Blast, the new Ethereum second layer network, attracted $30 million in investment within hours of launching its bridging feature. Blast has famous investors such as Paradigm and members of "eGirl Capital". However, investors were unable to withdraw their funds until February.
Blast’s unique design also adds to its appeal: depositors start earning while transferring ether and receive BLAST points. “Blast inherently participates in ETH staking, and staking proceeds are passed back to L2 users and applications,” the team said in a post on Tuesday. “We redesigned L2 from the ground up so that if you have 1 ETH in your Blast wallet, over time it will automatically grow to 1.04, 1.08, 1.12 ETH.”
Users will have to wait until the mainnet goes live in February before they can withdraw any funds from the network or participate in on-chain activities. As a result, as of Tuesday, Blast is currently only open to invited users, requiring an invitation code to access. Additionally, BLAST points can be redeemed starting in May.
According to data, of the total bridge funds, more than US$19 million in Ethereum has been pledged on Lido, and it is expected to earn an annualized return of up to 4%. Another $3 million is on Maker, and a small amount of $150,000 in dai (DAI) stablecoin is sitting idle in the wallet.
Users who use stablecoins to cross the bridge will receive Blast’s automatically reconstructed stablecoin USDB. USDB’s revenue comes from MakerDAO’s on-chain T-Bill protocol.
Blast has raised over $20 million in a funding round led by Paradigm and Standard Crypto, led by anonymous @PacmanBlur, one of the co-founders of NFT marketplace Blur.
$ETH
Blast’s unique design also adds to its appeal: depositors start earning while transferring ether and receive BLAST points. “Blast inherently participates in ETH staking, and staking proceeds are passed back to L2 users and applications,” the team said in a post on Tuesday. “We redesigned L2 from the ground up so that if you have 1 ETH in your Blast wallet, over time it will automatically grow to 1.04, 1.08, 1.12 ETH.”
Users will have to wait until the mainnet goes live in February before they can withdraw any funds from the network or participate in on-chain activities. As a result, as of Tuesday, Blast is currently only open to invited users, requiring an invitation code to access. Additionally, BLAST points can be redeemed starting in May.
According to data, of the total bridge funds, more than US$19 million in Ethereum has been pledged on Lido, and it is expected to earn an annualized return of up to 4%. Another $3 million is on Maker, and a small amount of $150,000 in dai (DAI) stablecoin is sitting idle in the wallet.
Users who use stablecoins to cross the bridge will receive Blast’s automatically reconstructed stablecoin USDB. USDB’s revenue comes from MakerDAO’s on-chain T-Bill protocol.
Blast has raised over $20 million in a funding round led by Paradigm and Standard Crypto, led by anonymous @PacmanBlur, one of the co-founders of NFT marketplace Blur.
$ETH