Crypto News – In order to lower transaction costs for digital collectibles, Tieshun Roquerre, the creator of the NFT marketplace Blur, is introducing a new layer-2 network.
Blur Founder Tieshun Roquerre Raises Funding for New L2 Network
Regarding excessive network costs, Roquerre said that hundreds of millions of dollars had been spent on gas-trading NFTs in a discussion that was posted on X on November 21.
Furthermore, according to Roquerre, practically all dApps, using blockchains have problems with users locking up their money in pools that don’t provide any returns.
This means that Blur users are losing money through depreciation. As I dug deeper, I realized that almost every dApp on-chain has this issue.Roquerre
What is Layer-2 Network Blast and What is it Used for?
The Blur founder made the decision to introduce Blast, a brand-new layer-2 network with native yield for dApps, in an attempt to address every problem at once. Here, users could do away with asset depreciation and save money on non-fungible token transactions. In this direction, Paradigm, Standard Crypto, and other investors contributed $20 million to Roquerre’s new firm.
By engaging in Ethereum (ETH) staking natively, Blast is able to reap the benefits of yield, which it then distributes to DApps and network users alike. The native auto-rebasing stablecoin of the network, USDB, allows Blast to earn yields for stablecoins in addition to ETH.
Apart from Blast, Roquerre declared that he had procured an additional $40 million to support the Blur network. In order to continue advancing NFTs on Ethereum, the funds are anticipated to be utilized for developing DApps atop Blast. In the wake of the announcement, CoinMarketCap data shows that Blur’s native coin, BLUR, surged 8.90% to $0.3651.