Blast Jumps to Sixth Position in the DeFi Rankings

Ethereum (ETH) Layer-2 blockchain Blast, has recently climbed to the sixth position in total value locked (TVL) within the Decentralized Finance (DeFi) rankings. According to DeFiLlama data, this milestone showcases the protocol’s rapid ascent in the competitive blockchain ecosystem.

Blast TVL Now Sits at $1.87 Billion

Blast’s achievement is particularly noteworthy as it surpassed Base, another prominent Layer 2 blockchain network developed by Coinbase. The strategic positioning of Blast right behind Arbitrum, another leading Layer 2 solution, highlights its significant impact and growing influence in the DeFi space.

With a TVL of $1.87 billion, the protocol has demonstrated substantial traction and is positioned just below the big guys like Ethereum, Tron, Solana (SOL), Binance Smart Chain (BSC), and Arbitrum. It is worth noting that the competition in the broader DeFi ecosystem remains highly intense.

Additionally, Blast is set to receive an enhancement on May 27 to accommodate Binary Large Objects (blobs). Blobs represent a form of data storage on blockchains. This enhancement will empower the blockchain to store extra binary data alongside transactional data.

Blast Becomes Fastest Growing Blockchain 

Recall that in November 2023, Blast hit a major milestone as it recorded its TVL metric up to $500 million indicating that the network is growing significantly. It is worth noting that the ETH L2 has earned the title of the fastest-growing blockchain network as it amassed the first $100 million in less than 24 hours after it was launched.

Data also showed that the network surpassed the likes of ConsenSys’s Linea, StarkNet, Polygon zkEVM, and dYdX Chain and gradually inched towards surpassing Coinbase-incubated Base which recorded a 25.23% increase within a short while.

Key Value Provision Native Yield For Depositors

At its launch, the network announced that it secured $20 million from venture capitalists like Paradigm, Standard Crypto, and others. The funding round enjoyed participation from top-ranking angel investors Andrew Kang and Santiago Santos.

Additionally, Blast prides itself on being the first to provide native yield. For context, Blast provides a native yield for investors by pulling all injected funds and restating them in Lido Finance. At maturity, investors are rewarded with payouts and Blast points. Blast stablecoin depositors also stand to benefit from Maker’s tokenized T-bill program.