sig smart contract released by Pacman and his team.

Blast becomes third largest holder of stETH

In less than a month since its launch, Blast has become the third largest holder of staked Ether (stETH), holding over $640 million in stETH according to 21Shares researcher Tom Wan. This demonstrates the strong inflows the protocol has received.

Scrutiny and defense

Blast’s launch model and use of a multi-sig have faced criticism from industry participants, including Paradigm, Blast’s main institutional backer. However, Blast has defended its chosen model, emphasizing that security is never guaranteed. Pacman also pointed out similar yield styles used by major protocols like Lido Finance and MakerDAO.

Upcoming platform launch and hiring plans

Blast plans to launch its completed platform by February 2024. The project is currently recruiting for Senior DevOps Engineer and Senior Protocol Engineer positions as part of its commitment to deliver on its promises.

Hot Take: Blast’s Rapid Growth

Blast’s rapid growth and impressive TVL demonstrate the strong demand for layer-2 solutions in the crypto market. Despite criticism of its launch strategy, Blast has attracted significant deposits and positioned itself as a major player in the stETH market. With its upcoming platform launch and ongoing recruitment efforts, Blast is poised to further solidify its position in the industry.