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Published November 24, 20232 min read

Unraveling Funding Secrets and Project Inspiration: Coinmooner will reveal the mysteries behind the $20 million investment in the Blast project.

CoinMooner Team

On November 21, Blast officially concluded an impressive $20 million funding round. Influential companies like Paradigm, Standard Crypto, eGirl Capital, and Mechanism Capital are among the investors. This significant milestone in the project's development underscores trust in its potential from key players in the industry. Thanks to this financial backing, Blast is taking a leading role in revolutionizing Ethereum Layer 2 dynamics and is also focusing on reducing transaction costs for NFTs.

Tieshun Roquerre, the founder of the popular NFT platform Blur, also known as Pacman, leads the innovative Layer 2 network, Blast. His goal is to address the issue of high transaction costs associated with digital collectibles.

Blast stands out with its unique offering: native yield on ETH and Stablecoins. In contrast to other Layer 2 networks, Blast provides native yields on ETH and stablecoins, rather than a base rate of 0%. A notable feature is ETH staking with automatic rewards transfer to users and decentralized applications (dApps) on Layer 2.

One standout feature of Blast is its automatic compounding mechanism, ensuring growth in user balances and additional rewards.

The team has launched a bridge for earning, offering rates of 4% on deposited Ethereum and 5% on stablecoins, providing users with Blast Points. However, fund withdrawal will only be available after the mainnet launch on February 24, 2024, and the redemption of Blast Points will commence on May 24.

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The Coinmooner team has taken additional steps by conducting an in-depth analysis and gathering data to further explore and clarify trends related to the exciting news in the Web3 sector about raising $20 million for the creation of the

unique Ethereum-based L2 solution with native yields in ETH and stablecoins

Quotation mark

In tandem with the Blast project, Tieshun Roquerre joyfully announced a $40 million investment to advance the entire Blur ecosystem. These funds are earmarked for the development of decentralized applications (DApps) that will be seamlessly integrated into Blast, introducing new dimensions of functionality to the project.

This news had an immediate impact on the native Blur token, BLUR, which experienced a 6.5% surge within 24 hours, reaching $0.37, according to CoinMarketCap data. This upswing served as a vivid confirmation of the interest and support from the investor community.

Additionally, according to information from Nansen, crypto assets totaling $42 million were swiftly moved into the Blast ecosystem in less than a day. This rapid and substantial transfer of assets attests to the trust in the potential and effectiveness of the evolving platform.

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