Blast, the layer 2 blockchain developed by Blur’s team, has made a significant impact in the DeFi space by amassing over $1.1 billion in deposits well before its official launch. With an airdrop on the horizon, there’s a buzz of anticipation among investors and speculators alike.
What Is Blast and How Much Has It Accumulated in Deposits?
Blast is a newly announced layer 2 blockchain created by the developers behind the NFT platform Blur. It has garnered a staggering $1.1 billion in deposits, thanks to the enticing promise of an airdrop scheduled for May 2024, despite the platform set to go live only in February.
What Rewards Are Depositors Receiving?
Depositors are enticed by a yield of roughly 5% on their staked assets. In addition, they’re awarded “Blast Points,” which they’ll be able to redeem when the airdrop is distributed in May. Moreover, users can accumulate more points by referring new users to the platform.
How to participate in Blast?
To join Blast, you have to:
- Obtain an invitation code from a current community member, or by a simple google search.
- Connect a primary Ethereum wallet to the Blast website.
- Bridge ETH or stablecoins to the platform for yield generation.
- Share a personalized referral code to move towards airdrop eligibility.
Has the BLUR Token Seen Any Growth Recently?
Yes, the BLUR token, which launched after the establishment of an NFT marketplace in February, now boasts a market cap of $500 million. It has experienced a growth of 23% in the past month alone.
Why Is There Criticism Surrounding Blast?
The approach of accepting deposits for a platform that isn’t operational yet has drawn some skepticism. Critics have voiced concerns, comparing the strategy to a pyramid scheme, where early depositors benefit significantly from the airdrop. This criticism includes comments from Paradigm, a venture capital firm backing Blast. However, this is crypto, so the line between perceived scam and wild speculation is thin.
What Are the Views of Blast’s Backers on the Project?
Dan Robinson, Paradigm’s Head of Research and General Partner, expressed reservations about Blast’s aggressive marketing strategies. He disagrees with the idea of initiating deposits before the blockchain or withdrawal functions are active. Nonetheless, he also communicates excitement about several aspects of the Blur project.
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