The L2 project Blast has recently secured an impressive $20 million in funding from prominent investors such as Paradigm and Standard Crypto. The main objective behind this significant investment is to establish what Blast claims to be "the only Ethereum-based L2 solution offering native yield in ETH and stablecoins."

According to the developers, the innovative network allows ETH and stablecoin holders to actively participate in staking directly on the platform. The process involves transferring ETH and stablecoins like USDC, USDT, and DAI through a cross-chain bridge to the newly developed network. Once deposited, these assets are utilized within on-chain protocols resembling treasury bills, similar to MakerDAO. The resulting profits are then redistributed to users via USDB, the stablecoin of Blast, which comes with an automatic rebalancing feature.

The newly introduced blockchain operates as an EVM-compatible system, leveraging Optimistic Rollups technology to streamline its functionality.

The brainchild behind the Blast project is none other than the founder of the NFT marketplace Blur, known under the pseudonym Pacman. The team comprises individuals from prestigious entities such as MakerDAO, the Massachusetts Institute of Technology, and Seoul National University.

While the official cross-chain bridge is currently available for users, the main network launch and the initiation of withdrawal options are scheduled for February 2024.

Remarkably, data from Nansen revealed that a staggering $42 million worth of crypto assets were transferred into the Blast ecosystem within an astonishingly short span of fewer than 24 hours.