Ethereum

Blast

DeFi

Spot

In an unprecedented development witnessed within the <a href="https://coingape.com/glossary/web-3-0/" target="_blank" rel="noopener noreferrer nofollow">Web3</a> landscape, Blast, an Ethereum Layer 2 (L2) blockchain, has recently taken the market by storm, securing the sixth spot in TVL (Total value locked) among all blockchains. Overtaking Base, a layer-2 (L2) blockchain network developed by Coinbase, Blast runs just behind Arbitrum, boasting a TVL of $1.87 billion, per data by DeFiLlama.
The buzz around the recently launched blockchain, Blast, is growing louder in the <a href="https://coingape.com/glossary/defi-decentralized-finance/" target="_blank" rel="noopener noreferrer nofollow">DeFi</a> community. It’s now positioned just below the big players like Ethereum, Tron, BSC, Solana, and Arbitrum, making a landmark across the industry.
<h2 id="blast-l2-advances-with-web3-journey">Blast L2 Advances With Web3 Journey</h2>
Blast’s monumental growth promptly after its inception into the Web3 realm has garnered noteworthy interest in the <a href="https://coingape.com/education/whats-layer-1-layer-2-and-layer-3-in-blockchain-key-differences-with-examples/" target="_blank" rel="noopener noreferrer nofollow">layer 2 blockchain</a>. Notably, with its TVL increasing at a phenomenal rate, the blockchain has offered great user appeal.
The increased TVL primarily indicates that it offers a stockpile of enhancements, such as improved security and liquidity, which in turn generates more user participation for the blockchain within the DeFi industry. Further, per a post shared by the platform on X recently, an upgrade for the blockchain is also in the pipeline.
According to the post, Blast will undergo an upgrade to support blobs (Binary Large Objects) on Monday, May 27, at 2 PM PT (Pacific Time). Blobs are basically a type of data storage space on blockchains. This upgrade will enable the blockchain to store additional binary data apart from transactional data.
Coupled with the blockchain’s recent securing the sixth spot by TVL, per DeFiLlama data, this development further pushes the L2 to scale greater heights moving ahead.
Also Read: <a href="https://coingape.com/trending/pepe-vs-floki-who-will-hit-0-001-first/" rel="noopener noreferrer nofollow">PEPE Vs FLOKI: Who Will Hit $0.001 First?</a>
<h2 id="more-about-blast">More About Blast</h2>
Intriguingly, Blast’s rapid ascent to one of the top chains underscores the L2’s potential to rise even further. Its official platform spotlights an active user base of 1.17 million. Further, it is also worth mentioning that Paradigm and Standard Crypto back the L2.
CoinGape Media reported earlier this year that <a href="https://coingape.com/ethereum-l2-blast-integrates-with-onto-for-native-yield-update/" target="_blank" rel="noopener noreferrer nofollow">Blast</a> has also been integrated along Onto, further revolutionizing its DeFi journey.
Also Read: <a href="https://coingape.com/350000-ethereum-options-expire-today-with-max-pain-point-of-3200-whats-ahead/" target="_blank" rel="noopener noreferrer nofollow">350,000 Ethereum Options Expire Today With Max Pain Point of $3200, What’s Ahead?</a>
The post <a href="https://coingape.com/blast-blockchain-secures-sixth-spot-in-defi-network-rankings/" rel="noopener noreferrer nofollow">Blast Blockchain Secures Sixth Spot In DeFi Network Rankings</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Blast Blockchain Secures Sixth Spot In DeFi Network Rankings

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