Over $2B in Crypto Released with Blast’s 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.

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