The mainnet launch of Blast, an Ethereum Layer 2 solution, is scheduled for February 29.
Blast has reached $2 Billion in TVL.
157,638 community members are now earning yield + Blast Points.
Stay tuned for Mainnet, February 29! pic.twitter.com/qHUYTHhupg
— Blast (@Blast_L2) February 27, 2024
The developers also reported that the total value locked (TVL) in the protocol has reached $2 billion, with 157,638 users.
According to DeFi Llama, Blast’s TVL has already exceeded $2.15 billion.
Launched on November 22, Blast is an EVM-compatible scaling protocol utilizing Optimistic Rollups. The platform offers a passive income of 4-5% annually.
The project was created by the founder of the NFT marketplace Blur, known by the pseudonym Pacman, and the team includes former members of MakerDAO, the Massachusetts Institute of Technology, and Seoul National University.
However, for a long time, Blast lacked any infrastructure beyond an inter-network contract. The community also reacted coolly to the project, labeling it a Ponzi scheme due to its invitation system and yield generation methods.
Following the launch, the startup’s founder addressed some concerns and explained the network’s operation.
On January 16, the Blast team launched a test network, simultaneously initiating the Big Bang competition for developers.
In May, the launch of the native token BLAST and an airdrop was announced. Coins will be distributed based on points earned by users when locking assets in the protocol.
Earlier, on February 25, the first rug pull occurred in the L2 network—developers of RiskOnBlast withdrew 420 ETH worth about $1.25 million belonging to users, disabling the website and social media.