Blast Successfully Launches Mainnet, Attracts Crypto Investors

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Bittime - Blast, a layer-2 scalability solution built on Ethereum, has launched its mainnet on Thursday, February 28, 2024. Thus, Blast opens access for users to utilize the crypto funds they have previously staked and earn rewards in the form of staking and airdrops.

Blast is a project developed by the founder of Blur, an NFT marketplace popular among digital art enthusiasts. Blast was first announced in November 2023, along with the launch of a bridge and rewards program that attracted the interest of many crypto investors.

According to Blast's website, more than $2.3 billion has been staked into the bridge from the Ethereum mainnet to Blast, before the scalability network is operational. This number has continued to rise rapidly over the past few days, in part as investors seek to move their funds to Blast to keep up with various projects that will launch on the network and earn tokens and rewards as early adopters.

Moreover, Ethereum's price rise in recent days has also helped increase the value of what has been staked. Ethereum's price is up 12% over the past week amid a broader crypto market surge driven by Bitcoin, which hit a record high of nearly $64,000 on Wednesday.

However, not all Blast users choose to store their funds on the network. Some of them are withdrawing their funds into the crypto market which has seen massive gains in almost all sectors since late last year. According to an on-chain data dashboard from analytics firm Arkham Intelligence, the total amount of funds in Blast has dropped below $1.9 billion at the time of writing.

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Airdrop Blast

Blast plans to provide "airdrop points" in May, which will pertain to future token launches around the network. Blast competes with other Ethereum scalability solutions like Arbitrum, Optimism, Base, and Polygon—but the incentive model Blur uses has taken it to the top of the NFT world, and founder Tieshun "Pacman" Roquerre and his team certainly expect the same for Blast with a scalability solution.

The launch of Blast is not free from controversy. Crypto traders and builders alike criticized Blast's approach of launching a bridge that did not allow users to withdraw funds for months, and disagreed with the frame of its incentive model. Some of them consider Blast to be a ponzi scheme that only benefits Blur and his team.

However, Blast denied the allegations and claimed that the bridge and rewards program were a way to test and secure the network before a full launch. Blast also promises that users will be able to withdraw their funds at any time once the main network is up and running. Blast also said that its incentive model is to encourage user adoption and participation in the network.

Conclusion

Blast is one example of the development of scalability solutions in the crypto space, aiming to increase transaction capacity and speed on major networks like Ethereum.

With the scalability solution, users can enjoy lower transaction fees, faster confirmation times, and a better user experience. Scalability solutions can also open up new opportunities for crypto applications and protocols that require high scalability, such as NFTs, DeFi, and games.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets 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.

To be able to buy crypto assets 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 Crypto on Bittime.

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

Also Read:

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

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

The Future of USDT on Tron: The Post-USDC Discontinuation Dilemma and Implications for Ethereum

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.