{"id":561934,"date":"2023-11-22T17:00:33","date_gmt":"2023-11-22T17:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=561934"},"modified":"2024-06-11T08:13:23","modified_gmt":"2024-06-11T08:13:23","slug":"ethereum-l2-blast-123-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-l2-blast-123-million\/","title":{"rendered":"Ethereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In"},"content":{"rendered":"

Blast, a brand new Ethereum Layer 2 network, has drawn a startling amount of interest and security concerns due to a surge of investors using the network to bridge their assets.\u00a0<\/span><\/p>\n

Blast Hits $123 Million In TVL<\/h2>\n

Blast recently <\/span>announced<\/span><\/a> its mainnet access on <\/span>X<\/span><\/a> (formerly Twitter). The L2 network built by Pacman Blur has gained a staggering amount of attention from crypto investors following the declaration.<\/span><\/p>\n

\u201cIntroducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins. We\u2019ve raised $20m from Paradigm and StandardCrypto to build the L2 that helps you earn more,\u201d Blast stated.\u00a0<\/span><\/p>\n

Related Reading: Global Banks Are Betting Big On XRP, Report Shows<\/a><\/div>\n

Blast recorded over 23,368 users in just 24 hours of announcing the imminent launch of its mainnet. The influx of investors pushed Blast\u2019s <\/span>Total Value Locked (TVL)<\/span><\/a> to $81 million in a single day.\u00a0<\/span><\/p>\n

\u201c23,368 users have joined the Blast Community in the past 24 hours. Thanks to them, Blast has reached $81 Million in TVL in one day! We’re excited to share more with community members soon. There’s much more to come,\u201d Blast said.\u00a0<\/span><\/p>\n

Presently, Blast has recorded over $123 million in TVL from assets bridged by investors. This unexpected surge in bridging demands has raised concerns especially due to the unusual conditions attached to the bridging process.\u00a0<\/span><\/p>\n

\"Blast<\/p>\n

Source: DeFiLlama<\/pre>\n
According to Blast, users can only access the <\/span>Ethereum L2 network<\/span><\/a> after receiving an invitation code. The network has also stated that users will not be able to withdraw their bridged funds until February 2024.\u00a0<\/span><\/p>\n
While the unconventional bridging conditions have raised some red flags, many investors continue to express their interest by actively bridging their assets\u00a0<\/span><\/p>\n
Details About New Ethereum L2 Network<\/h2>\n
Blast has outlined several important details of its bridging and staking processes. <\/span>The Ethereum L2 network<\/span><\/a> highlighted the potential yield benefits of investors when they bridge their ETH tokens and stablecoins. The network has also stated that investors who stake their ETH can gain profits over time as their assets grow in their Blast wallets.\u00a0<\/span><\/p>\n
\u201cOnce you have access, you can bridge to earn yield (4% for ETH + 5% for stablecoins) and Blast Points ahead of the Mainnet launch in February (2024). Early access members get more points based on how much they bridge and who they invite,\u201d Blast stated.<\/span><\/p>\n
Related Reading: Ethereum Exchange Supply Drops To 5-Year Lows, What This Means For Price<\/a><\/div>\n
The L2 network added:<\/span><\/p>\n
Specifically, Blast natively participates in ETH staking, and the staking yield is passed back to the L2\u2019s users and dapps. We\u2019ve redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time it grows to 1.04, 1.08, 1.12 ETH automatically.<\/span><\/p><\/blockquote>\n
Additionally, Blast has expanded its bridging capabilities to a diverse range of digital assets. According to the L2 network, investors can bridge beyond <\/span>ETH<\/span><\/a> and opt for <\/span>stablecoins<\/span><\/a> such as <\/span>USDT<\/span><\/a>, DAI, and more.\u00a0<\/span><\/p>\n
\u201cIt\u2019s not just ETH on Blast that earns yield. Stablecoins do too. When you bridge stablecoins like USDC, USDT, and DAI to Blast, it\u2019s deposited in on-chain T-Bill protocols like MakerDAO, and the yield is passed back to Blast users via USDB, Blast\u2019s auto-rebasing stablecoin,\u201d Blast stated.<\/span><\/p>\n
\"Ethereum<\/p>\n
ETH price regains support above $2,000 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Metaverse Post, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Blast, a brand new Ethereum Layer 2 network, has drawn a startling amount of interest and security concerns due to a surge of investors using the network to bridge their assets.\u00a0 Blast Hits $123 Million In TVL Blast recently announced its mainnet access on X (formerly Twitter). The L2 network built by Pacman Blur has gained a staggering amount of attention from crypto investors following the declaration. \u201cIntroducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins. We\u2019ve raised $20m from Paradigm and StandardCrypto to build the L2 that helps you earn more,\u201d Blast stated.\u00a0 Related Reading: Global Banks Are Betting Big On XRP, Report Shows Blast recorded over 23,368 users in just 24 hours of announcing the imminent launch of its mainnet. The influx of investors pushed Blast\u2019s Total Value Locked (TVL) to $81 million in a single day.\u00a0 \u201c23,368 users have joined the Blast Community in the past 24 hours. Thanks to them, Blast has reached $81 Million in TVL in one day! We’re excited to share more with community members soon. There’s much more to come,\u201d Blast said.\u00a0 Presently, Blast has recorded over $123 million in TVL from assets bridged by investors. This unexpected surge in bridging demands has raised concerns especially due to the unusual conditions attached to the bridging process.\u00a0 Source: DeFiLlama According to Blast, users can only access the Ethereum L2 network after receiving an invitation code. The network has also stated that users will not be able to withdraw their bridged funds until February 2024.\u00a0 While the unconventional bridging conditions have raised some red flags, many investors continue to express their interest by actively bridging their assets\u00a0 Details About New Ethereum L2 Network Blast has outlined several important details of its bridging and staking processes. The Ethereum L2 network highlighted the potential yield benefits of investors when they bridge their ETH tokens and stablecoins. The network has also stated that investors who stake their ETH can gain profits over time as their assets grow in their Blast wallets.\u00a0 \u201cOnce you have access, you can bridge to earn yield (4% for ETH + 5% for stablecoins) and Blast Points ahead of the Mainnet launch in February (2024). Early access members get more points based on how much they bridge and who they invite,\u201d Blast stated. Related Reading: Ethereum Exchange Supply Drops To 5-Year Lows, What This Means For Price The L2 network added: Specifically, Blast natively participates in ETH staking, and the staking yield is passed back to the L2\u2019s users and dapps. We\u2019ve redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time it grows to 1.04, 1.08, 1.12 ETH automatically. Additionally, Blast has expanded its bridging capabilities to a diverse range of digital assets. According to the L2 network, investors can bridge beyond ETH and opt for stablecoins such as USDT, DAI, and more.\u00a0 \u201cIt\u2019s not just ETH on Blast that earns yield. Stablecoins do too. When you bridge stablecoins like USDC, USDT, and DAI to Blast, it\u2019s deposited in on-chain T-Bill protocols like MakerDAO, and the yield is passed back to Blast users via USDB, Blast\u2019s auto-rebasing stablecoin,\u201d Blast stated. ETH price regains support above $2,000 | Source: ETHUSD on Tradingview.com Featured image from Metaverse Post, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":561938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[90326,90328,90327,1946,90325,84942,11340,7931],"class_list":["post-561934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blast","tag-blast-layer-2","tag-blast-network","tag-ethereum","tag-ethereum-l2","tag-ethereum-layer-2","tag-ethereum-network","tag-ethereum-news"],"acf":[],"yoast_head":"\nEthereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In<\/title>\n<meta name=\"description\" content=\"Blast, a brand new Ethereum Layer 2 network, has drawn a startling amount of interest and 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In","url":"http:\/\/wncen.com\/news\/ethereum-l2-blast-123-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum-l2-blast-123-million\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Blast-Ethereum-L2.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Blast-Ethereum-L2.jpeg?fit=1200%2C628"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["blast","blast layer 2","blast network","ethereum","ethereum l2","ethereum layer 2","ethereum network","ethereum news"],"dateCreated":"2023-11-22T17:00:33Z","datePublished":"2023-11-22T17:00:33Z","dateModified":"2024-06-11T08:13:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-l2-blast-123-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-l2-blast-123-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Blast-Ethereum-L2.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Blast-Ethereum-L2.jpeg?fit=1200%2C628\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"blast\",\"blast layer 2\",\"blast network\",\"ethereum\",\"ethereum l2\",\"ethereum layer 2\",\"ethereum network\",\"ethereum news\"],\"dateCreated\":\"2023-11-22T17:00:33Z\",\"datePublished\":\"2023-11-22T17:00:33Z\",\"dateModified\":\"2024-06-11T08:13:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Blast-Ethereum-L2.jpeg?fit=1200%2C628","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561934"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=561934"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/561938"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=561934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=561934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=561934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}