Unidentified Whale Deposits 10,000 ETH Worth $20 Million in New Blast L2 Project
A newly launched Ethereum-based layer 2 network called Blast is gaining traction in the market as an unidentified whale has deposited a massive 10,000 ETH to the network. This deposit took place just two days after Blast went live in “early access” mode. The news of this massive on-chain transaction, which is worth over $20 million in fiat terms, was shared on social media by a popular community member named Farokh. The founder of the non-fungible token (NFT) marketplace Blur, Tieshun “Pacman” Roquerre, launched Blast on Monday. The project aims to become the first Ethereum layer 2 platform with a built-in yield model.
Ethereum Layer 2 Networks on the Rise
Ethereum-based layer 2 networks like Blast have gained popularity due to high transaction fees and slower transaction speeds on Ethereum’s base layer. These layer 2 networks now account for nearly two-thirds of all Ethereum transactions. The increased adoption of layer 2 networks can be attributed to platforms like Coinbase’s Base network. Since its launch in August, Base has seen growing transactions and use cases, even surpassing Ethereum’s main network activity at one point.
Hot Take: Promising Start for Blast L2 Network
The deposit of 10,000 ETH by an unidentified whale into the newly launched Blast L2 network demonstrates promising early success for the project. With a value of over $20 million, this massive on-chain transaction highlights confidence in Blast’s potential. As layer 2 networks continue to gain popularity due to scalability issues with Ethereum’s base layer, projects like Blast offer solutions for faster and more cost-effective transactions. The integration of a built-in yield model further enhances Blast’s appeal to users looking to earn more on their Ethereum holdings. It will be interesting to see how Blast evolves and competes in the growing Ethereum layer 2 ecosystem.
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