Blast, a cutting-edge Layer 2 network, has gathered $20 million in funding to create native income sources for Ethereum and various stablecoins.

In Brief

The funding round for Ethereum's Layer 2 solution, Blast, attracted over $20 million, spearheaded by prominent investors like Paradigm and Standard Crypto, among other notable backers.

Layer 2 network Blast has secured $20 million in investment from Paradigm and Standard Crypto, promising to create a native income stream for Ethereum and stablecoins.

Ethereum Layer 2 network Blast In its latest funding round, which was led by a well-known tech investment firm, over $20 million was raised. Paradigm and crypto venture capital firm Standard Crypto This new Layer 2 solution aims to deliver native income opportunities for Ether and stablecoins alike.

Blast operates as an EVM-compatible, optimistic rollup that seeks to increase baseline yield for both users and developers. It was developed by one of the minds behind a popular NFT marketplace. PacmanBlur With affiliations to prestigious institutions like MIT, Yale, and Seoul National University, this newly launched Layer 2 network is set to go live on the mainnet in February. Blur , and a team with experience from MakerDAO At present, access to Blast is limited to invitation-only, requiring users to have a specific code to participate. Users will be able to redeem BLAST points starting in May.

Blast assures its users that their balances will not only grow with interest but also accumulate additional rewards in Blast. When users transfer Ethereum or stablecoins like USDC, USDT, and DAI to Blast, these assets are stashed into an on-chain treasury like MakerDAO, and the returns are redistributed back to Blast users via an automated stablecoin system called USDB.

Blast’s Unique Network Design

According to the Blast team on Twitter, \"Blast engages directly in ETH staking, passing the staking rewards on to users and dapps. We’ve built this Layer 2 solution from the ground up, meaning if you hold 1 ETH in your Blast wallet, it will gradually increase to 1.04, 1.08, 1.12 ETH without any effort on your part.\"

Presenting Blast: The sole Ethereum Layer 2 platform offering a native yield for both ETH and stablecoins.

Stay tuned for information on how to gain early access at the end of this thread👇

We’ve raised $20m from @Paradigm and @StandardCrypto to build the L2 that helps you earn more.

The remarkable influx of investment highlights the soaring interest in Layer 2 protocols that run atop Layer 1 blockchains like Ethereum. These innovative solutions address major concerns such as transaction speed, costs, and scalability. uk
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