Ethereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In

Blast, a model new Ethereum Layer 2 community, has drawn a startling quantity of curiosity and safety issues attributable to a surge of traders utilizing the community to bridge their property.

Blast Hits $123 Million In TVL

Blast just lately introduced its mainnet entry on X (previously Twitter). The L2 community constructed by Pacman Blur has gained a staggering quantity of consideration from crypto traders following the declaration.

“Introducing Blast: The one Ethereum L2 with native yield for ETH and stablecoins. We’ve raised $20m from Paradigm and StandardCrypto to construct the L2 that helps you earn extra,” Blast said.

Blast recorded over 23,368 customers in simply 24 hours of saying the upcoming launch of its mainnet. The inflow of traders pushed Blast’s Complete Worth Locked (TVL) to $81 million in a single day.

“23,368 customers have joined the Blast Neighborhood prior to now 24 hours. Because of them, Blast has reached $81 Million in TVL in in the future! We’re excited to share extra with neighborhood members quickly. There’s far more to come back,” Blast stated.

Presently, Blast has recorded over $123 million in TVL from property bridged by traders. This sudden surge in bridging calls for has raised issues particularly as a result of uncommon situations hooked up to the bridging course of.

Supply: DeFiLlama

In keeping with Blast, customers can solely entry the Ethereum L2 community after receiving an invite code. The community has additionally said that customers will be unable to withdraw their bridged funds till February 2024.

Whereas the unconventional bridging situations have raised some crimson flags, many traders proceed to specific their curiosity by actively bridging their property

Particulars About New Ethereum L2 Community

Blast has outlined a number of vital particulars of its bridging and staking processes. The Ethereum L2 community highlighted the potential yield advantages of traders once they bridge their ETH tokens and stablecoins. The community has additionally said that traders who stake their ETH can achieve income over time as their property develop of their Blast wallets.

“After getting entry, you possibly can bridge to earn yield (4% for ETH + 5% for stablecoins) and Blast Factors forward of the Mainnet launch in February (2024). Early entry members get extra factors based mostly on how a lot they bridge and who they invite,” Blast said.

The L2 community added:

Particularly, Blast natively participates in ETH staking, and the staking yield is handed again to the L2’s customers and dapps. We’ve redesigned the L2 from the bottom up in order that when you have 1 ETH in your pockets on Blast, over time it grows to 1.04, 1.08, 1.12 ETH routinely.

Moreover, Blast has expanded its bridging capabilities to a various vary of digital property. In keeping with the L2 community, traders can bridge past ETH and go for stablecoins corresponding to USDT, DAI, and extra.

“It’s not simply ETH on Blast that earns yield. Stablecoins do too. If you bridge stablecoins like USDC, USDT, and DAI to Blast, it’s deposited in on-chain T-Invoice protocols like MakerDAO, and the yield is handed again to Blast customers through USDB, Blast’s auto-rebasing stablecoin,” Blast said.