Blast (BLAST) Ready to Launch Mainnet in the Near Future, TVL Reaches IDR 31.3 Trillion

Check the Crypto Market Today:

Bittime - Blast (BLAST), an Ethereum Layer 2 (L2) scaling protocol, will launch its Mainnet on February 29, 2024. This is good news for crypto enthusiasts, especially those interested in the high returns of the L2 platform. Blast has recorded impressive achievements with Total Value Locked (TVL) reaching $2 billion (around Rp 31.3 trillion) at the end of February.

Blast is a new project announced in November 2023 by the team behind Blur, a DeFi platform powered by Paradigm and Standard Crypto. Blast offers a scalability solution for Ethereum by allowing users to store ETH and stablecoins on L2 and earn rewards in the form of BLAST tokens.

Criticized Before Mainnet Launch

Since granting early access in November 2023, Blast has attracted a lot of attention from the crypto community. With an aggressive marketing strategy, Blast promises high yield growth to users who join the L2 network. In addition, users are also entitled to get rewards based on the number of invitations they bring into the network.

This strategy turned out to be successful, with TVL Blast crossing the $1 billion mark on December 26, 2023, a remarkable achievement considering the project is still new. TVL Blast continues to rise to reach $2 billion (approximately IDR 31.3 trillion) on February 26, 2024, dominated by staked ETH (sETH), around 91% ($1.957 billion or approximately IDR 30.6 trillion) at the time of this writing.

However, Blast has also faced challenges and criticism regarding its message and reward point system in November 2023. Some argue that Blast is not transparent about how those points translate into BLAST token rewards and whether the project has any real intrinsic value. One of Blast's supporters, Paradigm, even distanced himself from the project's message and focused only on the technical aspects of L2.

Also Read How to Buy Crypto:

In response, Blast co-founder Tieshun Roquerre, known by the pseudonym "Pacman" in X, stated that Paradigm's role in Blast was limited to the technical design of the L2. Therefore, go-to-market (GTM) strategy and messaging are the internal responsibility of Blast. He also confirmed that Blast has a clear vision and mission to advance the Ethereum and DeFi ecosystems.

Unfortunately, Blast also had a bad incident before the launch of Mainnet. At the end of last week, one of GambleFi's projects, RiskOnBlast, which will launch in the Blast ecosystem, defrauded traders of 420 ETH, worth $1.37 million (approximately USD 21.4 billion) based on current prices. The incident raised doubts and concerns about Blast's safety and credibility.

Post-Mainnet Launch Blast Plan

Despite facing various obstacles, Blast remains optimistic about the launch of the Mainnet on February 29, 2024. The launch will allow developers, including those from the recently concluded Big Bang Competition, to implement their projects in L2 Blast. The dApp projects to be launched on the Mainnet cover a wide range of categories, from GambleFi to decentralized exchanges.

Interestingly, the launch of the Mainnet will also be accompanied by an airdrop for developers that will last until May 2024. According to Blast's blog, most of the airdrop allocated to other Big Bang participants will occur in May. This airdrop is expected to increase participation and adoption from the crypto community.

Blast hopes that with the launch of the Mainnet, the project can prove its value and potential as a scalability solution for Ethereum. Blast is also committed to continuously improving the security, transparency, and innovation of the L2 platform. Blast believes that with the support of the community, the project can become one of the major players in the Ethereum and DeFi ecosystems.

Check Crypto Price Today:

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Bitcoin (BTC) is available on Bittime with the BTC/IDR market pair. To be able to buy BTC IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.

Monitor the price chart movements of Bitcoinn (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

What is Mainnet in Blockchain &; Why is It So Important?

What is Layer 2 blockchain? How Crypto Layer 2 Works and Lists

What is Total Value Locked (TVL)?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.