Blast, a recently launched Ethereum-based layer 2 network, is already gaining traction in the market after an anonymous whale deposited a whopping 10,000 ETH into the network.
The deposit was made on Wednesday of this week, just two days after Blast went into Early Access mode.
Worth over $20 million at the current price, news of the massive cross-chain deal was shared on social media platform X by popular community member Farokh.
“Some people have deposited 10,000 ETH in BLAST,” Farrokh wrote, apparently surprised that someone would deposit such a large amount into a newly launched blockchain project.
The explosion went live this week
Blast was launched by Tieshun “Pacman” Roquerre, who is also the founder of non-fungible token (NFT) marketplace Blur, on Monday of this week.
According to an X post from the team behind the network, the plan is for Blast to become the first Ethereum layer 2 platform to offer an integrated performance model.
“Some people have deposited 10,000 ETH in BLAST,” Farrokh wrote, surprised that such a large deposit was made in the new blockchain project.
Ethereum-based layer 2 networks like Blast have become more popular in recent years, partly due to increasing transaction fees and slow transaction speeds on the Ethereum base layer.
According to a report from blockchain intelligence firm Messari last month, layer 2 networks now account for nearly two-thirds of all Ethereum transactions.
According to Kunal Goel, a research analyst at Messari, the growing adoption of Layer 2 networks in the third quarter of this year is largely due to increased adoption of Coinbase’s Base Layer 2 network.
Since Base launched in August, it has lived up to the hype with increased transactions and use cases and temporarily recording more activity than the Ethereum mainnet at any given time.