During press time, the total value locked (TVL) of the layer-2 project, Blast, stands at $1.14 billion. However, the number of new depositors is declining gradually.
The airdrop of Blast is one of the most anticipated airdrops for 2024. Many users are depositing funds to Blast to become eligible for the airdrop.
Pacman Celebrates Blast TVL Milestone
Pacman, the co-founder of Blast and non-fungible token (NFT) marketplace Blur, wrote on X (Twitter):
“Incredibly excited to close out the year with this milestone.
Web3’s power is that wins for protocols are wins for the entire community.
However, I think much more can be done to make sure that value creation goes to the end-users who are the lifeblood of the on-chain economy.
Excited for next year!”
The screenshot below shows that the Blast TVL is roughly $1.14 billion. Blast allocated $1 billion for staking on Lido. Whereas approximately $1 million is deposited with Maker to earn a yield on stablecoins. Lastly, over $3 million sits idle on the Blast wallet.
Read more: 11 Best DeFi Platforms To Earn With Lido’s Staked ETH (stETH)
Not to mention, the users’ funds stay locked on the Blast protocol until its mainnet launch in February 2024. Since its launch in November 2024, the project has received heavy criticism for its strategy of not allowing withdrawal until the mainnet goes live.
Dan Robinson, a researcher at one of the Blast’s investors – Paradigm, also criticized the project’s marketing and communications approach.
Nonetheless, over 82,000 wallets deposited their funds with Blast. However, the screenshot below shows that the new depositors’ graph has drastically declined. On December 20, the project had just 118 new depositors.
Read more: A Beginner’s Guide to Layer-2 Scaling Solutions
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