DeFi
Blast Blockchain passes Base, Cardano, Polygon, Sui in DeFi assets
The recently launched Blast blockchain is firing on all cylinders as it overtakes some of the biggest players in the industry. It has now grown very quickly and has become the 6th largest blockchain in terms of DeFi assets.
Blast DeFi TVL soars
DeFiLlama data shows that Blast Blockchain has continued to attract more developers and users to its ecosystem. It saw its total value locked (TVL) rise to over $1.9 billion, making it the sixth largest network in the industry. Only Ethereum, Solana, Tron, BNB Chain and Arbitrum are bigger than Blast.
According to its website, Blast has over 1.17 million users and $2.7 billion in TVL. It is unclear whether its official figure differs from that tracked by DeFi Llama.
Blast Blockchain’s TVL is larger than some of the biggest networks like Avalanche, Coinbase’s Base, Polygon, Sui, Cardano, and Algorand. Avalanche has over $1.49 billion in assets, while Base has $1.76 billion and Cardano has $390 million.
This performance is remarkable because coins like Avalanche and Cardano are among the most valuable in the industry. Avalanche’s token has a market capitalization of $15.7 billion, while Cardano’s token exceeds $17 billion.
Blast is also seeing strong inflows of stablecoins. Its stablecoin assets jumped to over $406 million, which is remarkable for a recently launched network.
Key projects in the Blast ecosystem
A closer look shows that Blast’s ecosystem is growing. Juice Finance, the largest player in the ecosystem, has accumulated over $517 million in assets. It is a fast-growing platform that enables leveraged farming.
Thruster, a leading decentralized exchange, has added over $511 million in assets. Data by CoinMarketCap shows that it has become a popular DEX, which processed over $90 million in the last 24 hours.
Other major Blast Blockchain networks are Hyperlock Finance, Renzo, Ring Protocol, Particle and Orbit Protocol. All of these networks have accumulated over $100 million in assets.
To begin with, Blast is a layer 2 Ethereum network backed by Paradigm and Standard Crypto. Its main difference from other Layer 2 networks like Polygon and Optimism is that it offers native yield for Ether and stablecoins like Tether (USDT) and USD Coin (USDC).