L2 Protocol Blast Secures $230M TVL in 48hrs as Yield Concerns Arise

cryptonews.com:

Blast, a new Ethereum Layer 2 network, has achieved an impressive Total Value Locked (TVL) of over $230 million within 48 hours of its unveiling. However, there’s a unique twist – the network does not exist yet.

Blast has reached $230 Million in TVL within 48 hours.

37,131 community members are now earning yield (~4% for ETH and 5% for stables) + Blast Points.

We can't wait to share more about what we're building for the Blast Community in future updates! pic.twitter.com/DiW2GT7cUe

— Blast (@Blast_L2) November 22, 2023

This noteworthy accomplishment was shared by the protocol in a post on X (formerly Twitter), asserting that a community of 37,131 members has already transferred funds into its network.

According to recent DeBank L2 data, the TVL has surged to over $326 million at press time. This is mainly driven by Blast’s commitment to providing “native yield” on ETH and stablecoin deposits, offering users nearly 4% and 5%, respectively.

Unveiled on November 21, Blast was developed by the co-founder of the popular non-fungible token (NFT) marketplace Blur and is backed by the prominent venture firm Paradigm.

However, its standout feature is its claim to be “the only Ethereum L2 with native yield for ETH and stablecoins.”

Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.

We’ve raised $20m from @Paradigm and @StandardCrypto to build the L2 that helps you earn more.

Details on how to get early access at the end of the thread