The recently launched Blast blockchain is firing on all cylinders as it passes some of the biggest players in the industry. It has now grown so fast and become the 6th biggest blockchain in terms of DeFi assets.
Blast DeFi TVL soars
DeFiLlama data shows that the Blast Blockchain has continued to attract more developers and users to its ecosystem. It has seen its total value locked (TVL) jump to over $1.9 billion, making it the sixth-biggest 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 the one tracked by DeFi Llama.
Blast Blockchain’s TVL is bigger 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 notable because coins like Avalanche and Cardano are some of the most valuable in the sector. Avalanche’s token has a market cap of $15.7 billion while Cardano has over $17 billion.
Blast is also seeing strong stablecoin inflows. Its stablecoin assets have jumped to over $406 million, which is notable for a network that was launched recently.
Key projects in the Blast ecosystem
A closer look shows that Blast’s ecosystem is growing. Juice Finance, the biggest 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, that handled over $90 million in the past 24 hours.
The other big networks in the Blast Blockchain are Hyperlock Finance, Renzo, Ring Protocol, Particle, and Orbit Protocol. All these networks have accumulated over $100 million in assets.
For starters, Blast is an Ethereum layer-2 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).
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