Summary
TLDR: Layer-2 protocol Blast launched with over $2 billion in deposits and attracted criticism for soliciting funds before its layer-2 was built. Despite this, 50 protocols deployed on Blast with nearly $1 billion in total value locked. Developers were drawn to Blast’s success in acquiring users and liquidity, as well as founder Tieshun Roquerre’s track record. Roquerre, known for NFT marketplace Blur, attracted projects like Entertainm and Vertex to build on Blast. Despite concerns, demand for Blast was high and Paradigm’s participation in the project increased confidence.
Key Points
1. Blast drew over $2 billion in deposits before launching, despite initial criticism for soliciting funds to a multisig wallet before the layer-2 had been built.
2. Over 3,000 projects entered Blast’s “Big Bang” developer contest to go live on mainnet launch and receive a larger allocation of the protocol’s airdrop.
3. Roquerre, the founder of Blast, has a successful track record with the NFT marketplace Blur and has attracted developers to build on Blast with promises of native yield and gas fee reimbursement.