Crypto News – Within hours after the project launched late on Monday, investors sent over $30 million in Ether and stablecoins to Blast, the newest Ethereum layer 2 network.
Blur Founder’s New Ethereum Layer 2 Blast Attracts Many Investors
With the goal of reducing bottlenecks related to speed, cost, and scalability, the inflow indicates a strong demand for Layer 2 networks, or protocols, that run on top of a Layer 1 blockchain, like Ethereum. Blast’s distinctive appearance adds to its attractiveness. In this direction, depositors begin receiving BLAST points in addition to yields on the transferred Ether.
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 Points Earned Will Be Redeemable From May
Before being able to take out any cash from the network or engage in on-chain activity, users must wait until the mainnet launches in February. Thus, as of Tuesday, Blast is invite-only and requires a code from people who have been invited in order to enter. Furthermore, beginning in May, BLAST points can be redeemed.
Blast, which is run by the pseudonymous leader @PacmanBlur, one of the co-founders of the NFT marketplace Blur, secured nearly $20 million in a round sponsored by Paradigm and Standard Crypto. In an independent post, he declared that Blast was an expansion of the Blur ecosystem, enabling Blur users to generate returns on idle assets and enhancing the technological elements necessary to provide customers with advanced NFT solutions.