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MILESTONE | In just a few days after its launch, Ethereum Layer 2 Blast garners over $500 million in deposits.

Shortly after its inception on November 21, 2023, Blast, a newly created Ethereum layer-2 blockchain, had an extraordinary influx of capital, with an inflow of over $500 million.

The most popular cryptocurrency projects in 2023 are layer 2 networks. These networks solve problems with speed, cost, and scalability by running on top of layer 1 blockchains like Ethereum. Bridges are blockchain-based tools that Blast uses to make it easier for tokens to move between networks.

Blast offers consumers a special chance for investment growth with its native staking feature, which combines Ethereum staking with physical assets in an attempt to earn profits. Along with BLAST points, depositors begin to receive yields on the transferred Ether.

The developers stated, “Blast natively engages in ETH staking, and the staking yield is passed back to the L2’s users and dapps.”

“We completely modified the L2 such that, starting with 1 ETH in your Blast wallet, it automatically increases to 1.04, 1.08, and 1.12 ETH over time.”

As of this writing, over $500 million in Ether has been staked on Lido out of the total funds bridged, providing an annualized income of up to 4%. Furthermore, $468k is kept in its wallets and $63 million is on Maker.

Before being able to take out cash from the network or participate in on-chain activity, users must wait until the mainnet launches in February 2024. At the moment, Blast Bridge is invite-only; codes from invited users are needed to gain access. Furthermore, May 2024 is when BLAST point redemptions are scheduled to start.

Leading a fundraising round headed by Paradigm and Standard Crypto, Blast raised over $20 million. The project is being led by @PacmanBlur, a pseudonym that is also one of the co-founders of Blur, an NFT marketplace.

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