The Blast L2 protocol has temporarily ceased block production following the implementation of Dencun, the recent Ethereum update.

The most recent communication from the team indicates that operations have been restored to normal, with an ongoing analysis of the situation.

‍

Blast L2: Origins and Recent Developments

Blast was initially designed to be a multisig address for supporters to deposit Ether (ETH) and earn points, but has evolved into an Layer 2 network atop Ethereum.

Blast L2's TVL experienced a significant dip from its peak of $2.3 billion, plummeting below $650 million after withdrawals were enabled earlier this month. Presently, the TVL has rebounded, surpassing $1 billion. 

Blast co-founder, Roquerre, commonly known as Pacman, spearheaded a funding round last year that amassed over $20 million for the Blast project, with support from Paradigm and Standard Crypto. 

‍

Ethereum's Dencun Upgrade

The much-anticipated Ethereum Dencun upgrade went live today, March 13, marking a crucial development in the network's evolution. Dencun represents one of the most significant hard forks since the Merge and is poised to substantially reduce transaction fees for layer-2 networks while enhancing Ethereum's overall scalability.

At its core, Dencun revolves around EIP 4844, often referred to as “proto-danksharding,” which aims to boost blockchain scalability by expanding the capacity for data "blobs." These modifications are anticipated to decrease costs associated with layer 2 rollups.

Tim Beiko, head of the protocol support team at the Ethereum Foundation, emphasized that Dencun integrates nine Ethereum Improvement Proposals (EIPs), making it the largest single hard fork in terms of deployed improvements.

Layer-2 solutions like Arbitrum, Optimism, and Polygon are expected to reap substantial benefits from Dencun.