Ethereum Layer 2 chain Blast releases official mainnet
Quick Take
- The Ethereum Layer 2 network Blast launched its mainnet, allowing users to withdraw their funds.
- Over 180,000 early access users already put over $2.3 billion in total value locked onto the protocol.
The Ethereum 
ETH
-4.099%
Layer 2 network Blast launched its mainnet Thursday.
Assets on the platform include roughly 469,000 ETH, 77.3 million 
USDC
-0.017%
, 67.1 million 
USDT
-0.038%
, 148,000 stETH and 24.7 million 
DAI
+0.042%
, according to a Dune Analytics dashboard. Users can now withdraw their funds with the launch of the live mainnet.
Blast, created by Tieshun Roquerre, founder of the NFT marketplace Blur, aims to provide a native yield model for ether and stablecoins, touting 4% interest for the former and 5% for the latter. Early access to the platform amassed over 180,000 community members and over $2.3 billion in total value locked (TVL), according to the platform's website.
Leading up to the mainnet launch, users noted an unofficial bridge to the platform emerged, bringing parallels to what happened before Coinbase's launch of its Layer 2 Base in early August 2023.
"Blast has amassed more than $2 billion in TVL even before its mainnet launch, placing it right behind L2 giants like Arbitrum One and OP Mainnet," said Arnold Toh, blockchain research analyst at The Block. "It's safe to say that we should expect some level of mania and speculation with the official launch, not to mention its eventual airdrop."
Blast's creation
Early access to Blast started in late November 2023, letting users start earning yields via bridging and Blast Points, a reward for bridging assets to other networks and referring users to the platform.
"Blast is built on the principle that markets march towards efficiency. More specifically, liquidity flows to where it can get the highest yield," the platfom said on social media at the time. "On Blast, your balance compounds automatically, and earns Blast rewards on top."
Some users claimed the platform's model resembled a Ponzi scheme, especially since individuals couldn't withdraw their rewards until the platform's mainnet launch. Roquerre, also known as Pacman, denied the claims, stating the yield is "not unsustainable" and comes from the liquid staking protocol Lido and DeFi protocol MakerDAO.
Blast raised $20 million in November 2023 led by the crypto-focused venture firms Paradigm and Standard Crypto. The ability to redeem Blast Points start tentatively on May 24.
Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blast.
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