Blast, the Ethereum layer-2 scaling network launched by the founder of leading NFT marketplace Blur, went live on Thursday, unlocking over $2.3 billion in crypto funds.
Blast, the Ethereum layer-2 scaling network launched by the founder of leading NFT marketplace Blur, went live on Thursday, unlocking over $2.3 billion in crypto funds that users had deposited in anticipation of staking rewards and airdrops.
The network's launch followed a period of rapid user activity, with deposited funds climbing significantly in the days leading up to the mainnet launch. This surge was likely driven by a combination of factors, including users seeking to participate in projects launching on Blast and benefit from potential airdrop rewards.
However, the launch wasn't without its critics. Some, including early investor Paradigm, raised concerns about the initial design, which locked users' funds for an extended period. These concerns, coupled with the recent market gains across the crypto landscape, led to some users withdrawing their funds from Blast after the launch. As of now, the total value locked on the network has fallen below $1.9 billion.
Blast aims to compete with established layer-2 solutions like Arbitrum and Optimism, leveraging a similar incentive model that propelled Blur to the forefront of the NFT marketplace scene.
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