Investors have bridged over $30 million in ether and stablecoins to Blast, the latest Ethereum layer 2 network, just hours after the project went live late on Monday.
The inflow is evidence of strong demand for Layer 2 networks or protocols that operate on top of a layer 1 blockchain, such as Ethereum, to reduce bottlenecks related to speed, cost and scalability. Bridges are blockchain-based tools that allow users to transfer tokens between different networks.
Also driving the charm is Blast’s unique design: Depositors start earning yields on the transferred ether alongside BLAST points.
“Blast natively participates in ETH staking, and the staking yield