Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Blast’s TVL Hits $109M After 23K+ Users Join Its Community

Blast’s TVL Hits $109M After 23K+ Users Join Its Community

CoineditionCoinedition2023/11/22 19:24
By:Steven Walgenbach
  • Lookonchain revealed in an X post that Blast’s TVL rose to above $109 million over the past 24 hours.
  • According to the post, wallet “0x49E9” sent 2,000 ETH to Blast, while boby1337.eth sent 2.5 million USDC.
  • This development came after Blast saw 23,368 new users enter its community.

Lookonchain shared in an X post today that the total value locked (TVL) for Blast has achieved a significant milestone. According to the post, the project has more than $109 million locked up in its protocol.

The TVL of #Blast has exceeded $109M! @Blast_L2 deposited 45,654 $ETH ($91M) into #Lido , swapped stablecoins to 18M $DAI and deposited it into #Maker .

Wallet"0x49E9"( @Cbb0fe ) deposited 2K $ETH ($4M) and boby1337.eth deposited 2.5M $USDC to #Blast . https://t.co/Zns7cFEBQN pic.twitter.com/W4mv6wbzZt

— Lookonchain (@lookonchain) November 22, 2023

Furthermore, on-chain data shows that Blast deposited 45,654 ETH, worth $91 million, into Lido. Thereafter, the team swapped stablecoins for 18 million DAI tokens, which were then deposited into Maker.

Meanwhile, wallet “0x49E9” deposited 2,000 ETH, worth $4 million, to Blast, while the whale by the name of boby1337.eth sent 2.5 million USDC to the platform, according to Lookonchain.

Interestingly, this break above $109 million in Blast’s TVL happened just a few hours after it broke above $80 million. This was after 23,368 new users joined the Blast community.

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

Blast, which claims to be the only Ethereum Layer-2 project with native yield for ETH and stablecoins , has raised $20 million to build its Layer-2 network. The two investors that led this round were Paradigm and Standard Crypto.

The project’s early access stage is now live, which rewards users points based on how much they bridge and who they invite to join the platform. Once a person has gained access to Blast’s early access stage, they can bridge their assets and start generating yields on their tokens. Currently, Blast offers users 4% for ETH and 5% for stablecoins.

Blast’s yield comes from ETH staking and various real-world asset protocols. The yield from these decentralized protocols is then passed back to Blast users automatically. The yields offered by the platform are attractive, given that the default interest rate for other Layer-2 projects is 0%, according to Blast.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!