Blast mainnet launch unlocks $2.3 billion in assets

Blast, an Ethereum Layer 2 solution utilizing optimistic rollups, has officially launched its mainnet, marking a significant milestone in the decentralized finance (DeFi) space.

The launch, which occurred on February 29th at 9 PM GMT, comes after months of anticipation and substantial deposits onto the platform.

Since November, over $2.3 billion in ether (ETH) and stablecoins have been deposited onto Blast, providing users with the opportunity to earn staking yields and interest.

Withdrawals enabled after criticism

One of the most anticipated aspects of the mainnet launch is the ability for users to withdraw their deposited funds.

This feature addresses previous criticism from Dan Robinson of Paradigm regarding the inability to withdraw funds, enhancing user confidence in the platform’s functionality.

Moreover, the launch aims to attract developers by allocating 50% of Blast’s community airdrop to mainnet protocols, fostering innovation and growth within the ecosystem.

However, the launch wasn’t without challenges, as some users found a way to deposit funds into Blast before the official launch by sending them to a smart contract address with over $50 million already traded, mostly in memecoins like BlastCat.

Depositing funds before the official launch carries risks, as tokens could potentially rug pull by removing all liquidity

Sushi partnership

Blast’s mainnet launch has also seen strategic partnerships, including one with the decentralized exchange Sushi.

While the details of Blast’s collaborations with Sushi remain undisclosed, users speculate on potential integrations that could enhance functionality within the Sushi platform.

Looking at the market impact, with Blast’s mainnet now live, Blast has emerged as the seventh-largest blockchain and the second-largest Ethereum Layer 2 solution by total value locked, surpassing $2.3 billion.

Blast users can continue earning Blast points until the token airdrop in May, indicating ongoing engagement and interest within the community.

Furthermore, Blast futures trading on Aevo suggests a fully diluted valuation of $6.7 billion, reflecting significant market anticipation and confidence in the project’s potential for growth and innovation.