Blast Mainnet Unlocks $2.3B in Ether and Stablecoins

1. Blast’s mainnet unlocks $2.3B in Ether and stablecoins, overcoming controversy.

2. Users enjoy native yields, accumulating points for future token conversion in May.

3. Blast now ranks seventh globally and second among Ethereum layer 2 networks, with $50M already traded.

Blast, an Ethereum layer 2 blockchain, has officially launched its mainnet. It is introducing a distinctive feature of providing native yields on both Ether and stablecoins. 

Despite initial controversy over locked deposits, Blast has successfully attracted over $2.3 billion in deposits. Blast plans to convert accumulated points to tokens for users in May.

Native Yields and Controversial Deposit Locks

Blast operates as an optimistic rollup, offering users native yields through Ether staking and MakerDAO’s T-Bills for stablecoins. 

Users benefit from constant earnings on Ether, receiving the Ether staking yield of 3%-5%, coupled with the 5% yield from MakerDAO for stablecoin deposits. 

The controversial decision to lock deposits prompted disagreement. Notably expressed by Dan Robinson, head of research at Paradigm, an investor in Blast.

Successful Deposits and Future Token Conversion

Since November, over $2.3 billion in Ether and stablecoins have been deposited, earning users native yields alongside points. These points serve as incentives for user interactions and are set to be converted into tokens by Blast in May. 

The platform’s strategy to attract developers includes allocating 50% of the community airdrop to mainnet protocols. It is offering additional rewards for winners of the Big Bang competition, which witnessed over 3,000 protocol entries.

Some users demonstrated early excitement by depositing into Blast’s mainnet even before the official user interface launch. 

Data from CoinGecko reveals that over $50 million has already been traded on Blast, primarily involving memecoins. BlastCat emerges as the top-traded token, boasting a total volume exceeding $14 million and a market cap of $9.8 million.

Post-Launch Status and User Engagement

Now officially live, Blast has become the seventh-largest blockchain and the second-largest Ethereum layer 2 network by the total value of crypto assets deposited. 

Users continue to earn Blast points until the scheduled airdrop in May, and the opportunity to trade BLAST pre-launch futures on Aevo, a decentralized futures exchange, presents a fully diluted valuation of $6.7 billion.

Blast’s mainnet launch signals a significant entry into the Ethereum layer 2 space, with users engaging actively despite earlier controversies.