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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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  • NFT
    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

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    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

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    GaFin Joins Cyber Crash to Advance Web3 Gaming

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    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

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    Play Solana to ship handheld gaming device in October

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    The Rise of Indian Online Casinos: Affiliates, Crypto, and Seamless Gaming?

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

    What Is Cloud Mining in Crypto? Everything You Need to Know to Start

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Blockchain

Blast Unlocks $2.3 Billion in Crypto as Ethereum Scaler Launches

March 3, 2024
in Blockchain
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Blast Unlocks $2.3 Billion in Crypto as Ethereum Scaler Launches
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Blast, an Ethereum layer-2 scaling network from the founder of leading NFT marketplace Blur, launched its mainnet Thursday afternoon, finally unlocking billions of dollars’ worth of crypto funds that users had locked up in an effort to earn staking and airdrop rewards.

More than $2.3 billion had been staked into the bridge from the Ethereum mainnet to Blast, according to the Blast website just before the scaling network went online. Blast was revealed in November, alongside the bridge and rewards campaign.

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The total had been rapidly climbing over the last few days, in part because traders were attempting to get their funds onto Blast to take advantage of a growing slate of projects that will launch on the network and airdrop tokens and rewards to early users.

In addition, the growing price of Ethereum in recent days helped grow the value of what had already been staked. Ethereum’s price is up 12% over the last week amid a wider market surge fueled by Bitcoin, which spiked to a price of nearly $64,000 on Wednesday.

To recap, Blast is the L2 with native yield. ETH and stablecoin balances on Blast are automatically yield bearing. This increases capital efficiency for users and unlocks new possibilities for Dapps.

— Blast (@Blast_L2) February 29, 2024

While some Blast users may be keeping their funds on the network to take advantage of newly launched apps and protocols—plus continued staking rewards and airdrop benefits ahead—others are withdrawing their funds into a crypto market that’s seen sizable gains pretty much across the board since late last year.

See also  XION Blockchain Teams Up with EarnOS to Revolutionize Web3-Powered Economic Incentivization

According to an on-chain data dashboard from analytics firm Arkham Intelligence, the total amount of funds on Blast has fallen below $1.9 billion as of this writing.

Blast will give users “airdrop points” in May, which will pertain to a future token launch around the scaling network. It’s competing with other Ethereum scalers like Arbitrum, Optimism, Base, and Polygon—but the incentives model flung Blur to the top of the NFT world, and founder Tieshun “Pacman” Roquerre and team must expect the same for Blast with scaling networks.

The launch of Blast hasn’t been without controversy. Crypto traders and builders alike criticized Blast’s approach of launching a bridge that users wouldn’t be able to withdraw funds from for months, and took issue with the framing of the incentives model.

In November, Dan Robinson—Head of Research and General Partner at Paradigm, the VC firm that co-led Blast’s $20 million seed round—wrote that the firm thought the “announcement this week crossed lines in both messaging and execution.”

He further criticized the decision to lock up funds for months, and said that “much of the marketing cheapens the work of a serious team.” Blast founder Pacman admitted that Paradigm asked them to “make changes” to the launch plan, but he said that it was ultimately Blast’s own decision to make.

Edited by Ryan Ozawa.

Tags: BillionBlastCryptoEthereumLaunchesScalerunlocks

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