The recently announced Blast, a Layer 2 blockchain set up by the developers of the NFT (non-fungible token) platform Blur, has been announced as a layer 2 blockchain, even though the platform is not scheduled to go live until February. Fascinated by the airdrop promised in May, deposits exceeded $1.1 billion (approximately 154 billion yen, equivalent to 1 dollar = 140 yen).
Undeterred by the controversial one-way bridge to Blast, speculators have staked Ethereum worth $1 billion since the website went live last month, according to DefiLlama. stETH) and the DAI stablecoin worth $103 million (approximately 14.4 billion yen).
In return, depositors will receive a yield of approximately 5% on their stake and “Blast Points” that can be exchanged for airdrops distributed in May.
Users can also earn points by referring others to the platform. Blur has been conducting similar airdrops since launching its NFT marketplace in February. The market capitalization of native token BLUR is currently $500 million, up 23% in the past month.
The idea of allowing deposits to platforms that are not yet operational has drawn criticism from some in the crypto industry, with early depositors and affiliate marketers expected to make up the bulk of the final airdrop. Some people have pointed out that the project has the characteristics of a pyramid scheme in which people receive money.
Some of that criticism came from Blast’s backer, venture capital firm Paradigm.Dan Robinson, head of research and general partner at Paradigm, said Blast’s marketing campaign was “crossing the line” and that Paradigm was unable to operate the blockchain before the blockchain was operational or tokens could be withdrawn. I don’t agree with letting them deposit money intoStated. However, Robinson said he is excited about several elements of Blur.
It is noteworthy that crypto asset prices soared across the board in 2023. Bitcoin (BTC) rose more than 150% to around $43,000, while Ethereum (ETH) doubled to $2,400. This rally has spurred a wave of optimism across investors, highlighted by the rapid growth of projects like Blast.
｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Original text: Blast Hits $1.1B in Deposits More Than a Month Before It’s Due to Go Live