Blast Launches Ethereum Mainnet, Unlocks $2.3 Billion in Staked Crypto

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Bittime - The Ethereum continues to grow rapidly, and one Layer 2 (L2) solution that is attracting attention is Blast. Recently, Blast has launched its mainnet, opening access to $2.3 billion in staked crypto assets.

This launch marks an important milestone for Blast and is a significant step forward in improving Ethereum's scalability and efficiency.

Key Benefits of Blast

• Scalability: Blast is capable of processing up to 4,000 transactions per second (TPS), compared to 15 TPS on Ethereum mainnet. This allows for faster and cheaper transactions.
• Efficiency: Blast uses zk-rollups technology to compress transaction data, thereby reducing gas costs and increasing throughput.
• Security: Blast is connected to the Ethereum mainnet, meaning that assets stored on Blast are safe and secure.

Mainnet Launch Impact

• Increased Activity: Since mainnet launch, Blast has seen a significant increase in user activity. About 180,000 users have withdrawn $400 million from the network.
• TVL Growth: Total value locked (TVL) on Blast has reached $2 billion, demonstrating user confidence in the platform.
• Airdrop Token: Blast plans to launch BLST tokens in May. Users who have participated in the Blast network can receive token airdrops.

Also read: ETH IDR vs ETH USDT: Ethereum Trader's Dilemma

Main Technology Blast

• zk-rollups: This technology allows Blast to compress transaction data up to 100 times, increasing scalability and efficiency.
• Validium: Blast uses validium, a zk-rollup solution that is more cost-effective and allows faster transaction verification.
• Plasma: Blast uses Plasma, an off-chain technology that enables horizontal scalability and increases network throughput.

Controversy

The launch of Blast was not without controversy. Some have criticized Blast's tokenomics model, which is considered unsustainable. Additionally, there are concerns about platform centralization.

• Tokenomics: Blast's tokenomics model was criticized for being unsustainable. Centralized distribution of BLST tokens and high token inflation are a source of concern.
• Centralization: It is feared that Blast will become a centralized platform because control is centralized in the Blast team. This can pose security and governance risks.

Despite causing controversy, Dan Robinson, Head of Research at seed investor Blast Paradigm, wrote in an X (Twitter) post in November 2023 that the venture firm did not agree with Blast's decision to launch the bridge before L2, or not allow withdrawals for three months.

"We also think that most marketing devalues ​​serious teamwork," said Robinson as quoted by Bittime from Cointelegraph.

"Risk on Blast launched with 420 ETH worth approximately $1.25 million at the time in user funds raised for the marketed RISK token pre-sale," he said.

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Conclusion

Blast's mainnet launch represents a significant step forward for Ethereum L2. Blast offers better scalability, efficiency and security compared to Ethereum mainnet.

Despite some controversy, Blast has the potential to become a popular L2 platform and contribute to the growth of the Ethereum ecosystem.

How to Buy Ethereum (ETH) on Bittime

You can buy and sell  Ethereum (ETH)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH)  is available on Bittime with  the market pair ETH/IDR . To be able to buy  ETH/IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn  the complete guide on how to buy Ethereum (ETH) on Bittime . 

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

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