Ethereum L2 Network Blast Raises $20 Mln at Launch

Investors have quickly sent over $20 million worth of ether and stablecoins through the newest Layer 2 network, Blast, on Ethereum.

 

In response to Ethereum‘s Layer 1 blockchain’s performance, cost, and scalability issues, the Blast Layer 2 solution was developed. Token transfers between networks are made easy via bridges, which function as a blockchain-based conduit.

 

 

 

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Unique Design of Blast Generates Innovation and Generation

 

 

Earning yields on deposited ether and BLAST points is a perk for Blast depositors. This will give the current Layer 2 a creative spin.

 

Given that the platform is intrinsically involved in Ethereum staking, staking returns are redistributed to users and decentralised applications (DApps) on the Layer 2 network. This company claims that if you deposit 1 ETH into your Blast wallet, it will automatically increase to 1.04, 1.08, and 1.12 ETH as time goes on.

 

Having said that, the Blast network is secret for the time being and requires a code only from those who have been invited. Following the February launch of the mainnet, users will be able to conduct on-chain transactions and withdrawals. More than that, you’ll be able to cash in your BLAST points beginning in May.

 

There has been an investment of almost $19 million in ether staked on Lido. As a result, shareholders can expect a dividend yield of up to 4% every year. Also waiting to be spent is a smaller portion of $150,000 worth of DAI stablecoins, and another $3 million on Maker. An auto-rebasing stablecoin for users bridging stablecoins is introduced by Blast: USDB. Based on MakerDAO’s on-chain T-Bill protocol, the USDB yield is calculated.

 

 

 

 

 

 

 

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Supplementary Funding for Blast

 

 

Roquerre, who goes by the alias PacmanBlur and co-founded the NFT marketplace Blur, announced a substantial $40 million fundraising.

 

With this money, we can create decentralised applications (DApps) that run on our platform. Funds will primarily be utilised to expedite the development of NFTs on the Ethereum network.

 

Even though TVL isn’t ideal, its widespread use makes it worth looking into, says investor Standard Crypto VC. Some of the most popular decentralised applications (dApps) have amassed user deposits totaling billions of dollars from various sectors, including as social apps, perpetual contracts (perps), lending platforms, and cryptocurrency exchanges.

 

Blast and its associated decentralised applications also have their own distinct revenue streams, according to Standard Crypto VC. Blast claims that sequencing costs are unnecessary because the company can earn money by taking a cut of the yield. In instance, this system enables Blast to potentially reimburse the decentralised applications (dApps) that produce petrol fees.

 

The price of BLUR, Blur’s native token, increased by 12% to $34 as a result of this announcement.

 

 

 

 

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