This Whale Astonishingly Becomes Largest Depositor On Ethereum L2 Blast Bridge

Ethereum L2 protocol Blast by Blur NFT marketplace team is making strides in the crypto industry as whales and institutions grab their share of the staking-based blockchain. Meanwhile, Tieshun Roquerre, also known as “Pacman,” the founder of the NFT marketplace Blur, has also addressed concerns about his newly launched L2 platform Blast.

Whale Is Now Largest Depositor on Blast

On-chain data expert Scope Protocol reported on November 25 that a whale or unknown fund address ‘0x59a6’ deposited 15,000 staked Ethereum (stETH) worth $31.52 million into Ethereum L2 protocol Blast. The wallet address has now become the largest depositor on the Blast bridge.

Blast TVL has not exceeded $460 million. This development marks a significant step in the Ethereum ecosystem, showcasing the growing interest in Layer 2 solutions. 

The crypto community has mixed reactions, with some saying it’s an L2 without L2 functions, often deposits are made to Lido and Maker. While many think it’s an insane decision to bridge to a chain that takes “risk-free returns” while not being able to bridge back.

Also Read: Cathie Wood’s Ark Invest Offloads More GBTC Holdings, Buys Robinhood Shares

Blur & Blast Founder Clear Ponzi Scheme Concerns

The founder of Blur, Packman, addressed the FUD surrounding Blast’s invite-based rewards, stating that the invite system is not a fresh idea, but rather an established concept that has been around for some time.

As Blast continues to grab whales’ attention, BLUR tokens also rise after the second airdrop. CoinGape earlier reported that 25 whales accumulated BLUR tokens and staked mostly purchased tokens as the Blur NFT marketplace introduced staking.

BLUR price rallied 30% after the world’s largest exchange Binance listed BLUR, making the total rally in a week to 90%. The price currently trades at $0.59, after some profit booking by whales.

Also Read: CME Bitcoin Futures Turns Mega Bullish, BTC Price Rally To $45,000 In Play

✓ Share:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.