Blast’s TVL Nears $2 Billion – Verify Eligibility for the Airdrop Here

A New Darling in the Cryptoverse: Ethereum Layer 2 Blast

A new project is causing quite a stir in the Cryptoverse. Ethereum Layer 2 Blast has been making waves as its total value locked (TVL) is nearing $2 billion, well ahead of its mainnet launch and an upcoming Blast airdrop scheduled at the end of the month. Many observers note that the protocol, developed by the BLUR team, comes with an entire ecosystem ready to go.

Blast TVL on the Rise

Since its introduction on November 21, Blast has seen rapid growth in TVL. Within 48 hours, the team reported Blast TVL reaching $230 million, with 37,131 users earning yield. By the end of the first week, that number had skyrocketed to $570 million. In just 35 days, Blast achieved a $1 billion TVL, making it the fastest blockchain to reach this milestone. Friday morning (UTC) saw Blast’s TVL reach a whopping $1.841 billion, with expectations for it to hit $2 billion in a matter of days.

From Blur to Blast

Blast was developed by the team behind the top NFT marketplace BLUR, with Tieshun Roquerre, also known as Pacman, at the helm of both projects. BLUR has emerged as a strong competitor to OpenSea, boasting a total volume of $36.52 billion compared to OpenSea’s $9.03 billion. The team behind Blast comprises members from major institutions such as FAANG, Yale, MIT, Nanyang Technological University, and Seoul National University, who have significant experience in DeFi and Web3 protocols. Furthermore, Blast has garnered backing from industry heavyweights like Paradigm and Standard Crypto, raising $20 million in funding from them.

Earning Yield with Blast

Blast distinguishes itself as the only Ethereum L2 protocol with native yield for ETH and stablecoins. The yield is generated from ETH staking and Real World Asset (RWA) protocols, offering a 4% interest for ETH and 5% for stablecoins on Blast, in contrast to the typical 0% interest that L2s offer. Additionally, stablecoins bridged to Blast are deposited in on-chain T-Bill protocols like MakerDAO, with the yield passed back to Blast users via USDB, Blast’s auto-rebasing stablecoin.

An Expandable Ecosystem

The Blast ecosystem is showing promising signs of growth, with over 3,000 teams already building on the protocol. Users are anticipated to receive airdrops from many of these projects. Notably, there is a strong focus on incentivizing yield and bringing value back to bridgers, solidifying the ecosystem’s potential for further expansion.

Blast Airdrop and Developer Influx

The Blast Early Access program has been underway, rewarding participants with Blast Points based on their bridging activity and referrals. Excitement is building around the impending Blast airdrop, with expectations for it to be substantial. Developers are also flocking to Blast, as the protocol offers new revenue streams and rewards for end-users. The Big Bang Competition for developers building dapps on Blast has seen significant interest, with a robust developer community already forming around the project.