The decentralized Layer 2 blockchain, Blast, has reached a milestone with its total value locked (TVL) exceeding $720 million, marking a $120 million surge in deposits since the last report on Blast's TVL by crypto.news. Launched in November 2023 by Tieshun Roquerre, also known as Pacman and co-founder of Blur, Blast operates as a native yield chain with an associated token airdrop, initially lacking a mainnet.
Upon its inception, Blast implemented a unique approach, introducing a multi-signature smart contract for early users to pre-fund their accounts while earning interest on crypto deposits. Despite criticism from industry participants, including institutional backer Paradigm, questioning the absence of a mainnet and the use of a multi-sig, Blast maintained its chosen model, emphasizing the inherent challenges and uncertainties in ensuring security.
In less than a month since its launch, Blast has ascended to become the third-largest holder of staked Ether (stETH), securing over $640 million in stETH within its multi-sig, as reported by 21Shares researcher Tom Wan, citing Dune analytics data. This rapid growth underscores Blast's prominence in the decentralized finance (DeFi) space.
While facing scrutiny for its unconventional launch scheme, Blast remains steadfast in its commitment to the chosen model. Pacman defended the approach by highlighting similar yield strategies employed by major protocols like Lido Finance and MakerDAO in a thread on X.
Looking ahead, Blast is actively preparing for the launch of its completed platform by February 2024. To fulfill its objectives, the project is currently in the hiring process, seeking to fill key roles such as Senior DevOps Engineer and Senior Protocol Engineer, reinforcing its dedication to delivering on promises and solidifying its position in the evolving landscape of decentralized blockchain technologies.
