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Over $2 Billion in Crypto Released with Blast's Ethereum L2 Mainnet Launch

Over $2 Billion in Crypto Released with Blast's Ethereum L2 Mainnet Launch

Key Takeaways

  • Blast's mainnet launch unlocks nearly $2.3 billion in staked cryptocurrencies.
  • The rollup blockchain scaler offers up to 5% APY on Ether and stablecoins.
  • The launch faced criticism for its strategy and marketing.

The Ethereum Layer-2 solution, Blast, has made a significant move by launching its mainnet on February 29.

This much-anticipated development led to the release of nearly $2.3 billion worth of staked cryptocurrencies.

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Before the launch, the platform's 180,000 users had the crypto sent to the network locked for three months, without the possibility to withdraw.

Blast has distinguished itself in the crypto ecosystem by offering a rollup blockchain scaling solution that enables users to earn up to a 5% annual percentage yield (APY) on Ether and stablecoins.

This yield is generated from the staked ETH and United States Treasury Bills, with MakerDAO, the entity behind Dai, managing these assets.

However, Blast's journey has not been without its controversies. In an X post, Dan Robinson, Paradigm's head of research and a seed investor in Blast, expressed concerns over the network's launch strategy.

Robinson criticized the decision to delay withdrawals and the marketing tactics employed, stating they could potentially undermine the credibility of other projects.

The launch represents a significant stride forward while navigating challenges related to its rollout and promotional tactics.

In other news, StarkWare has announced Stwo, an open-source ZK prover, to enhance Ethereum's scalability.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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