Blast TVL crosses $2B as it targets mainnet launch on February 29
Ethereum's layer-2 network exploded in total value locked (TVL) past $2.1 billion just days before the newly announced mainnet launch – scheduled for later this month.
According to data from Defillama, Blast's TVL is currently at $2.1 billion, up more than 2,200% since the bridge protocol was released on November 22nd.
Much of the locked-in value will come from hopeful airdrop hunters, who will lock their Ethereum into the protocol in order to breed for future explosive token airdrops, which the protocol team said will arrive sometime in May.
It's time to explode.
Mainnet February 29. – It's time to start! Mynet February 29. -BLAST 여정의시작. 마인눘. 2월29일. pic.twitter.com/9jaBnFF6gw
— Blast (@Blast_L2) February 26, 2024
The launch of the blockchain protocol was not without controversy, as once funds were locked into the platform, users could not withdraw them until the mainnet launched.
In November, Dan Robinson, head of research at crypto venture capital firm Paradigm, said that the explosive launch “crossed both lines in terms of message and execution” because a delayed launch could set a poor example for future developers.
There are many elements of the explosion that I really enjoy and want to engage with people. That said, we at Paradigm think this week's ad crossed lines in both messaging and execution. For example, the…
— Dan Robinson (@danrobinson) November 26, 2023
The explosion protocol sparked controversy again on February 26 when it allegedly pulled the rug from a gambling protocol called “Risk on Explosion”. The GambleFi project raised 420 Ether (ETH) – $1.35 million at the current price – for a token presale called RISK, which began on February 22 and ended the following day.
The group has since moved funds from the algorithmically stable coin DAI (DAI) to the custodian-less crypto exchange ChangeNOW, and has continued to delete their associated social media accounts.
Related: Web3 protocol explosion reaches $823M TVL despite bugs and controversy
Launched in mid-November, the Blast protocol is a modest solution for the Ethereum network, offering native products in Ether (ETH) and stablecoins to users who stake their money on the protocol.
Notably, Blast founder Tieshun Rokerre – who goes by the nickname “Pacman” – is also the founder of NFT platform Blur.
In a November 23 post for X, Rockerre countered the “too good to be true” criticism by claiming that the explosion was caused by Lido and Ceridao.
1/ There is a meme going around that the explosion is a Ponzi. Blast's offering to consumers may sound too good to be true, so this meme is understandable. But to put it simply, the explosive product comes (originally) from Lido and MakerDAO.
Lido's product comes from ETH reserves…
– Pacman | Blur + Blast (@PacmanBlur) November 24, 2023
Days before the explosion, it closed a $20 million seed round led by Paradigm and Standard Crypto.
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