Blast

Blur

PAC Project

<p class="is-style-lead">Additionally, Blur founder Tieshun Roquerre raised $40 million to contribute to the Blur ecosystem.</p>
<p>Tieshun Roquerre, the founder of <a href="https://crypto.news/tag/nft/" target="_blank" rel="noopener noreferrer nofollow">NFT</a> marketplace Blur (also known as “Pacman”), is launching a new layer-2 network where users can reduce transaction costs for digital collectibles. In <a href="https://twitter.com/pacmanblur/status/1726756308169453935" target="_blank" rel="noopener noreferrer nofollow">a thread posted to X</a> on Nov. 21, Roquerre addressed high network fees, saying “hundreds of millions have been spent on gas trading NFTs.”</p>
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   <p lang="en" dir="ltr">Two of the biggest opportunities we see for NFTs are reducing transaction costs and institutional-grade NFT perps. Hundreds of millions have been spent on gas trading NFTs, and perp volume is 6x bigger than spot. These opportunities require an L2.</p>— Pacman | Blur.io (@PacmanBlur) <a href="https://twitter.com/PacmanBlur/status/1726756296094073040?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 21, 2023</a>
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<p>Moreover, Roquerre says “almost every” decentralized application, or DApp, on a blockchain has an issue when users lock up their funds in pools, which do not generate yield for them.</p>
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 <p>“This means that Blur users are losing money through depreciation. As I dug deeper, I realized that almost every dapp on-chain has this issue.”</p>
 <p>Tieshun Roquerre</p>
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<p>In a bid to solve all these issues “at once,” the Blur founder decided to launch Blast, a new layer-2 network with native yield for DApps, where users could avoid asset depreciation as well as reduce transaction costs for non-fungible tokens. For the new venture, Roquerre <a href="https://x.com/Blast_L2/status/1726747087906464024?s=20" target="_blank" rel="noopener noreferrer nofollow">raised</a> $20 million in funding from Paradigm, Standard Crypto and others.</p>
<p>You might also like: <a href="https://crypto.news/nft-giants-are-protesting-blur-and-opensea-over-royalty-rates/" rel="noopener noreferrer nofollow"> NFT giants are protesting Blur and OpenSea over royalty rates </a></p>
<p>To earn yield, Blast “natively” participates in Ethereum (ETH) staking, automatically returning the staking yield to the network’s users and DApps. In addition to ETH, Blast also earns yield for stablecoins with USDB, the network’s native auto-rebasing stablecoin.</p>
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   <p lang="en" dir="ltr">Additionally, I have raised another $40m to contribute to the Blur ecosystem. The funds will be used to build L2 apps for NFTs and continue advancing NFTs on ETH L1 as well.</p>— Pacman | Blur.io (@PacmanBlur) <a href="https://twitter.com/PacmanBlur/status/1726756311189316093?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 21, 2023</a>
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<p>Beyond Blast, Roquerre announced he had raised another $40 million to contribute to the Blur ecosystem. The proceeds are expected to be used for building DApps atop Blast in order to “continue advancing” NFTs on Ethereum as well. Amid the news, Blur’s native token BLUR jumped 12%, surging to $34, according to CoinGecko data.</p>
<p>Read more: <a href="https://crypto.news/blur-token-skyrockets-as-nft-sales-surpass-the-10m-mark/" rel="noopener noreferrer nofollow"> Blur token skyrockets as NFT sales surpass the $10m mark </a></p>

BLUR jumps 12% as Blur founder raises $20m for new L2 network

crypto.news

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