Blast, one The upcoming Ethereum layer-2 scale network Creator from leading NFT Marketplace Blur, has now collected more than $1 billion in deposits from users vying for product and airdrop points to the upcoming token.
As of this writing, $1.13 billion worth of cryptocurrency has been deposited into Exploding Bridge. Official website And DeFillaAccording to the latter resource, it is the 23rd largest protocol by total value. More than 86,000 users have contributed funds so far.
As per the bang, users are getting around 4% annual return on their deposits. Ethereum (ETH) and 5% on stablecoins. Additionally, you'll be earning “Blast Points”, which will count towards your upcoming BLAST token airdrop.
According to the Blast website, the airdrop is set for May 2024.
The explosion is aimed at influencing the crowded Ethereum scaling market—which includes networks such as Polygon, Decision, OptimismAnd basis-Encouraging users to give both native products Stored cryptocurrency With a share of tokens via airdrops. Crypto protocols use airdrops to provide first-time users and contributors, typically helping with decentralization.
Attracting users with the allure of token rewards is a similar strategy that has worked wonders for Blur. One-time leader OpenSea To be the leading NFT marketplace in February. A blur of air has fallen It is worth more than 800 million dollars BLUR tokens to NFT traders in 2023 in two waves, based on token peak value, according to data from CoinGecko.
Both Blast and Blur were founded by Tyshun “Pacman” Rocker and are both backed by the well-known crypto venture capital firm Paradigm. However, the Blast's release has been controversial—even for its fans.
Users are depositing cryptocurrency into a bridge that doesn't connect to the explosion network currently in development, and funds won't be able to withdraw until February 2024. The apparent focus on generating revenue and rewards before the network goes live has clearly alienated some crypto users. The wrong way.
At the end of November, a few days after the explosion was revealed to the world, Paradigm's head of research and general partner Dan Robinson wrote The company believes that “the ad crosses lines in both messaging and performance.”
“For example, we don't agree to start the bridge before L2 or to not allow a three-month shutdown because we think it sets a bad example for other projects.” He continued. “We also think that most marketing will make a heavy team work cheaper.”
Blast and Pacman did not respond to requests for comment. However, prior to Robinson's tweet, Pacman wrote Paradigm was not involved in Blast's go-to-market, and the VC firm—which led Blast's $20 million round—had already asked the Blast team to make some changes.
He added that Paradigm's suggestions are being “watched closely” but will ultimately be a blast call.
In December Robinson tweeted Paradigm has worked with Blast to develop a “new time-locked update system,” which it says will “set a better precedent for future projects trying to emulate them.”
Edited by Ryan Ozawa.
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