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Unidentified Whale Deposits 10,000 ETH Worth $20 Million in New Blast L2 Project

Blast, a recently introduced Ethereum-based layer 2 network, is swiftly gaining attention in the market as an unidentified whale recently deposited a substantial 10,000 ETH into the network. This noteworthy transaction occurred just two days after Blast’s launch in “early access” mode.

The deposit, valued at over $20 million in fiat currency at today’s prices, made headlines after being shared on the social media platform X by the well-known community member Farokh. Farokh expressed apparent surprise, stating, “Some degen deposited 10,000 ETH into BLAST,” highlighting the unexpected nature of such a significant deposit into a newly launched blockchain project.

Blast went live this week

Blast, introduced by Tieshun “Pacman” Roquerre, founder of the non-fungible token (NFT) marketplace Blur, made its debut on Monday of this week.

As revealed in a post on social media platform X by the project’s team, Blast aims to distinguish itself as the initial Ethereum layer 2 platform featuring an integrated yield model.

With an initial funding of approximately $20 million, the project garnered significant attention, attracting on-chain investments exceeding $55 million within hours of its launch. The rapid influx of investment underscores the notable interest and confidence in Blast’s unique approach to layer 2 solutions on the Ethereum network.

Ethereum-based layer 2 networks, such as Blast, have gained significant popularity in recent years, driven in part by rising transaction fees and slower transaction speeds on Ethereum’s base layer.

A report from blockchain intelligence firm Messari, dated last month, indicates that layer 2 networks now contribute to nearly two-thirds of all Ethereum transactions. Kunal Goel, a research analyst at Messari, attributes the surge in adoption of layer 2 networks in the third quarter of this year to the increasing popularity of Coinbase’s layer 2 network, Base.

Since its launch in August, Base has met expectations, experiencing growth in transactions and use cases. At one point, it even temporarily surpassed Ethereum’s main network in terms of activity. This underscores the effectiveness and appeal of layer 2 solutions in addressing scalability and efficiency challenges faced by Ethereum’s base layer.

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