Mainnet launch triggers TVL of Blast to reach a staggering $1.7 billion
Blast, an Ethereum layer 2 project, has made a significant impact in the decentralized finance (DeFi) market since its mainnet launch. With a current total value locked (TVL) of $1.4 billion, Blast has surpassed established chains like Avalanche or Polygon.
The project, developed by the team behind Blur, the NFT marketplace that accounts for 80% of all NFT trading volume, boasts several thriving DeFi projects. These include Juice Finance, Thruster, Hyperblock Finance, and Particle, all of which have TVLs of over $320 million each.
In the past month, TVL on leverage trading protocol Particle has increased by over 2,000%, while TVL on yield platform Hyperblock Finance has seen an increase of over 1,600%. The popularity of these DeFi apps on Blast is a testament to the project's success.
However, a recent incident has raised concerns within the crypto community. A project named RiskOnBlast, associated with Blast, has rug pulled, exiting with approximately 500 ETH and closing its X account. The team behind RiskOnBlast was anonymous, which has contributed to the raised questions about Blast's security measures.
Despite this incident, Blast continues to win market share. One month after its mainnet launch, Blast has secured a 1.65% market share in DeFi. The project is also set to launch its own token next month.
It's important to note that Blast uses optimistic rollups and offers native yield to users who hold certain tokens, such as ETH or USDC. However, the RiskOnBlast incident has negatively impacted Blast's reputation.
The crypto community is questioning Blast's security measures in light of the RiskOnBlast incident. Despite these concerns, Blast has had a strong start and continues to attract attention in the DeFi space.
Despite no further projects developed by the Blast team being detailed in the available sources, the team behind RiskOnBlast was backed by Blast, which has sparked further discussion within the crypto community.
In conclusion, Blast is a rapidly growing Ethereum layer 2 project with a strong DeFi ecosystem. However, the recent RiskOnBlast incident has raised concerns about the project's security measures. As Blast moves forward and prepares to launch its own token, it will be interesting to see how the project navigates these challenges and continues to evolve in the DeFi landscape.
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