Layer 2 network Blast, founded by Blur's founder, completes $20 million in funding with participation from Paradigm.

According to official sources, Blast, a Layer 2 network based on Optimistic Rollup, has completed a $20 million financing round. The round was led by Paradigm, Standard Crypto, eGirl Capital, and Mechanism Capital, with participation from several angel investors such as Andrew Kang, Lido strategic advisor Hasu, and The Block CEO Larry Cermak. Blast claims to be the only Ethereum Layer 2 with native returns on ETH and stablecoins. Specifically, Blast natively participates in ETH staking, and staking rewards will be returned to users and dapps on Layer 2. On Blast, users' balances will compound automatically and earn additional Blast rewards. Blast believes this advantage alone can attract $20 billion in liquidity. Blast was created by Pacman, founder of Blur, and a team with extensive experience in MakerDAO, MIT, Yale University, and Seoul National University. The Blast early access program is now available by invitation only, and all joiners will receive Blast Points rewards. Users with access can earn returns (4% on ETH + 5% on stablecoins) and Blast Points before the mainnet launch in February 2024. Early access members can earn more points based on bridging frequency and invitees.