Blast, an Ethereum Layer-2 scaling solution, witnessed a significant withdrawal of $400 million in Ether (ETH) following the launch of its mainnet on February 29, 2024.
This move unlocked nearly $2.3 billion in previously locked cryptocurrency on the network.
“The mainnet launch marks a significant milestone for Blast, allowing users to finally withdraw their assets,” said a Blast spokesperson. “We are excited to see the network grow and evolve as we continue to provide users with a faster and more efficient way to interact with the Ethereum blockchain.“
However, the initial withdrawal also led to a drop in Blast’s total value locked (TVL), which fell to around $520 million, according to DeFiLlama data.
This suggests that some users may have been hesitant to keep their funds on the platform after the initial lockup period ended.
“It’s important to remember that this is a new platform,” said crypto analyst Sarah Jones. “While the initial withdrawal is a noteworthy event, it’s too early to say whether it’s a cause for concern. We’ll need to see how Blast performs in the coming months to get a better understanding of its long-term viability.”
Blast, which attracted attention with its “deposit-only bridge” and promised yields on deposited assets, still boasts over $1.8 billion in total value locked.
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