Blast Secures $20M in Funding

In a groundbreaking move, Blast, the Optimistic Rollup-based Layer 2 network, has successfully secured $20 million in a recent funding round led by Paradigm. This financial boost not only propels Blast into the spotlight but also positions it as a potential game-changer in the realm of Ethereum Layer 2 dynamics. Particularly, Blast aims to alleviate the soaring transaction costs associated with digital collectibles.

About the Company

Founded by Tieshun Roquerre, the mastermind behind the renowned NFT marketplace Blur (also known as Pacman), Blast emerges as an innovative solution to address the challenges faced by users in the realm of Layer 2 networks. Roquerre’s vision is clear: to pioneer a Layer 2 network that not only enhances efficiency but also substantially reduces transaction costs in the realm of digital collectibles.

Blast’s Unique Offering

Unlike its counterparts, Blast boasts a distinctive feature — native yields on both ETH and stablecoins. This departure from the conventional 0% base rates sets Blast apart in the competitive landscape of Layer 2 networks. Notably, Blast introduces ETH staking as a key component, seamlessly transferring staking rewards to users and decentralized applications (dapps) at Layer 2.

An exceptional facet of Blast’s platform is its automatic compounding mechanism. This ensures that users not only witness their balances grow but also earn additional Blast rewards along the way. This unique offering adds a layer of dynamism to the user experience, creating a network that is not just efficient but also rewarding.

About the Funding

The recent funding round, spearheaded by Paradigm, witnessed participation from influential investors such as Standard Crypto, EGirl Capital, Andrew Kang of Mechanism Capital, Hasu (Lido strategy advisor), Larry Cermak (CEO of The Block), and several angel investors. This substantial financial backing not only validates Blast’s potential but also signifies a collective belief in the vision set forth by Tieshun Roquerre.

Early Access and Mainnet Launch

Currently, Blast’s Early Access phase is underway, available on an invite-only basis. Whitelisted users are granted the opportunity to earn attractive yields, with rates set at 4% on ETH and 5% on stablecoins. These rewards, coupled with Blast Points, serve as a precursor to the eagerly anticipated mainnet launch scheduled for February 2024. The Early Access phase acts as a sneak peek into the promising potential that Blast holds for its users.

Conclusion

In conclusion, Blast‘s recent funding success positions it as a formidable player in the ever-evolving landscape of Layer 2 networks. With a visionary founder, unique features, and substantial financial backing, Blast has the potential to revolutionize the way users interact with Ethereum Layer 2, particularly in the domain of digital collectibles.

FAQs

What makes Blast different from other Layer 2 networks?

Blast stands out by offering native yields on both ETH and stablecoins, a departure from the 0% base rates prevalent in other Layer 2 networks.

How can users participate in Blast’s Early Access phase?

The Blast Early Access is currently invite-only, with whitelisted users having the opportunity to earn yields at rates of 4% on ETH and 5% on stablecoins.

When is Blast’s mainnet launch, and what can users expect?

Blast’s mainnet launch is scheduled for February 2024. Users can anticipate a full-fledged platform offering efficient transactions, rewards, and a seamless experience in the world of Layer 2 networks.

this article was originally published on https://web3oclock.com/