BLUR price holds up despite Blast users pulling over $1.4 billion in assets after mainnet launch


  • Blast mainnet launched on February 29 and users pulled over $1.4 billion assets off the Layer 2 chain.
  • The total value of assets locked in Blast has dropped to $829.59 million on Friday. 
  • BLUR price sustained above $0.7276 on Friday, up nearly 6% this week. 

Blast, an Ethereum Layer 2 chain, launched its mainnet on February 29. Users that staked their cryptocurrencies on Blast were able to access the funds, move them to dApps within the Blast ecosystem or withdraw. 

As of Friday, over $1.4 billion in cryptocurrencies have been withdrawn from Blast. 

Also read: Blast gears up for February 29 mainnet launch, crosses $2 billion TVL

Blast loses TVL within 24 hours of mainnet launch

Data from DeFi intelligence tracker DeFiLlama shows that Blast’s TVL has nosedived from its peak of $2.273 billion on February 28 to $829.59 million, early on Friday. The key driver of the decline is the release of the protocol’s mainnet that opened access for users to unlock their staked assets or move them to dApps within the Blast ecosystem. 

Blast TVL

Blast TVL decline. Source: DeFiLlama 

The network collected its staked assets from users like airdrop farmers that hope to qualify for the Blast token airdrop, likely in May. The team has previously stated that an airdrop is likely in May. 

Blast users have also witnessed what is allegedly the first rug pull or exit scam in the ecosystem. The fraud took the form of a bogus gambling project called “Risk on Blast” that took off with 420 Ether, according to a Cointelegraph report.

Blast was launched to support Blur with Layer 2 solutions. BLUR price is $0.7276 on Friday. The token climbed nearly 6% in the past week. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

Ripple price has been range-bound for a while, with token holders patiently holding as the ecosystem contended against the US SEC. As per a recent report, the payments token’s price has been stuck below $0.50, failing to breach key resistance levels.

More Ripple News

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Bitcoin token standards have been a notable theme of late, with Ordinals and BRC-20 making headlines in the first quarter of 2024. However, there is a new player in the works, Runes, which could be the next narrative as the ecosystem continues to evolve.

More Runes News

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche (AVAX) price, like most altcoins, is showing strength following the fourth Bitcoin (BTC) halving. The landmark event, which has inspired positive market sentiment, has capital spilling over into other cryptocurrencies, including AVAX.

More Avalanche News

Meme coin madness returns after Bitcoin halving concludes

Meme coin madness returns after Bitcoin halving concludes

Meme coins are on a tear, with some posting double-digit gains despite characteristic weekend lull. BONK, FLOKI, PEPE, SHIB are sector’s top gainers while DOGE tries to catch up after Dogecoin Day. Solana’s Bonk Inu and Myro are top chain performers after SOL price’s 6% gains.

More Meme Coins News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP