Over 180,000 users have gained access to over $2.3 billion in funds on the Blast mainnet, which has generated $85 million in income annually.
The mainnet of the Ethereum layer-2 (L2) network Blast has gone live, releasing approximately $2.3 billion worth of staked cryptocurrency that had been held up on the network. On Thursday at 9:00 pm UTC, L2 activated its mainnet.
In a formal X post, Blast revealed that Early Access users may now connect to the mainnet and use Blast-exclusive decentralized applications (Dapps). There were 181,888 community members who contributed $2.3 billion to Blast during the Early Access period, which started last November. Each year, these individuals made $85 million from Blast Points and native yield combined.
Automatic yields on Blast’s Ethereum and stablecoin balances are an effort to boost the network’s capital efficiency and open up new possibilities via its decentralized applications (Dapps). Paradigm and Standard Crypto, two venture capital organizations, invested $20 million in Blast in November.
Members of the Blast community will soon be able to participate in an airdrop. Although the exact split is still up in the air, users will get half of the airdrop in Blast Points and half in Blast Gold (Dapps).
Every two weeks, Dapps will get the Blast Gold airdrop. The decentralized applications may retain the airdrop funds for themselves, while several have promised to share them with users.
Among Blast’s many impressive features, as detailed on the official website, are auto-rebasing and staking. Additionally, it clarifies that, in contrast to other L2 networks that hold onto gas payments, Blast programmatically distributes net gas funds to Dapps.
Blast has already generated some debate, although it has only recently released its mainnet. After converting a customer’s deposit to DAI, Blast revealed an issue in November that led to a user losing $100,000 due to a misconfigured slippage setting. Blast said that it will provide 10% compensation on top of returning the lost funds.
In answer to a question, the network clarified that the $20 million in funding comes from “blast donors.”. Nevertheless, problems have arisen between Blast and Paradigm. While Blast planned to deploy the bridge before the L2, Paradigm’s Head of Research, Dan Robinson, openly objected to the proposal that same month.
Robinson also said that Paradigm was unhappy with the proposal to halt withdrawals for three months, arguing that it sets a poor example for future endeavors. Also, according to Robinson, the marketing department “cheapens the job of a real staff” for the corporation.
The executive from Paradigm brought up the fact that the VC and Blast had discussed these differences. And yet, as Robinson said, “Paradigm backs strong, independent entrepreneurs with whom we don’t always agree.”
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