Blockchain news: the official mainnet of the Ethereum Layer 2 Blast chain has recently been released, allowing users to withdraw their funds.
So far, more than 180,000 early access users have already deposited a total value of over 2.3 billion dollars on the protocol platform. Let’s see all the details below.
Summary
The future of Ethereum’s blockchain: Blast Layer 2 mainnet promises significant benefits
As anticipated, the mainnet of the Ethereum Layer 2 Blast blockchain network was launched on Thursday, offering users the possibility to withdraw their funds.
According to the dashboard of Dune Analytics, the platform hosts significant assets, including approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI.
With the live mainnet, users can now easily make withdrawals. The mind behind Blast is Tieshun Roquerre, the founder of the NFT marketplace Blur.
The platform’s goal is to provide a native yield model for both Ether and stablecoins, offering a 4% interest for the former and 5% for the latter.
Early access to the platform has attracted over 180,000 members of the community, helping to reach a total value locked (TVL) of over 2.3 billion dollars, according to the official website.
Before the mainnet launch, users noticed the emergence of an unofficial bridge to the platform, drawing parallels with the event prior to the launch of Coinbase’s Base Layer 2 in early August 2023.
Arnold Toh, blockchain research analyst at The Block, highlighted that Blast has already accumulated over $2 billion in TVL before the official launch. In particular, positioning itself as a significant presence alongside Layer 2 giants like Arbitrum One and OP Mainnet.
The analyst predicts significant interest and speculation with the official launch, as well as the possibility of a future airdrop.
Blast: potential success, the mainnet and promising returns
The early access to Blast started towards the end of November 2023, offering users the opportunity to earn returns through bridging and Blast Points.
Or a form of reward for linking assets to other networks and for referring users to the platform.
The philosophy of Blast is based on market efficiency, emphasizing that liquidity flows towards higher returns.
As stated by the social media platform, on Blast, the balance is automatically composed, offering users the opportunity to earn Blast rewards.
However, some voices have raised doubts about the platform model, suggesting similarities with a Ponzi scheme, especially since rewards were not withdrawable until the mainnet launch.
However, Tieshun Roquerre, also known as Pacman, has rejected such claims, arguing that the performance is sustainable and derived from the liquid staking protocols of Lido and MakerDAO’s DeFi.
The success of Blast was evident with a fundraising of 20 million dollars in November 2023, led by venture companies Paradigm and Standard Crypto. The possibility to redeem Blast points is initially scheduled for May 24th.
Ethereum lays the groundwork for “The Surge” with the anticipated Dencun update
As we know, Ethereum’s roadmap envisions a revolutionary era with the introduction of the Dencun update, paving the way for layer two rollups to achieve large-scale scalability.
This fundamental step promises to improve transaction speed, reduce gas fees, and enhance overall network performance.
Positioning Ethereum as the main blockchain platform for decentralized apps and smart contracts.
The recent bullish trend of Ethereum, with the price reaching $3,230 on February 26, is a reflection of the market’s optimism towards the Dencun upgrade.
Investors and traders are showing increasing confidence in the long-term prospects of Ethereum, intensifying buying activity and pushing the price to new highs.
This rally underlines the importance of the Dencun update and the expected positive transformation of the Ethereum ecosystem.
The Ethereum community is eagerly awaiting the Dencun update, anticipating a significant improvement in the functionality and efficiency of the network.
Specifically, the community is hoping for faster transactions, greater scalability, and lower gas fees, considering this upgrade as a crucial initial step in addressing persistent challenges and realizing the full potential of Ethereum.
The enthusiasm in the community expresses confidence in Ethereum’s ability to grow and adapt to the evolving needs of its vast user base, with the hope of a better user experience and smoother operation of decentralized applications.
