- February 24, 2024
- Posted by: [email protected]
- Category:
Ethereum Layer 2 protocol Blast Protocol has emerged as a force to be reckoned with in the cryptoverse, with its Total Value Locked (TVL) rapidly approaching the $2 billion mark even before its mainnet launch. The surge in popularity is further fueled by the anticipation of an impending Blast airdrop scheduled at the end of the month. Commentators have been quick to highlight the protocol’s comprehensive ecosystem, already in place and ready for action, created by the BLUR team.
Blast, which debuted on November 21, witnessed an astonishing growth trajectory. Within just 48 hours, Blast TVL reached an impressive $230 million, engaging a substantial user base of 37,131, all earning yields. This number skyrocketed to $570 million within a week and reached a staggering $1.841 billion by Friday morning (UTC). The current momentum suggests an imminent breach of the $2 billion mark in the coming days.
Blast, created by the minds behind the prominent NFT marketplace BLUR, led by Tieshun Roquerre (aka Pacman), is quickly establishing itself as a formidable competitor to OpenSea. With a total volume of $36.52 billion, it has already surpassed OpenSea’s $9.03 billion, as per DappRadar. The team boasts members with backgrounds from FAANG, Yale, MIT, Nanyang Technological University, and Seoul National University, with extensive experience in major DeFi and Web3 protocols.
Backed by renowned entities such as Paradigm and Standard Crypto, Blast successfully raised $20 million, setting high expectations for the project. Positioned as the only Ethereum Layer 2 with native yield for both ETH and stablecoins, Blast’s yield comes from ETH staking and Real World Asset (RWA) protocols. Notably, while default interest rates on Layer 2s are typically 0%, Blast offers a generous 4% for ETH and 5% for stablecoins.
The Blast ecosystem is not only confined to the financial realm, extending its reach to include DeFi, DEXes, NFTs, memecoins, and more. Over 3,000 teams are actively building on the protocol, promising a plethora of airdrops for Blast users. Popular digital art collector Cozomo de’ Medici has deemed Blast “one of the biggest opportunities of 2024,” envisioning it as a comprehensive ecosystem that encompasses diverse sectors.
The Blast mainnet launch is scheduled for February 2024, with point redemption slated for May 2024. The anticipation is palpable, as Blast users are already accumulating points through the invite-only Blast Early Access, with rewards based on bridging activity and invitations. The Blast Community Airdrop, split between Early Access Members and Developers, further adds to the excitement, with analysts speculating a massive airdrop potentially reaching $1.5 billion.
The Blast protocol’s appeal extends to developers, indicating a future expansion of its ecosystem. With an Equivalent Value Model (EVM) and a commitment to giving 100% of gas fee revenue back to developers, Blast aims to unlock new business models for Dapps, presenting a lucrative opportunity for developers to explore novel revenue streams.
As the Blast mainnet launch approaches, the protocol continues to attract deposits, with 146,579 users depositing nearly $2 billion. This substantial user base eagerly awaits the unlocking of funds to explore and engage with Dapps on the platform, marking a significant milestone in Blast’s journey within the Cryptoverse.
