**Title: Ethereum Layer-2 Network Blast Launches Mainnet, Unlocking $2.3 Billion in Staked Crypto**
**Introduction**
Ethereum Layer-2 network Blast has officially launched its mainnet, allowing users to withdraw their previously locked funds. This launch unlocks nearly $2.3 billion in staked crypto, and users have already withdrawn $400 million from the network.
**Blast Mainnet Is Live**
The Blast mainnet was launched on February 29th at 9 pm UTC, unlocking approximately $2.3 billion in staked crypto. Assets held on the network include 469,000 ETH, 44.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.1 million DAI. Users have already withdrawn $400 million in ETH from the platform.
โ Blast mainnet launched on February 29th at 9 pm UTC.
โ Approximately $2.3 billion in staked crypto unlocked.
โ Assets held on the network include 469,000 ETH, 44.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.1 million DAI.
โ Users have already withdrawn $400 million in ETH.
**Blast Provides Yield on ETH and Stablecoins**
Blast offers users up to a 5% yield on ETH and stablecoins held on the network. This yield is generated from staked ETH and United States Treasury bills managed by blockchain protocol MakerDAO. Previously, assets sent to the network were locked, preventing users from withdrawing them until now.
โ Blast provides users up to a 5% yield on ETH and stablecoins.
โ The yield is generated from staked ETH and United States Treasury bills managed by MakerDAO.
โ Assets sent to the network were locked prior to the launch.
โ Users were unable to withdraw their assets until now.
**Early Access and Blast Points**
Blast granted early access to users in November 2023, allowing them to earn yield through bridging and blast points. The platformโs vision is based on the principle that markets move towards efficiency, with liquidity flowing to where it can achieve the highest yield. Blast balances compound automatically and earn Blast rewards on top.
โ Early access to Blast started in November 2023.
โ Users could earn yield through bridging and blast points.
โ Liquidity flows to where it can achieve the highest yield.
โ Balances on Blast compound automatically and earn Blast rewards.
**Surging TVL and Airdrop Interest**
Blastโs total value locked (TVL) reached a peak of $2.27 billion on February 29th but has since fallen by 17% to $1.87 billion due to user withdrawals. The network crossed the $2 billion mark for the first time on February 27th. Additionally, Blast saw interest from airdrop hunters hoping to access a future Blast token expected to be launched in May.
โ Blastโs TVL reached $2.27 billion but has decreased to $1.87 billion after withdrawals.
โ The network crossed the $2 billion mark on February 27th.
โ Airdrop hunters flocked to the network for a chance to access a Blast token.
โ The Blast token is set to launch in May.
**Controversies Surrounding Blast**
Blastโs launch was not without controversy. Paradigmโs Dan Robinson, the research head at Blast seed investor Paradigm, expressed disagreement with the decision to launch the bridge before the Layer-2 network and the three-month asset withdrawal restriction. Some users also criticized Blastโs model, comparing it to a Ponzi scheme. However, the Blast team denied these claims. Blast has also experienced an alleged exit scam when a gambling protocol called โRisk on Blastโ stole 420 ETH, equivalent to around $1.25 million.
โ Paradigmโs Dan Robinson criticized the decision to launch the bridge before the Layer-2 network and the three-month withdrawal restriction.
โ Some users compared Blastโs model to a Ponzi scheme.
โ Blast denied the claims of being a Ponzi scheme.
โ An alleged exit scam took place involving a gambling protocol called โRisk on Blast.โ
**Hot Take: Blast Mainnet Launches with Controversies**
In a major development for Ethereum Layer-2 network Blast, the official mainnet has been launched, allowing users to withdraw their locked funds. This launch unlocks a significant amount of staked crypto, and users have already withdrawn a substantial portion from the network. While the launch has been successful, controversies surrounding the decision to launch the bridge before the Layer-2 network and the three-month withdrawal restriction have arisen. Additionally, some users raised concerns about the model resembling a Ponzi scheme. It is crucial to closely monitor Blast in the coming months as it navigates through these controversies and prepares for the launch of the Blast token in May.
Please note that the information provided in this article does not constitute financial advice.
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