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Blast Unlocks Crypto Worth $2.3B With Ethereum Scaler Launch

Blast's Ethereum network debut unlocks billions in staking and airdrop rewards.

Fri, 01 Mar 2024, 09:19 am UTC

Blast, the highly anticipated Ethereum layer-2 scaling network created by the founder of the leading NFT marketplace Blur, has officially launched its mainnet.

This marks a significant milestone, allowing users to access billions of dollars worth of crypto funds previously locked up to earn staking and airdrop rewards.

Massive Stake and Participation

Before the mainnet launch, over $2.3 billion had been staked into the bridge from the Ethereum mainnet to Blast, as reported on the Blast website. This figure had been steadily increasing, fueled by traders seeking to leverage the growing array of projects launching on the network and capitalize on airdropped tokens and rewards for early adopters.

A Decrypt report states that the recent surge in Ethereum's price contributed to the increased value of staked funds.

Changing Community and Withdrawals

Despite the allure of new apps, protocols, and ongoing rewards, some Blast users are choosing to withdraw their funds into a crypto market that has seen substantial gains since late last year.

According to Coin Telegraph, Dan Robinson, the research head at Blast seed investor Paradigm, expressed disagreement with Blast's decision to "launch the bridge before the L2, or not to allow withdrawals for three months," believing it "sets a bad precedent for other projects."

Data from analytics firm Arkham Intelligence indicates that the total amount of funds on Blast has decreased to below $1.9 billion.

Future Prospects and Competition

Looking ahead, Blast plans to distribute "airdrop points" in May, anticipating a future token launch associated with the scaling network.

While Blast competes with other Ethereum scalers like Arbitrum, Optimism, Base, and Polygon, its incentives model, similar to Blur's success in the NFT space, suggests strong potential for growth. Despite initial criticisms and challenges surrounding the launch, Blast's team remains optimistic about its future trajectory and impact in the Ethereum ecosystem.

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