Unlocking Assets and Yield on Blast’s Ethereum Layer 2 Mainnet
The Ethereum Layer 2 network Blast unveiled its mainnet, enabling users to withdraw their funds, totaling approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI, according to a Dune Analytics dashboard.
Blast, founded by Tieshun Roquerre, creator of the NFT marketplace Blur, aims to offer a native yield model, featuring 4% interest for ether and 5% for stablecoins. Early access attracted over 180,000 community members and locked over $2.3 billion in total value, anticipating market enthusiasm. Arnold Toh, a blockchain research analyst at The Block, noted Blast’s substantial TVL of over $2 billion before its mainnet launch, hinting at potential mania and speculation.
Blast’s model revolves around market efficiency and automatic balance compounding, attracting both attention and criticism for its delayed reward withdrawal system. Despite comparisons to a Ponzi scheme, Roquerre defended the platform’s sustainability, citing contributions from liquid staking protocol Lido and DeFi protocol MakerDAO. With a $20 million investment led by Paradigm and Standard Crypto in November 2023, Blast anticipates the redemption of Blast Points starting tentatively on May 24.
Clever Robot News Desk 3rd March 2024
