Blast, a recently launched Ethereum Layer 2 (L2) network initiated by the founder of Blur, Tieshun Roquerre (aka Pacman), recently raised $20 million to tackle industry issues in the NFT landscape.
Paradigm led the funding round alongside other key investors, including Standard Crypto, owing to supporting Blast’s ambitious purpose: to tackle high transaction costs for digital assets, offer new trading instruments (NFT perps), and provide yield generation.
Despite the network currently being in its early access phase, therefore only operating on an invite-only basis, additionally backing Blast is an extra 23,368 users over the past 24 hours. Already, more than $81 million worth of assets have been deposited and invested on the platform.
23,368 users have joined the Blast Community in the past 24 hours.
Thanks to them, Blast has reached $81 Million in TVL in one day!
We're excited to share more with community members soon — there's much more to come! pic.twitter.com/fQVAQW8v06
— Blast (@Blast_L2) November 22, 2023
An Ambitious NFT-Dedicated Journey
What sets Blast apart from Blur is addressing specific challenges and limitations identified in Blur and the broader NFT realm, as mentioned above.
One main advantage includes whitelisted users earning yields of 5% on stablecoins and 4% on ETH — despite commonly being 0% on other networks.
‘Blast Points’ and rewards for friend referrals are also poised to become valid following the network’s mainnet launch in February 2024.
Blur and Blast’s Collaborative Efforts
Notably, Blast is designed to support Blur with L2 solutions, creating a symbiotic relationship between both platforms. Stemming from this, on top of securing funding for Blast, Pacman also raised a substantial $40 million to bolster the Blur marketplace.
Additionally, I have raised another $40m to contribute to the Blur ecosystem. The funds will be used to build L2 apps for NFTs and continue advancing NFTs on ETH L1 as well.
— Pacman | Blur + Blast (@PacmanBlur) November 21, 2023
Following this tweet, the value of Blur’s native token $BLUR has risen by a whopping 33.98% in the past 24 hours, hitting a price of $0.51, as per CoinMarketCap — a clear indicator of the market’s enthusiastic reception to the potential and advancements of the Blast network.
The synergy between Blur and Blast is intriguingly noteworthy, as Blur plans to test and deploy its L2 apps on Blast, including NFT perps. Both entities are designed to benefit each other mutually, elevating the overall NFT market, experience and worth.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
