L2 Crypto Project Blast Crosses $822M in TVL Ahead of Next Year’s Mainnet Launch

Amid the heightened demand for liquid staking on the Ethereum (ETH) network from institutional investors, Blast protocol, a layer two (L2) project backed by Paradigm venture capital and Standard Crypto, has set a new record in Total Value Locked (TVL) and community members.

According to the latest market data provided through DeBank, Blast protocol has about 308,114 Ether worth approximately $727.7 million. Additionally, the Blast protocol has deposited DAI stablecoins worth $94.7 million into Maker for yield farming. As a result, Blast protocol has more than $822 million in total value locked (TVL) and over 67k community members, thus making the L2 one of the top Ethereum validators through the Lido DAO.

Blast Protocol Ready for Mainnet Launch

The Blast protocol has grown into a vibrant community backed by a dedicated team of venture capitals and developers. Meanwhile, the Blast network has promised early access members that the roadmap to the mainnet launch in February is on course. Furthermore, the company has accelerated developer hiring in a bid to ensure the best product release.

Hiring announcement

Blast has reached $634m TVL across 67,757 community members.

We’re hiring a Senior DevOps Engineer and Senior Protocol Engineer

Reach out if you would like to contribute to Blast https://t.co/sHd6FeJl2s

— Blast (@Blast_L2) November 30, 2023

The Blast network offers early access members with a 4 percent yield on Ether and a 5 percent yield for stablecoins, whereby the redemption of the staked assets is slated to begin in May of next year. Notably, Blast’s early access members have grown through invite only, whereby they are rewarded with Blast points, which will be available for redemption in May next year. However, the Blast protocol has reassured the community members that their assets are safe in multi-signature wallets, which are similar to other layer twos like Arbitrum (ARB), Polygon (MATIC), and Optimism (OP).

Worth noting that Blast is EVM compatible, which makes it compatible with other blockchains, whereby the mainnet launch is expected to yield farming on Ethereum and top-rated stablecoins. Earlier last month, Blast Protocol announced that it had raised about $20 million from a dozen investors led by Paradigm and Standard Crypto.

Market Outlook

The notable growth of Blast to over $822 billion in total value locked within a short period is an indication that most institutional investors are highly bullish on Ethereum (ETH) and the DeFi market. Moreover, the total value locked on the Ethereum network has eclipsed nearly $30 billion and a stablecoins market cap of over $66 billion. As the Ethereum price closely follows Bitcoin price action, the value of Blast’s TVL is expected to rally beyond $1 billion easily in the coming quarters. Nonetheless, it is worth noting that the Ethereum network faces immense competition for other smart contracts networks like Cardano (ADA) and Solana (SOL).

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