Blast, the L2 network launched by the founder of Blur, completed US$20 million in financing, with participation from Paradigm and others

Blast, a Layer 2 network based on Optimistic Rollup, announced the completion of US$20 million in financing. Paradigm, Standard Crypto, eGirl Capital, Mechanism Capital co-founder Andrew Kang, Lido strategic consultant Hasu, The Block CEO Larry Cermak and others participated in the investment. It is reported that Blast was jointly created by Blur founder Pacman and a team with rich experience in MakerDAO, MIT, Yale University, and Seoul National University. Blast said that the base interest rate for existing Layer 2 is 0%, and Blast is an Ethereum Layer 2 with native yields on ETH and stablecoins. Blast natively participates in ETH staking, and the staking proceeds will be fed back to Layer 2 users and DApps. On Blast, users’ balances are automatically compounded and they earn additional Blast rewards. Blast believes this advantage alone could attract $20 billion in liquidity. Blast Early Access is now online and is only open to invitees. Everyone who joins will be rewarded with Blast Points. Users who gain access can earn earnings (4% for ETH and 5% for stablecoins) and Blast Points before the mainnet goes live in February 2024.