Blast, an Optimistic Rollup-based Layer 2 network, has successfully raised $20 million in a funding round led by Paradigm. This financial backing also saw participation from influential investors such as Standard Crypto, EGirl Capital, Mechanism Capital co-founder Andrew Kang, Lido strategy advisor Hasu, The Block CEO Larry Cermak, and several angel investors.

As founder of the renowned NFT marketplace Blur, also known as Pacman, Tieshun Roquerre is pioneering this innovative Layer 2 network. Roquerre aims to address the persistently high transaction costs associated with digital collectibles.

‍

Blast's Unique Offering: Native Yield on ETH and Stablecoins

Unlike existing Layer 2 networks, Blast reportedly offers native yields on ETH and stablecoins, a departure from their 0% base rates. A specific component of Blast's platform is ETH staking, with staking rewards seamlessly transferred to users and decentralized applications (dapps) at Layer 2.

One of Blast's standout features is its automatic compounding mechanism, ensuring users' balances on the network not only grow but also earn additional Blast rewards. 

Currently, the Blast Early Access is underway on an invite-only basis. Whitelisted users have the opportunity to earn yields, with rates set at 4% on ETH and 5% on stablecoins. These rewards and Blast Points can be accumulated ahead of the mainnet launch slated for February 2024.

‍

$40 Million Raised for the Blur Ecosystem

Beyond Blast, Tieshun Roquerre announced an additional fundraising success, securing $40 million to contribute to the development of the Blur ecosystem. The proceeds are intended creatingn of decentralized applications (DApps) atop Blast.

In response to this news, Blur's native token, BLUR, experienced a notable surge, jumping 6.5% in 24 hours and reaching $0.36, according to CoinMarketCap data.