Blast, an Ethereum layer-2 network, has achieved a milestone by surpassing $2.1 billion in total value locked (TVL) just days before its upcoming mainnet launch at the end of this month. According to DefiLlama data, Blast’s TVL has experienced a remarkable increase of over 2,200% since its bridging protocol went live on November 22. The majority of the locked value stems from users who have locked their Ethereum in the protocol with the hope of receiving a future airdrop of the Blast token in May.
However, the launch of the Blast protocol was not without controversy. Once funds were locked in the platform, users were unable to withdraw them until the mainnet launch. This delay raised concerns among some experts in the crypto industry. Dan Robinson, the head of research at Paradigm, a crypto venture capital firm, criticized Blast’s launch, stating that it “crossed lines in both messaging and execution” and could set a negative precedent for future developers.
Further controversy arose when a gambling protocol called “Risk on Blast” allegedly executed a rug pull on February 26. The GambleFi project raised 420 Ether (ETH) for a presale token called RISK, but the team behind the protocol moved the funds to the noncustodial crypto exchange ChangeNOW and deleted their social media accounts.
Despite these challenges, Blast has gained significant attention and support. The protocol, launched in mid-November, provides a scaling solution for the Ethereum network and offers native yields in Ether (ETH) and stablecoins to users who stake their funds. Tieshun Roquerre, also known as “PacMan” and the founder of the NFT platform Blur, is the founder of Blast. In November, Roquerre defended Blast against criticisms of unrealistically high yields, claiming that the yield was generated by Lido and MakerDAO.
Blast successfully closed a $20 million seed round led by Paradigm and Standard Crypto shortly before its launch. The platform’s achievements and controversies have sparked interest and discussion within the crypto community, with some questioning whether Blast is the best NFT collection in the world.