Blast Surpasses Cardano And Base – Here’s How Much DeFi Investors Have Locked
27 Noviembre 2023 - 8:00AM
NEWSBTC
Blast is the latest Layer 2 network to burst into the scene in the
last week and has taken the decentralized finance (DeFi) world by
storm already. This network which seemingly came out of nowhere has
backing from Paradigm, and as its popularity has risen, it has
surpassed Base and Cardano’s Total Value Locked (TVL) in less than
a week after launch. Blast TVL Crosses $565 Million The Blast
network was officially announced on November 21 and it quickly
garnered support from crypto investors. In the first day, the
network saw over $81 million in crypto locked. And in two days, the
figure had quickly grown above $123 million. Related Reading:
Whales Move $30 Million Worth Of XRP To Exchanges – Time To Sell?
Despite some of the FUD (Fear, Uncertainty, and Doubt) that has
followed the launch of the network, investors have continued to
bridge their assorted into it. By Sunday, November 26, the total
value locked on the Blast network had officially crossed $544
million, according to data from DeFi tracker DeFiLlama. Source:
DeFiLlama This figure puts the network’s TVL ahead of older
competitors such as Coinbase’s Base. While Blast’s TVL sits at $544
million, the Base TVL is at $338.26 million. This means that
Blast’s TVL is currently 60% higher than that of Base. In the same
vein, the Blast TVL is also way ahead of that of Cardano.
Presently, the Cardano TVL sits at around $330.07 million, just a
little lower than Base, and around 61% lower than that of Blast.
New L2 Draws Criticism From DeFi Investors Amid the rapid growth
that Blast has enjoyed, it has also drawn criticism from DeFi
investors. The concerns have ranged from security to how the
network is being run. One of the most pertinent criticisms has
stemmed from the fact that all of the crypto being bridged to the
network will be locked until next year. The network revealed that
investors will not be able to access their locked funds until
February 2024. In addition, Blast promises users yield on their
Ethereum (ETH) and stablecoins being bridged to the network, but
with no readily discernible way of how this yield will be earned.
Related Reading: Bitcoin Spot ETF Will Bring $70 Billion In New
Money To Trigger Price Rally – Glassnode Some members of the crypto
community have, however, figured out that the funds were being
deposited into the Lido DAO protocol. Apparently, Blast is
currently earning around $1.5 million a month by depositing the
bridged funds into Lido. This has further raised concerns about the
growing dominance of Lido, which is headed toward 33.3% and could
pose a risk for the Ethereum network. Nevertheless, Blast continues
to dominate conversations around DeFi on social media. There is now
a total of 266,130 ETH locked on the network, with the expectations
of an airdrop happening in 2024. Total DeFi market cap at $57.26
billion | Source: Crypto Total DeFi Market Cap on Tradingview.com
Featured image from The News Crypto, chart from Tradingview.com
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