Ethereum’s layer-2 network Blast has surged past the $2.1 billion mark in total value locked (TVL), signaling a remarkable milestone just days ahead of its highly anticipated mainnet launch scheduled for the month’s end.
DefiLlama data reveals that Blast’s TVL has skyrocketed to $2.1 billion, marking a staggering surge of over 2,200% since the inception of its bridging protocol on Nov. 22. The bulk of the locked value stems from eager airdrop hunters who have staked their Ethereum holdings in anticipation of farming Blast tokens, set to be distributed in a future airdrop slated for May.
However, the journey to this pinnacle has been marred by controversy. Blast’s protocol sparked debates when users discovered that once their funds were committed to the platform, withdrawals were off the table until the mainnet launch.
Back in November, Dan Robinson, head of research at crypto venture capital firm Paradigm, voiced concerns over Blast’s launch, citing that it had “crossed lines in both messaging and execution,” potentially setting a negative precedent for future developers.
Adding fuel to the fire, the Blast protocol found itself embroiled in fresh controversy on Feb. 26, following an alleged rug pull by a gambling protocol named “Risk on Blast.” The GambleFi project managed to raise a substantial 420 Ether (ETH) — valued at $1.35 million as per current prices — through a presale token named RISK, commencing on Feb. 22 and concluding the subsequent day.
In a series of questionable moves, the team behind the project proceeded to transfer funds in intervals of the algorithmic stablecoin Dai (DAI) to the noncustodial crypto exchange ChangeNOW, subsequently erasing their associated social media accounts.
Despite the hurdles and the recent turbulence, Blast’s ascent to the $2.1 billion TVL milestone underscores the resilient spirit of decentralized finance (DeFi). As the network gears up for its imminent mainnet launch, stakeholders and observers alike await with bated breath to witness the unfolding chapters of Blast’s journey in the ever-evolving landscape of blockchain innovation and DeFi exploration.
