In a major move within the Blast Network, two addresses—likely controlled by the same whale—recently redeemed 6,197 ETH from the Blast cross-chain, transferring the entire sum, valued at $17.04 million, into Binance within the last hour.
This whale, known for their significant contributions to the Blast ecosystem, initially invested 39,886.1 ETH during Blast’s launch, an investment worth a staggering $90.16 million. Additionally, the whale has accumulated $1.71 million in BLAST airdrops, further boosting the network’s Total Value Locked (TVL).
疑似归属于同一巨鲸的两个地址过去一小时内从 Blast 跨链赎回 6197 枚 ETH，随后全部充值进 #Binance，价值 1704 万美金
这两个地址曾在 #Blast 推出初期投入 39886.1 枚 $ETH 参与，价值高达 9016 万美金！
累计获得的 $BLAST 空投也价值 171 万美金，这是实打实贡献了 TVL 的巨鲸啊🐋 pic.twitter.com/6yXAWhg3bV
— Ai 姨 (@ai_9684xtpa) August 14, 2024
Since its launch in February 2024, Blast Network has rapidly ascended to become the seventh-largest blockchain by TVL, initially surpassing $2.3 billion within just a few months. However, TVL has since consolidated to $896.37 million, reflecting the network’s stabilization while maintaining its top-tier status.
9/ On-Chain Metrics:
Blast Network is now the seventh-largest chain by TVL. Launched in February 2024, it rapidly garnered $2.3 billion in TVL in just a few months. TVL has since consolidated to $896.37 million, solidifying its position among the top chains. pic.twitter.com/MwXrSggPcY
— Asva Capital (@asvacapital) August 14, 2024
Despite impressive growth in user activity and a revenue peak of $7.66 million in March, the network has faced challenges, particularly a significant decline in active users over the past two months. This drop has sparked concerns over the effectiveness of user incentives and the distribution of airdrops, potentially impacting long-term engagement.
Among the leading projects on Blast is USDB, a native stablecoin that uses auto-rebasing technology to maintain its peg to the US dollar, offering holders the same basic yield as ETH through the network’s native yield mechanism. ThrusterFi, a decentralized exchange (DEX) on Blast, provides users with opportunities to engage with the ecosystem and earn through the network’s yield generation capabilities. Additionally, Particle Trade, backed by Polychain, specializes in diversified restaking for leveraged trading and interest rate swaps, offering advanced trading options within the Blast ecosystem.
As Blast continues to evolve, with its TVL surpassing $1 billion within a month of launch and USDB ranking 12th among dollar-pegged crypto tokens, the network holds significant potential to reshape the crypto landscape despite the recent hurdles.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!