Blast, an Arbitrum competitor, is doing well as its DeFi TVL spikes

Blast, the new Ethereum layer-2 network, is seeing strong growth as the crypto rally continues. According to its website, the network is seeing strong developer interest and inflows from global investors.

The Total Value Locked (TVL) in its ecosystem has jumped to over $1 billion while the total bridged assets have soared to over $2.6 billion. This growth makes it the 12th biggest blockchain in the world. It has also become a leading competitor to other layer-2 networks like Arbitrum, Polygon, and Optimism.

The number of Blast users has also jumped sharply in the past few weeks. It has over 446k users, higher than Arbitrum’s 152k and Optimism’s 77k.

Blast has attracted developers across all areas of the blockchain industry. Its biggest platform is Orbit Protocol, a lending company with over $409 million in assets. In a statement on Monday, Orbit said that it had distributed 1 billion Blast points to users.

Orbit has now distributed over 1 Billion Blast Points back to @Blast_L2 users

100% of your Blast Points go back to users while also earning liquid $ORBIT and Blast Gold allocation

Lend and borrow with us at https://t.co/LI2EMUWBpl https://t.co/IKiQxnphqq

— Orbit Protocol 🥮 (@OrbitLending) March 11, 2024

The other top applications in Blast are Pac Finance, Ring Protocol, Juice Finance, and Thruster. All these platforms have over $60 million in assets.

Thruster and Ambient are gaining market share in the Decentralised Exchange (DEX) industry. Data by CoinMarketCap shows that Thruster V3 handled over $16 million in transactions in the past 24 hours. It has gained over 50,000 users who have made more than 200k transactions over time.

Blast is a different type of layer-2 network. Its main difference is that it invests funds deposited in its ecosystem and generates a yield to its investors. It invests in ETH and Real World Assets (RWA) protocols.

Therefore, there is a likelihood that Blast will continue to gain market share in the coming months. Besides, the industry is expected to do well now that cryptocurrency prices are doing well.

The post Blast, an Arbitrum competitor, is doing well as its DeFi TVL spikes appeared first on Invezz

Sourced from cryptonews.net.

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