Blur founder Pacman posted on the X platform that the two biggest opportunities we see in the NFT field are reducing transaction costs and institutional-grade NFT perpetual contract products. Hundreds of millions of dollars have been spent on gas for NFT transactions, and perpetual contract trading volume is 6 times that of spot trading. These opportunities require L2.
At the same time, the Blur protocol has another problem. There is $100 million in TVL in the Blur pool that is not earning revenue. This means Blur users are losing money due to depreciation. As he researched further, Pacman realized that this problem existed in almost every on-chain DApp. So he did a deep dive into Layer 2 and realized there was a way to solve all these problems at once. The new L2, which provides native benefits to DApps and users, will allow the Blur ecosystem to avoid asset depreciation, reduce NFT transaction costs, and launch NFT sustainable products. To this end, Pacman created the new Layer2 project Blast.
Additionally, Pacman has raised $40 million to contribute to the Blur ecosystem. These funds will be used to build NFT L2 applications and continue to promote NFT development on ETH L1. Pacman said he will personally oversee the development of the Blur and Blast projects.
According to previous news, 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.