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New Ethereum Layer-2 Blast Closes in on Solana After Reaching $600 Million TVL in 10 Days

The total value locked (TVL) on the recently launched Ethereum-based layer 2 network, Blast, has rapidly approached the total value locked on Solana after only being operational for a mere 10 days.

According to data from Defi Llama, Blast currently boasts an impressive TVL of $621.6 million, just shy of Solana’s TVL, which stands at $651.5 million.

This noteworthy achievement was highlighted by crypto researcher Evan Van Ness on the social media platform X. Van Ness pointed out the rapid growth of Blast’s TVL, drawing a comparison to Solana, which he referred to as “the most hyped VC chain in history.”

Blast founded by NFT creator

In comparison, Solana stands out as one of the most prominent blockchains for smart contract development and decentralized finance (DeFi) applications within the cryptocurrency space. The network has been operational since March 2020.

In contrast, Blast, a relatively new entrant, went live just last week. Founded by Tieshun “Pacman” Roquerre, who is also the creator of the non-fungible token (NFT) marketplace Blur, Blast quickly gained attention when an unidentified whale deposited a substantial 10,000 ETH into the network.

As per information shared on social media platform X by the network’s team, Blast aims to be the first Ethereum layer 2 platform to incorporate a built-in yield model.

The project initially secured $20 million in funding and continued to attract on-chain investments exceeding $55 million within hours of its launch, underlining the notable interest and support it has garnered within the crypto community.

Criticism from Paradigm

While Blast has gained positive attention, it has also faced criticism from the prominent venture capital firm Paradigm. In a post on X, Paradigm’s Head of Research and General Partner Dan Robinson outlined several issues with the scaling solution.

Robinson pointed out that the decision to launch the bridge before the layer-2 network and the imposition of a three-month withdrawal restriction set an unfavorable precedent for other projects. He also criticized Blast’s marketing strategy, stating that “much of the marketing cheapens the work of a serious team.”

This scrutiny from Paradigm highlights the challenges and criticisms that emerging projects in the cryptocurrency space may face, even amid positive developments and attention.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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