Blast TVL reaches $570M as Japanese crypto VC reveals $5M funding

• Blast TVL reaches $570 million, days after the Paradigm and Customary Crypto backed L2 launched.
• A Japanese crypto VC is reportedly eyeing a $5M funding within the platform.
• Blast’s deposit-only sensible contract has attracted big criticism.

Blast, the lately launched Layer 2 crypto challenge has surpassed $570 million in complete worth locked (TVL), in response to knowledge on Dune Analytics.

With the challenge’s one-way deposit contract attracting criticism together with from Paradigm researcher Dan Robinson, the variety of depositors appears to have fallen from the height seen final week.

Nevertheless, the L2’s worth locked in ETH and stablecoins has risen to over $570 million simply days after its launch. 

The Blast staff additionally shared the milestone on their X account, noting that over 63k group members have been now incomes yield (roughly 4% for ETH and 5% for stablecoins). They’re additionally amassing Blast Factors.

Blast has reached $570 Million in TVL inside 1 week.

63,948 group members are actually incomes yield (~4% for ETH and 5% for stables) + Blast Factors.

There’s been unbelievable inbound developer curiosity since launch. We’ll share extra for devs quickly as we march in direction of Mainnet! pic.twitter.com/F715z8mpDa

— Blast (@Blast_L2) November 27, 2023

Funds despatched to Blast are restaked on Lido and Maker, with customers solely more likely to entry withdrawals after the three-month lockup interval.

Japanese crypto VC to speculate $5 million in Blast

Blast was backed by each Paradigm and Customary Crypto because it seemed to launch the Ethereum L2 with native yield for Ether (ETH) and stablecoins. 

In line with a report on Monday, Japanese crypto funding agency CGV (Cryptoram Enterprise) has earmarked a $5 million particular funding in Blast. The Tokyo-based crypto VC is reportedly additionally trying to collaborate with the Blast staff to advance the L2 ecosystem’s development.

CGV additionally invests in and incubates JPYW, a licensed Japanese yen-pegged stablecoin.

Japanese crypto funding agency CGV introduced a $5 million funding within the Blast L2 ecosystem, aiming to collaboratively advance the event of the Blast community. CGV (Cryptogram Enterprise) additionally spend money on and incubate the licensed Japanese yen stablecoin JPYW.…

— Wu Blockchain (@WuBlockchain) November 27, 2023