TVL Soars Past $2 Billion as Blast Sets Sights on Mainnet Launch on February 29

Blast, the layer-2 network for Ethereum, has achieved a total value locked (TVL) of over $2.1 billion, surpassing all expectations just before its upcoming mainnet launch at the end of this month. According to DefiLlama data, Blast’s TVL has soared by more than 2,200% since its bridging protocol went live on November 22. The majority of the locked funds are from users hoping to receive an airdrop of the Blast token in May. However, the protocol faced controversy when users found themselves unable to withdraw their funds until the mainnet launch. Paradigm’s head of research, Dan Robinson, criticized the messaging and execution of Blast’s launch, fearing it could set an unfavorable precedent for future developers. In another incident, a gambling protocol called “Risk on Blast” allegedly executed a rug pull, raising $1.35 million before moving funds and deleting social media accounts. Despite these setbacks, Blast continues to gain attention, with its scaling solution offering native yields in Ether and stablecoins for users who stake their funds. The founder of Blast, Tieshun Roquerre, who is also known as “PacMan” and the founder of the NFT platform Blur, defended the platform against criticisms of unrealistic yields, stating they were generated by Lido and MakerDAO. Blast recently closed a $20 million seed round led by Paradigm and Standard Crypto.