Ethereum Layer-2 Impact Divides Crypto Users

London: 23 November 2023 (TraderMade): Blast is a layer-2 blockchain scheduled to go live in March. Since Monday, it has garnered over $225 million in staked ether stETH and stablecoins. However, Blast is facing skepticism from several Crypto investors.

Blast can be described as a first layer-2 network incorporating native staking. Blast has plans to generate yield eventually through ether (ETH) staking and real-world assets (RAWs). Layer-2 networks are generally built on top of layer-1 blockchains, such as Ethereum, to make transactions faster and cheaper.

The pseudonymous @PacamanBlur heads this protocol. PacamanBlur is one of the co-founders of the popular NFT marketplace Blur. Some of this network's allure may be attributed to the backers, like the prominent crypto fund paradigm and a group of native crypto investors, "eGirl Capital," among others.

Blast users are rewarded "Blast points" for staking their assets and referring to new users. Some observers say this reward program is reminiscent of a pyramid scheme. However, Blast now stands as the 7th largest holder of the staked ether.