Apparently orchestrated from North Korea, the $63 million hack adds grist to the argument that crypto exploits pose a plausible national security risk.
Newly Issued Gaming Token Exploited on Blast With $4.6M Drained
A recently issued gaming token on layer-2 network Blast has been exploited with $4.6 million stolen, according to an announcement in the token’s Telegram channel.
Optimism Finally Starts Testing ‘Fault Proofs’ at Heart of Design – and of Criticism
A version of the new proof system, which will help secure withdrawals from Optimism and other networks based on its tech, will be deployed to Ethereum’s Sepolia test network on Tuesday.
Blast Blockchain Locks Up Amid Ethereum’s Dencun Upgrade
Blast, Hyped Layer-2 Chain, Sees Most Deposits Leave Within 1 Day of Going Live
The controversial layer-2 network had taken $2.3 billion in deposits since November as it prepared for launch, but within 24 hours of going live, that figure had dwindled to $650 million.
Ethereum price rallies toward key resistance but is ETH’s strength sustainable?
Ethereum’s price rally toward $2,100 is driven by new developments in the layer-2 space and investors’ anticipation of a spot BTC ETF.
Blast Surpasses Cardano And Base – Here’s How Much DeFi Investors Have Locked
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.
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.
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.
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.
Blast network hits $400M TVL, rebuts claim that it’s too centralized
The Blast team responded to claims that it’s multi-signature upgrade functionality makes it too centralized.
Ethereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In
Blast, a brand new Ethereum Layer 2 network, has drawn a startling amount of interest and security concerns due to a surge of investors using the network to bridge their assets.
Blast Hits $123 Million In TVL
Blast recently announced its mainnet access on X (formerly Twitter). The L2 network built by Pacman Blur has gained a staggering amount of attention from crypto investors following the declaration.
“Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins. We’ve raised $20m from Paradigm and StandardCrypto to build the L2 that helps you earn more,” Blast stated.
Blast recorded over 23,368 users in just 24 hours of announcing the imminent launch of its mainnet. The influx of investors pushed Blast’s Total Value Locked (TVL) to $81 million in a single day.
“23,368 users have joined the Blast Community in the past 24 hours. Thanks to them, Blast has reached $81 Million in TVL in one day! We’re excited to share more with community members soon. There’s much more to come,” Blast said.
Presently, Blast has recorded over $123 million in TVL from assets bridged by investors. This unexpected surge in bridging demands has raised concerns especially due to the unusual conditions attached to the bridging process.
According to Blast, users can only access the Ethereum L2 network after receiving an invitation code. The network has also stated that users will not be able to withdraw their bridged funds until February 2024.
While the unconventional bridging conditions have raised some red flags, many investors continue to express their interest by actively bridging their assets
Details About New Ethereum L2 Network
Blast has outlined several important details of its bridging and staking processes. The Ethereum L2 network highlighted the potential yield benefits of investors when they bridge their ETH tokens and stablecoins. The network has also stated that investors who stake their ETH can gain profits over time as their assets grow in their Blast wallets.
“Once you have access, you can bridge to earn yield (4% for ETH + 5% for stablecoins) and Blast Points ahead of the Mainnet launch in February (2024). Early access members get more points based on how much they bridge and who they invite,” Blast stated.
The L2 network added:
Specifically, Blast natively participates in ETH staking, and the staking yield is passed back to the L2’s users and dapps. We’ve redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time it grows to 1.04, 1.08, 1.12 ETH automatically.
Additionally, Blast has expanded its bridging capabilities to a diverse range of digital assets. According to the L2 network, investors can bridge beyond ETH and opt for stablecoins such as USDT, DAI, and more.
“It’s not just ETH on Blast that earns yield. Stablecoins do too. When you bridge stablecoins like USDC, USDT, and DAI to Blast, it’s deposited in on-chain T-Bill protocols like MakerDAO, and the yield is passed back to Blast users via USDB, Blast’s auto-rebasing stablecoin,” Blast stated.
