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Blast, the highly anticipated layer 2 blockchain created by the developers of NFT platform Blur, has achieved a remarkable milestone, surpassing $1.1 billion in deposits. What makes this achievement even more impressive is that the platform isn’t scheduled to go live until February, with an airdrop promised for May.
Despite the controversial one-way bridge to Blast, speculators have eagerly deposited $1 billion worth of staked ether (stETH) and $103 million worth of the dai (DAI) stablecoin since the website’s launch last month, according to DefiLlama.
Depositers can anticipate a 5% yield on their staked assets as well as “Blast Points,” which can be exchanged for the highly anticipated airdrop in May, adding to the platform’s appeal.
In addition, users can accumulate points by referring others to the platform. Previously, Blur conducted a similar airdrop after establishing an NFT marketplace in February. The BLUR token now boasts a $500 million market capitalization, reflecting a 23% increase over the past month.
While the concept of depositing assets into a platform that is not yet live has drawn criticism within the crypto industry, enticing skepticism of a potential pyramid scheme, the surge of interest indicates significant potential for those who engage early.
Surprisingly, even Blast’s backers, venture capitalist firm Paradigm, have expressed concern. Head of Research and General Partner Dan Robinson stated that Blast’s marketing strategies “crossed lines” and does not align with Paradigm’s principles. Nonetheless, he remains optimistic about various aspects of Blur.
It’s important to note the substantial surge in crypto asset prices this year. Bitcoin (BTC) has surged by over 150% to approximately $43,000, while ether (ETH) has doubled to $2,400. This surge has generated a wave of optimism among investors, evident in the rapid rise of projects like Blast.
Edited by Sheldon Reback.