- Blast mainnet launch sparks anticipation in Ethereum’s Layer 2 ecosystem.
- Controversy arises over Blast’s bridge and incentive model framing.
Ethereum Layer 2 network, Blast, celebrated the launch of its mainnet on Thursday, marking a milestone in its journey. The platform, boasting assets including approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI, is now allowing users to withdraw their funds, according to data from a Dune Analytics dashboard.
The Blast Mainnet is NOW LIVE
Early Access users can bridge to Mainnet and use Blast-native Dapps that don’t exist anywhere else
pic.twitter.com/mt5dJOADMp
— Blast (@Blast_L2) February 29, 2024
Founded by Tieshun Roquerre, also the mind behind the NFT marketplace Blur, Blast is designed to optimize yields for ether and stablecoins, offering 4% and 5% interest rates respectively. The platform quickly gained traction, amassing over 180,000 community members and securing over $2.3 billion in total value locked (TVL) even before its official launch.
Time for something new.
April. pic.twitter.com/BTJreGGKHX
— Blur (@blur_io) February 29, 2024
Notably, As Blast steps into its new phase, the Blur NFT marketplace hinted at new beginnings in an April tweet, suggesting ongoing innovations and expansions within Roquerre’s crypto ventures. Amid the announcement, there was no surge in the price moment. BLUR is trading at $0.7341 with a 5% price down in the past 24 hours.
The launch of Blast has not been devoid of criticism. Developers have raised concerns over the platform’s initial approach, particularly regarding the launch of a bridge from which users were unable to withdraw funds for an extended period.
Additionally, there has been scrutiny over the way Blast’s incentive model was presented, with some stakeholders questioning the sustainability and transparency of the rewards system. Despite the innovative strides Blast aims to make in providing native yield models for ether and stablecoins.
