Blast Rolls Out Ethereum L2 Mainnet

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Approximately $400 million worth of Ether has been withdrawn from the Ethereum layer-2 network Blast after it launched its mainnet on February 29 at 9:00 pm UTC. This move has unlocked nearly $2.3 billion in staked crypto that was previously unable to be accessed on the network.

Blast is an optimistic rollup blockchain with a focus on scalability. It offers users an annual percentage yield of up to 5% on Ether and stablecoins held on the network, which is generated from staked ETH and United States Treasury Bills (T-Bills).

The network was created by MakerDAO, the creator of the DAI stablecoin. Prior to the mainnet launch, users were unable to withdraw the crypto they had sent to the network.

However, with the launch, this changed and over 180,000 users were able to access their funds. On February 29, Blast’s total value locked (TVL) reached a high of $2.27 billion.