Blast’s TVL reaches $109 million after more than 23,000 users join the community

Lookonchain shared in an X-post today that the total value locked (TVL) for Blast has reached a major milestone. According to the post, the project has committed more than $109 million in its protocol.

Additionally, on-chain data shows that Blast deposited 45,654 ETH, worth $91 million, into Lido. The team then exchanged stablecoins for 18 million DAI tokens, which were then deposited into Maker.

Meanwhile, wallet “0x49E9” deposited 2,000 ETH, worth $4 million, to Blast, while the whale named boby1337.eth sent 2.5 million USDC to the platform, according to Lookonchain.

Interestingly enough, this break above $109 million in Blast’s TVL happened just a few hours after it broke above $80 million. This was after 23,368 new users joined the Blast community.

Blast, which claims to be the only Ethereum Layer-2 project with native returns for ETH and stablecoins, has raised $20 million to build its Layer-2 network. The two investors leading this round were Paradigm and Standard Crypto.

The early access phase of the project is now live, with users being rewarded points based on how much they bridge and who they invite to join the platform. Once a person gains access to Blast’s early access phase, he or she can bridge their holdings and generate returns on their tokens. Currently, Blast offers users 4% for ETH and 5% for stablecoins.

Blast’s proceeds come from ETH staking and various real-world asset protocols. The revenue from these decentralized protocols is then automatically returned to Blast users. The returns offered by the platform are attractive, as the standard interest rate for other Layer-2 projects is 0%, according to Blast.