Ethereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In

Blast, a model new Ethereum Layer 2 community, has drawn a startling quantity of curiosity and safety considerations resulting from a surge of traders utilizing the community to bridge their belongings.

Blast Hits $123 Million In TVL

Blast not too long ago introduced its mainnet entry on X (previously Twitter). The L2 community constructed by Pacman Blur has gained a staggering quantity of consideration from crypto traders following the declaration.

“Introducing Blast: The one Ethereum L2 with native yield for ETH and stablecoins. We’ve raised $20m from Paradigm and StandardCrypto to construct the L2 that helps you earn extra,” Blast acknowledged.

Blast recorded over 23,368 customers in simply 24 hours of saying the approaching launch of its mainnet. The inflow of traders pushed Blast’s Whole Worth Locked (TVL) to $81 million in a single day.

“23,368 customers have joined the Blast Group previously 24 hours. Because of them, Blast has reached $81 Million in TVL in in the future! We’re excited to share extra with group members quickly. There’s rather more to return,” Blast stated.

Presently, Blast has recorded over $123 million in TVL from belongings bridged by traders. This surprising surge in bridging calls for has raised considerations particularly as a result of uncommon situations connected to the bridging course of.

Supply: DeFiLlama

In line with Blast, customers can solely entry the Ethereum L2 community after receiving an invite code. The community has additionally acknowledged that customers won’t be able to withdraw their bridged funds till February 2024.

Whereas the unconventional bridging situations have raised some crimson flags, many traders proceed to specific their curiosity by actively bridging their belongings

Particulars About New Ethereum L2 Community

Blast has outlined a number of vital particulars of its bridging and staking processes. The Ethereum L2 community highlighted the potential yield advantages of traders after they bridge their ETH tokens and stablecoins. The community has additionally acknowledged that traders who stake their ETH can acquire income over time as their belongings develop of their Blast wallets.

“After getting entry, you’ll be able to bridge to earn yield (4% for ETH + 5% for stablecoins) and Blast Factors forward of the Mainnet launch in February (2024). Early entry members get extra factors primarily based on how a lot they bridge and who they invite,” Blast acknowledged.

The L2 community added:

Particularly, Blast natively participates in ETH staking, and the staking yield is handed again to the L2’s customers and dapps. We’ve redesigned the L2 from the bottom up in order that you probably have 1 ETH in your pockets on Blast, over time it grows to 1.04, 1.08, 1.12 ETH routinely.

Moreover, Blast has expanded its bridging capabilities to a various vary of digital belongings. In line with the L2 community, traders can bridge past ETH and go for stablecoins akin to USDT, DAI, and extra.

“It’s not simply ETH on Blast that earns yield. Stablecoins do too. While you bridge stablecoins like USDC, USDT, and DAI to Blast, it’s deposited in on-chain T-Invoice protocols like MakerDAO, and the yield is handed again to Blast customers by way of USDB, Blast’s auto-rebasing stablecoin,” Blast acknowledged.