The total value locked (TVL) on Blast, an Ethereum layer-2 network, has surged to over $2.1 billion as it prepares for its mainnet launch scheduled for the end of this month.
DefiLlama data reveals that Blast’s TVL has skyrocketed by over 2,200% since its bridging protocol went live on November 22.
Most of the locked funds represent Ethereum holders eagerly anticipating an airdrop of Blast tokens. They have staked their Ethereum in the protocol, anticipating a future airdrop expected around May, as promised by the protocol’s team.
The introduction of the Blast protocol sparked debate due to its policy of locking funds on the platform until the mainnet launch, preventing users from withdrawing them.
Dan Robinson, Paradigm’s head of research, criticized Blast’s rollout, stating that it violated standards in communication and implementation. Blast closed a $20 million seed round led by Paradigm and Standard Crypto in the days before its launch
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