Blast’s mainnet was launched on Friday, by Blur founder and developer of the Ethereum layer-2 network. This moment was pivotal, as it opened up the floodgates for billions of dollars of crypto funds which users had locked away in pursuit of airdrop and staking rewards.
Users who had been hoping to earn rewards through staking or participating in airdrop campaigns have now released almost $2.3 Billion in cryptocurrency assets.
Ethereum Market Gains 12%
Blast was conceptualized by Tieshun Rquerre, who is also the creator of the NFT platform Blur. The project aims to provide a framework that will yield ether as well as stablecoins at a rate of 4% and 5% respectively.
The Blast mainnet is now LIVE
Early Access users will be able to use Blast native Dapps on Mainnet, which are not available anywhere else.👇 pic.twitter.com/mt5dJOADMp
— Blast (@Blast_L2) February 29, 2024
According to the website of the platform, its early release attracted a community of more than 180,000 users and a value totaling $2.3 billion.
The program aims to increase the scalability of Ethereum and its transaction efficiency. The program is being launched at a moment when the cryptocurrency market has seen a major upswing. In the past week. Ethereum’s price Bitcoin, whose record high on Wednesday was around $64,000, is largely responsible for the increase of 12%.
ETH has increased in price over the past seven days. Source: Coingecko
Some Blast users withdraw their money to invest in a cryptocurrency market which has experienced significant gains since the end of last year. Others leave their money on their network so they can take advantage recent apps and protocols as well as ongoing airdrop and staking benefits.
Blast Platform Faces Criticism Amid Success
The overall value of funds on the platform dropped as Blast’s network became operational, falling below $1.9 billion, according to on-chain data analytics company Arkham Intelligence. This can be an indication of a growing trend, where consumers withdraw money to benefit from the rise in the cryptocurrency market.
Ethereum now trades at $3417.8. Chart: TradingView.com
Blast will start giving away tickets in May “airdrop points” In connection with the launch of a new token, which could keep people active and interested on the network.
Arnold Toh of The Block, a blockchain analyst, said that Blast already had over $2 billion worth of TVL in its account before it launched on the mainnet, putting Blast in second place, behind L2 giants Arbitrum One, and OP Mainnet.
Blast’s launch has not been free of criticism. Blast’s strategy to introduce a bridge where customers could not withdraw money for several months as well as its incentives model were criticized by both cryptocurrency traders and developers.
According to Roquerre (also known as Pacman), the yield is “not unsustainable” This protocol is a combination of the MakerDAO Liquid Staking Protocol and the MakerDAO deFi protocol.
Paradigm’s Head of Research, General Partner Dan Robinson, expressed reservations regarding the project’s implementation and presentation.
Roquerre, despite these objections and Paradigm’s input, insisted that Blast make the final decision about the launch. own.
Chart from TradingView, Featured image by Pexels
“This article is not financial advice.”
“Always your own research before making any type of investment.”
Source: bitcoinist.com