Customers are racing to bridge their belongings to Blast, a brand new Layer 2 protocol on the Ethereum (ETH) community. Nonetheless, there’s a catch.
Ethereum Layer 2s, resembling Arbitrum, Optimism, Polygon, and others have attracted enormous group curiosity. In the meantime, one other undertaking has entered to compete with the established Layer 2s available in the market.
New Ethereum Layer 2 Blast by Invitation Solely
On Monday, Blast announced early access to the undertaking, the place customers will have the ability to bridge to the platform after getting an invitation code. The undertaking claims that it’s the solely Ethereum Layer 2 with native yield for ETH and stablecoins.
Learn extra: Layer 1 vs. Layer 2: What Is the Distinction?
The undertaking obtained enormous group curiosity, significantly as a result of it’s constructed by “Pacman”, the founding father of the non-fungible token (NFT) market Blur. Moreover, Blast has raised $20 million from notable buyers resembling Paradigm, Customary Crypto, eGirl Capital, and Andrew Kang.
The screenshot under from a Dune dashboard reveals that over 19,000 addresses have deposited funds to Blast.
Inside hours of the announcement of early entry, the undertaking has hit practically $60 million in complete worth locked (TVL). Out of that, the undertaking has staked over $50.6 million on the liquid staking platform Lido, and over $8 million is allotted to earn yield on Maker. Whereas $1 million price of crypto belongings stay idle.
Learn extra: High 7 Excessive-Yield Liquid Staking Platforms To Watch in 2023
Airdrop searching is principally believed to be the reason for the large group curiosity. Plus one other Layer 2 undertaking, Arbitrum, carried out a $120 million airdrop earlier this yr.
Learn extra: Greatest Upcoming Airdrops in November 2023
Additionally, Pacman’s main undertaking, Blur, obtained hype to a sizeable airdrop for the platform’s customers. Pacman hinted at Blast’s airdrop and wrote on X (Twitter):
“Within the meantime, for those who participated in Blur’s Season 2, you may declare your S2 airdrop right this moment. Blast is powering Blur Basis’s Season 3.”
However, on the flip facet, customers who deposit their belongings io Blast can’t withdraw them until February 2024. The undertaking will solely allow withdrawal after its mainnet goes reside in February. On-chain analyst Hitesh Malviya wrote, warning in regards to the danger of locking funds on Blast:
“Should you deposit into Blast your ETH or stablecoin will stay locked till February, and also you get sensible contract associated safety danger too. Watch out for this.”
Some additionally concern the potential of rug pull. A crypto dealer, “ImNotTheWolf, wrote:
“What if Blast is a rug pull rip-off with Ponzinomics promoting?”
Do you might have something to say in regards to the new Ethereum layer-2 or the rest? Write to us or be a part of the dialogue on our Telegram channel. You too can catch us on TikTok, Facebook, or X (Twitter).
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