Blast’s TVL Surpasses $1 Billion
Statistics show that the Ethereum layer two (L2) platform Blast has now secured over $1 billion within its protocol. Since its launch in late November, the total value locked (TVL) in Blast has grown more than twelvefold, starting at $89.59 million and reaching $1.135 billion. According to defillama.com, Blast currently ranks as the 17th largest decentralized finance (defi) protocol in terms of TVL.
The Unique Features of Blast
Blast stands out due to its native staking and strategies that enhance yield through ether (ETH) staking and real-world assets (RWAs). The creator of the NFT marketplace Blur, Pacman, is credited with building Blast.
Investments and Controversy
Blast received investments from Paradigm and Standard Crypto, but there were concerns about its launch messaging and execution. Despite facing allegations of being a Ponzi scheme, Pacman strongly denied these claims. Depositors in Blast earn approximately 5% interest on their locked funds within the defi protocol, along with points that can be redeemed for a future airdropped digital currency. However, users cannot transfer or withdraw their funds until February 2024.
NFT Integration and Future Plans
In a recent discussion with DL News, Joseph Liu, the founder of Nftperp, mentioned that Blur aims to incorporate a decentralized perpetual futures exchange system for NFTs through Blast. Nftperp, a similar platform, has secured $3 million in funding. Liu sees Blur and Blast as major competitors in the market. Pacman celebrated Blast’s achievement on social media, expressing excitement for the future and the value creation for end-users within the onchain economy.
Hot Take: Blast’s Meteoric Rise in TVL Highlights the Growing Popularity of Ethereum Layer Two Platforms
With Blast’s TVL surpassing $1 billion, it showcases the increasing adoption of Ethereum layer two solutions in the decentralized finance space. Blast’s unique features, such as its native staking and strategies to boost yield, have contributed to its success. Despite facing controversy and allegations, Pacman and the Blast team have achieved significant milestones. The integration of NFT perpetual futures exchange systems further demonstrates the potential of these platforms. As we approach the new year, the focus should be on ensuring value creation benefits the end-users, who are the backbone of the onchain economy.
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