Blur’s L2 Net Blast gains traction within days of launch

Blast, the Ethereum Layer 2 blockchain network of the Blur non-fungible token marketplace, continues to attract tremendous interest among cryptocurrency investors and NFT collectors. The blockchain network has secured over $400 million in liquidity in less than a week since its launch.

Blast Layer 2 Network ‘L2’, Massive Adoption

Over the past four days, $402 million has been connected to the new Ethereum Layer 2 network, according to data collected by Dune Analytics, an on-chain market data aggregator. Blur’s new layer 2 network has seen millions of dollars in liquidity in the form of $DAI, $USDC, $USDT, $stETH and $ETH.

Blur, one of the leading marketplaces for non-fungible tokens, is the team behind the newly launched Ethereum Layer 2 blockchain network Blast. The blockchain network launched earlier this week after Blur founder Tieshun Roquerre raised $20 million in a seed funding round.

Blur’s seed funding round was led by Paradigm, a prominent cryptocurrency venture capital firm. The funding plan also saw participation from other major investors, including Standard Crypto. The Blast L2 network aims to address the high transaction costs of digital assets, provide new means of trading (NFT perps), and provide large-scale monetization.

What makes Blast different from other L2 networks?

To understand Blast features more deeply, we need to define what the Ethereum Layer 2 network is. Ethereum, a layer 1 blockchain, is an open source blockchain platform that allows developers to build and deploy decentralized applications (dapps) and smart contracts.

The layer 2 blockchain is built on top of the layer 1 blockchain, Ethereum, to support scaling by handling some of the transaction load of the base layer blockchain. Layer 2 blockchains typically help reduce congestion on layer 1 networks and significantly lower gas fees for users, as layer 2 combines multiple transactions into a single transaction.

To date, there are more than 20 layer 2 networks built on top of the Ethereum Layer-1 blockchain network, including Optimism, Arbitrum, Starknet, Celer network, Immutable X, Metis, and Blast. But what makes Blast different from other Ethereum Layer 2 blockchain networks?

One of Blast’s main advantages over other layer 2 blockchains is that whitelisted users earn a 5% return on stablecoins and 4% on ETH, compared to 0% on other networks typically. Blast plans to launch ‘Blast Points’ and rewards for referring friends will be available after the network mainnet launch in February 2024.

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