Blast’s TVL Hits $109M After 23K+ Users Join Its Community

Lookonchain shared in an X post today that the total value locked (TVL) for Blast has achieved a significant milestone. According to the post, the project has more than $109 million locked up in its protocol.

Furthermore, on-chain data shows that Blast deposited 45,654 ETH, worth $91 million, into Lido. Thereafter, the team swapped stablecoins for 18 million DAI tokens, which were then deposited into Maker.

Meanwhile, wallet “0x49E9” deposited 2,000 ETH, worth $4 million, to Blast, while the whale by the name of boby1337.eth sent 2.5 million USDC to the platform, according to Lookonchain.

Interestingly, this break above $109 million in Blast’s TVL happened just a few hours after it broke above $80 million. This was after 23,368 new users joined the Blast community.

Blast, which claims to be the only Ethereum Layer-2 project with native yield for ETH and stablecoins, has raised $20 million to build its Layer-2 network. The two investors that led this round were Paradigm and Standard Crypto.

The project’s early access stage is now live, which rewards users points based on how much they bridge and who they invite to join the platform. Once a person has gained access to Blast’s early access stage, they can bridge their assets and start generating yields on their tokens. Currently, Blast offers users 4% for ETH and 5% for stablecoins.

Blast’s yield comes from ETH staking and various real-world asset protocols. The yield from these decentralized protocols is then passed back to Blast users automatically. The yields offered by the platform are attractive, given that the default interest rate for other Layer-2 projects is 0%, according to Blast.