- Blast’s TVL now stands at $837.02 million, up 27% from where it was seven days ago.
- The L2 solution had a TVL of around $350 million on November 24.
In the short time since its introduction, the Ethereum Layer-2 network Blast has achieved a new Total Value Locked (TVL) milestone, according to statistics from DefiLlama.
According to the numbers, Blast’s TVL now stands at $837.02 million, up 27% from where it was seven days ago. The L2 solution had a TVL of around $350 million on November 24, according to DefiLlama’s statistics.
A significant portion of its expansion may be traced back to the distinctive business strategy it implemented. Tieshun Roquerre, better known by his stage name “Pacman,” is the brains behind the NFT marketplace Blur. His new platform uses an innovative yield generating strategy to reward users who stake their Ethereum or stablecoins.
Addressing Security Concern
Users are guaranteed a maximum payout of 4% on Ethereum staking, with stablecoin stakers standing to get a yield of 5%. Since it is a novel idea in the DeFi sphere, the distinctiveness of this feature has helped it get substantial interest from investors.
The increase in Blast TVL is proof of this affinity. This expansion does not ignore the difficulties encountered by the protocol so far. A security issue surfaced at the tail end of November when consumers who staked on Blast saw that $100,000 vanished after their money was converted to Dai (DIA).
It was determined that the problem originated from an incorrectly set slippage parameter in the UI. The process persisted, and assets worth about $350 million were also changed to USDT and ETH. But Blast wasted no time in responding to this criticism, highlighting the need for upgradeable contracts.
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