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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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    Experience to Earn: Everdome’s Metaverse Frontier

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

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    Shrapnel to Leave Avalanche in New Partnership with Gala Games

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    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

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    Blockchain Bookmakers: A New Era of Fair and Secure

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

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

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
    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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    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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

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    What’s the Difference & Which Is Better to Trade?

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    Crypto Risk Management Strategies for Trading (2025)

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    What Is Crypto Staking? How to Earn Crypto by Holding It

    What Is DeFi Staking? Everything You Need to Know

  • 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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    Dogecoin Bull run

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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  Russia to Ban Crypto Mining in Key Regions as Energy Shortages Intensify

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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