Blast, a new ethereum Layer 2 network, has generated a surprising amount of interest and security concerns due to a surge of investors using the network to pool their assets.
Blast reaches $123 million on TVL
Explosion recently Announced your access to the main network in x (formerly Twitter). The L2 network built by Pacman Blur has gained a staggering amount of attention from cryptocurrency investors following the statement.
“Introducing Blast: the only ethereum L2 with native performance for eth and stablecoins. “We have raised $20 million from Paradigm and StandardCrypto to build the L2 that helps you earn more,” said Blast.
Blast registered over 23,368 users in just 24 hours after announcing the imminent launch of its mainnet. The influx of investors pushed Blast Total Value Locked (TVL) to 81 million dollars in a single day.
“23,368 users have joined the Blast community in the last 24 hours. Thanks to them, Blast has reached $81 million in TVL in one day! We are excited to share more with community members soon. There is much more to come,” Blast said.
Currently, Blast has recorded over $123 million in TVL of assets bridged by investors. This unexpected increase in transition demands has raised concerns, especially due to the unusual conditions associated with the transition process.
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Source: DeFiLlama
According to Blast, users can only access the bitcoin-adopt-ethereums-approach/” rel=”nofollow”>ethereum L2 Network after receiving an invitation code. The network has also stated that users will not be able to withdraw their bridging funds until February 2024.
While unconventional bridging conditions have raised some red flags, many investors continue to express interest by actively bridging their assets.
Details about the new ethereum L2 network
Blast has described several important details of his joining and participation processes. The ethereum L2 network He highlighted the potential performance benefits for investors when pooling their eth tokens and stablecoins. The network has also stated that investors who stake their eth can make profits over time as their assets grow in their Blast wallets.
“Once you have access, you can bridge to earn yield (4% for eth + 5% for stablecoins) and Blast Points before the Mainnet launch in February (2024). Early access members get more points based on how much they bridge and who they invite,” Blast said.
L2 network added:
Specifically, Blast natively participates in eth staking, and the staking return is returned to L2 users and dapps. We have redesigned L2 from the ground up so that if you have 1 eth in your wallet on Blast, it will eventually grow to 1.04, 1.08, 1.12 eth automatically.
Additionally, Blast has expanded its bridging capabilities to a wide range of digital assets. According to the L2 network, investors can go further ethereum-price-expectations-dampened-analysis/” rel=”nofollow”>eth and choose bitcoin-at-risk/” rel=”nofollow”>stablecoins as USDTDAI and more.
“It’s not just eth in Blast that generates returns. Stablecoins do it too. When you pair stablecoins like USDC, USDT, and DAI with Blast, it is deposited into on-chain T-Bill protocols like MakerDAO, and the yield is returned to Blast users via USDB, Blast’s auto-rebasing stablecoin,” Blast stated.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Ethereum-L2-Blast-Crosses-123-Million-Important-Things-to-Know" alt="Tradingview.com ethereum Price Chart (Blast L2)” width=”2650″ height=”1696″/>
eth price regains support above $2,000 | Source: ETHUSD on Tradingview.com
Featured image from Metaverse Post, chart from Tradingview.com
