If you have invested in the crypto market, you are likely aware that a new Ethereum Layer 2 network called Blast has raised both interest and concerns due to a surge of investors using the network for asset bridging.
Blast Hits $123 Million In TVL
The announcement of Blast’s launch on X (formerly Twitter) has attracted attention from crypto investors. It has allowed them to bridge their assets and earn a native yield for ETH and stablecoins, raising a significant amount of funds within 24 hours of its mainnet access.
As the mainstream access to Blast drew interest, the TVL increased to $81 million within a day and reached $123 million from bridged assets, leading to concerns about the bridging conditions attached to it.
📢 23,368 users have joined the Blast Community in the past 24 hours. ⚡️ Thanks to them, Blast has reached $81 Million in TVL in one day! 🚀 We’re excited to share more with our community members soon. There’s much more to come!
📢 23,368 users have joined the Blast Community in the past 24 hours. ⚡️ Thanks to them, Blast has reached $81 Million in TVL in one day! 🚀 We’re excited to share more with our community members soon. There’s much more to come!
Details About New Ethereum L2 Network
Blast has made essential details of its bridging and staking processes available to the public. Investors who bridge their ETH tokens and stablecoins can earn potential yield benefits. According to Blast, investors can stake their ETH and gain profits over time as their assets grow in their Blast wallets.
Specifically, Blast natively participates in ETH staking, and the staking yield is passed back to the L2’s users and dapps. We’ve redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time it grows to 1.04, 1.08, 1.12 ETH automatically.
Blast also offers bridging capabilities for a variety of digital assets, including stablecoins like USDT, DAI, and more. When you bridge stablecoins to Blast, the yield is passed back to Blast users through USDB, Blast’s auto-rebasing stablecoin.
Hot Take
As a new Layer 2 network on Ethereum, Blast has managed to attract a lot of attention from crypto investors. While the surge in bridging demand has raised security concerns due to the unusual bridging conditions, it presents an opportunity for significant earnings through staking and bridged assets.
By
By
By
By
By