Blast L2 TVL Over $830 Million, Upgrade Announced by Paradigm
A novel farming project called Blast has accumulated over $830 million in deposits. The project is collaborating with its key investor, Paradigm, to eliminate controversial narratives.
According to cryptocurrency veteran Dan Robinson, the general partner and head of research at heavyweight crypto VC Paradigm, Blast’s technical design is undergoing a major upgrade. The protocol will migrate to a new upgrade system next week, as announced by Robinson on X yesterday, Dec. 8.
Robinson emphasized that the new time-locked upgrade system is open source from the onset and can be used by projects interested in “emulating” Blast. He also attached two GitHub Gist links with the updates to the LaunchBridge.sol contract.
The upgrade will affect the withdrawAndLosePoints function. Robinson stated that the goal of the upgrade is to “set a better precedent.”
Despite previous criticism, Blast’s total value locked (TVL) has soared to over $838 million. Liquidity providers have injected this sum in USDC, DAI, and ETH, as displayed by the DefiLlama tracker.
Most of this sum was injected in the first days of Blast’s public beta launch. Crypto investor 21Shares highlighted Blast as the fastest-growing network and stressed that it cannot be treated as a second-layer scaling solution, according to its Dune Analytics dashboard.
DefiLlama also identified Blast as a yield farming app, not as a separate L2 blockchain on Ethereum.
