Ethereum L2 Blast Hit Milestone With TVL Worth Over $500M

Newly Ethereum (ETH) Layer-2 blockchain sensation Blast hit a major milestone as it sees outstanding inflows.

Following its introduction on November 21, Blast recorded its total value locked (TVL) metric up to $500 million within the last few days indicating that the network is growing significantly. According to data from DefiLlama, Blast’s TVL is currently at $534.47 million.

Blast Becomes Fastest Growing Blockchain 

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 on 21Shares dashboard shows that the network has surpassed the likes of Consensys’ Linea, Starknet, Polygon zkEVM, dYdX Chain and is gradually inching towards surpassing Coinbase-incubated Base which recorded a 25.23% increase within a short while.

Meanwhile, many crypto enthusiasts are concerned about the security threats that may accompany L2s like Blast and its counterparts. Precisely, they are concerned with security, tokenomics design, and their “L2” status.

Blast Provides Native Yield For Depositors 

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

Additionally, Blast prides itself on being the first of its kind in terms of providing 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.

Protocols To Roll Out More Layer-2 Networks

It is safe to say that there is a recent clamor around Layer-2 networks. Furthermore, it looks like Coinbase has indirectly indulged other protocols by the launch of Base, its L2 network. Cryptocurrency exchange Kraken recently began to seek partnerships with Polygon, Matter Labs, and Nil Foundation in connection to the potential launch of its Layer-2 blockchain.

Kraken plans to choose one of these blockchain developers to assist with the development of its L2 network which is still underway. Protocols like Cardano are also vying for this position.