At press time, the total value locked (TVL) of Blast, a layer 2 project, stands at $1.14 billion. However, the number of new depositors is gradually decreasing.
Blast’s airdrop is one of the most anticipated airdrops of 2024. Many users are depositing funds into Blast to qualify for the airdrop.
Pacman Celebrates Explosive TVL Milestone
Pacman, co-founder of Blast and non-fungible token (NFT) marketplace Blur, wrote: X (Twitter):
“We are thrilled to end the year with this milestone.
The power of Web3 is that a win for the protocol is a win for the entire community.
However, we believe much more can be done to ensure that value creation flows to the end users, who are the lifeblood of the on-chain economy.
“I’m looking forward to next year too!”
The screenshot below shows that Blast TVL is approximately $1.14 billion. Blast has allocated $1 billion for staking on Lido. Approximately $1 million is deposited with Maker to earn returns on stablecoins. Finally, over $3 million remains idle in the Blast wallet.
Read more: 11 Best DeFi Platforms to Profit with Lido’s Staked ETH (stETH)
Needless to say, users’ funds are locked into the Blast protocol until the mainnet launches in February 2024. The project has received heavy criticism following its launch in November 2024 due to its strategy of not allowing withdrawals until the mainnet is launched.
Dan Robinson, a researcher at Paradigm, one of Blast’s investors, also criticized the project’s marketing and communications approach.
Nonetheless, over 82,000 wallets deposited funds into Blast. However, if you look at the screenshot below, you can see that the new depositors graph has decreased dramatically. As of December 20, the project had 118 new depositors.
Read more: A Beginner’s Guide to Layer 2 Scaling Solutions
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