Blast Surges to $1.1B in Pre-Launch Deposits in Just Over a Month

• Blast Blockchain Attracts Over $1.1 Billion in Deposits Ahead of Launch
• Large Deposits and Promised Airdrop
• Earlier Airdrop by Blur
• Controversy Surrounding Blast
• Criticism from Backers
• Crypto Asset Prices Surge

Blast Blockchain Attracts Over $1.1 Billion in Deposits Ahead of Launch

The recently revealed layer 2 blockchain, Blast, designed by the creators of non-fungible token (NFT) platform Blur, has successfully attracted over $1.1 billion in deposits. This is despite the platform's official launch date being set for February, and an airdrop, which is expected to occur in May.

Large Deposits and Promised Airdrop

Investors, seemingly undeterred by the single-direction bridge to Blast, have since deposited $1 billion worth of staked ether (stETH) and an additional $103 million in the form of the dai (DAI) stablecoin. This influx occurred in the month following the launch of the platform's website, as reported by DefiLlama.

In exchange for their deposits, investors have been offered a yield of approximately 5% on their staked assets along with Blast Points. These points can be used to redeem an airdrop slated for distribution in May. Users are also given the ability to accumulate points through referral to the platform.

Earlier Airdrop by Blur

It is worth noting that Blur previously conducted a similar airdrop following the establishment of their NFT marketplace in February. The resulting BLUR token now boasts a market cap of $500 million, marking a rise of 23% in the past month.

Controversy Surrounding Blast

The decision to allow deposits on a platform that is yet to be launched has drawn criticism from some sections of the crypto community. Critics argue that the project bears resemblance to a pyramid scheme, where early depositors and affiliate marketers stand to gain a significant portion of the eventual airdrop.

Criticism from Backers

Interestingly, some of this criticism has come from Blast's own investors, including venture capitalist firm, Paradigm. The firm's Head of Research and General Partner, Dan Robinson, stated that Blast's marketing strategy had crossed lines. He voiced his disagreement with the practice of accepting deposits prior to the launch of the blockchain or live withdrawals. Despite these concerns, Robinson expressed his anticipation for several aspects of Blur.

Crypto Asset Prices Surge

It's important to mention that the value of crypto assets has seen a widespread increase over this year. Bitcoin$42,260 -0.64% (BTC) has witnessed a growth of more than 150%, now valued at around $43,000. Similarly, ether (ETH) has doubled in value to reach $2,400. This surge has renewed optimism among investors, as reflected in the swift ascent of projects like Blast.

Edited by Jonathan Stoker