Blur’s L2 Net Blast Gains Traction Days After Launch

On Nov 24, 2023

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Blast, an Ethereum Layer 2 blockchain network from the Blur non-fungible token marketplace, continues gaining massive traction among crypto investors and NFT collectors. In just less than a week since its launch, the blockchain network has received more than $400 million in liquidity.

Blast Layer Two Network ‘L2’ Gains Massive Adoption

Data compiled by Dune Analytics, an on-chain market data aggregator, shows that $402 million have been bridged the new Ethereum Layer two network in the past four days. Blur’s new Layer two network has seen millions of dollars in liquidity in the form of $DAI, $USDC,$USDT, $stETH, and $ETH.

Blur, one of the leading marketplaces for non-fungible tokens, is the team behind the newly launched Ethereum Layer 2 blockchain network Blast. The blockchain network was launched earlier this week by Tieshun Roquerre, the founder of Blur, after raising $20 million in seed funding round.

Blur’s seed funding round was led by high-profile crypto venture capital firm Paradigm. The funding initiative also saw the participation of other key investors, including the Standard Crypto. Blast L2 network is aimed to tackle the high transaction cost for digital assets, offer new trading instruments (NFT perps), and provide massive yield generation.

What Makes Blast Different From Other L2 Networks?

To understand Blast functionality more profoundly, we need to define what the Ethereum Layer 2 network is. Ethereum, a layer-1 blockchain, is an open-source blockchain platform that enables developers to build and deploy decentralized applications (dapps) and smart contracts.

Layer 2 blockchains are built on top of Layer 1 blockchains, Ethereum, to assist it with scaling by handling some of the transaction load from the base-layer blockchains. Layer 2 blockchains help the Layer-1 network become less congested and significantly lower gas fees for users since Layer 2 typically combines multiple transactions into a single one.

To date, there are more than 20 Layer 2 networks built on Ethereum Layer-1 blockchain networks, including Optimism, Arbitrum, Starknet, Celer network, Immutable X, Metis, and Blast. However, what makes Blast different from other Ethereum Layer 2 blockchain networks?

One main advantage for Blast over other Layer 2 blockchains includes whitelisted users earning yields of 5% on stablecoins and 4% on ETH, despite commonly being 0% on other networks. Blast is set to launch ‘Blast Points’ and rewards for friend referrals are following the network’s mainnet launch in February 2024.