The L2 protocol anticipates that its Mainnet will be available on February 24 next year, allowing withdrawals and users will be able to redeem their Blast Points starting May 24.
Blast, an ethereum Layer 2 protocol with yield-generating assets, announced the completion of its $20 million funding round led by Paradigm, a research-driven technology investment firm with a special focus on cryptocurrencies.
Announcing the milestone on Twitter Now .
Introducing Blast: the only ethereum L2 with native performance for eth and stablecoins.
We have raised 20 million dollars from @Paradigm and @StandardCrypto to build the L2 that helps you earn more.
Details on how to get early access at the end of the thread pic.twitter.com/AYYmK8YFx4
— Blast (@Blast_L2) November 20, 2023
Blast Mainnet will debut next year
The funding also reportedly saw participation from eGirl Capital Mechanism Capital, along with other angel investors including Andrew Kang, co-founder of Lido, Hasu, strategic advisor at Blur, and Larry Cermak, CEO of The Block.
The new L2 protocol, which describes itself as the “first L2 network to build native performance on ethereum (eth) and stablecoins,” is backed by both Paradigm and Standard crypto.
According to the protocol, “Blast natively participates in eth staking, and the staking return is returned to L2 users and decentralized applications (dapps).”
The team behind the creation of the network said that Blast had undergone a comprehensive redesign from the ground up. The network now allows users to earn additional yield on their crypto assets automatically after holding them for a set period.
Blast made its official debut on Monday, attracting early investors who had already bridged more than $30 million in eth and undisclosed stablecoins to the network, earning Blast Points within hours of launch, according to a CoinDesk report.
The ethereum L2 protocol anticipates that its Mainnet will be available on February 24 of next year, allowing withdrawals and users will be able to redeem their Blast Points starting May 24.
Explosion timeline
Early Access (Now): Bridge to Gain Performance + Blast Points
Mainnet (February 24): dapps go live, withdrawals enabled
Redemption (May 24): Blast Points can be redeemed
— Blast (@Blast_L2) November 20, 2023
More room at the top for another winner
in a Press release Posted by Standard crypto, the company said that the L2 network is being developed by Pacman, founder of the popular non-fungible token (nft) marketplace Blur, with a team of seasoned technology experts from MIT, Yale University and the National University of Seoul.
Despite accelerated growth in the Layer 2 landscape, Standard crypto believes there is still room for more winners to emerge.
“When Pacman first approached us to build a layer 2 earlier this year, the impetus came from their explorations of suitable layers to implement a Blur layer 2 dApp, necessary for both low-value nft trading in environments with high levels of gas and for an eventual nft. criminal dex. As we talked more and features like native performance were developed, we realized that although the L2 landscape is maturing rapidly, there is still room at the top for another winner,” Standard crypto said.
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