Blast, the layer-2 network for Ethereum, has achieved a total value locked (TVL) of over $2.1 billion, just days before its upcoming mainnet launch scheduled for the end of this month. According to DeFiLlama data, Blast’s TVL has increased by more than 2,200% since the launch of its bridging protocol on November 22. The majority of the locked value comes from users who have locked their Ethereum in hopes of receiving a future airdrop of the Blast token in May.
However, the launch of the Blast protocol has not been without controversy. Users were unable to withdraw their funds until the mainnet launch, which raised concerns about future development practices. In February, the protocol faced further scrutiny when the gambling protocol “Risk on Blast” allegedly executed a rug pull, resulting in the loss of 420 Ether (ETH) worth $1.35 million. The team behind the protocol transferred funds to a noncustodial exchange and deleted their social media accounts.
Despite these controversies, Blast has gained traction as a scaling solution for the Ethereum network since its launch in mid-November. The protocol offers native yields in Ether (ETH) and stablecoins to users who stake their funds. Blast’s founder, Tieshun Roquerre, also known as “PacMan,” is the founder of the NFT platform Blur. In defense of Blast’s high yields, Roquerre claimed that they were generated by Lido and MakerDAO.
Prior to its launch, Blast closed a $20 million seed round led by Paradigm and Standard Crypto.