Blast Blockchain Maintains Sixth Place in DeFi Network Rankings
In an unprecedented development witnessed in the Web3 environment, Blast, an Ethereum Layer 2 (L2) blockchain, has recently taken the market by storm and secured the sixth position in TVL (Total value locked) among all blockchains. Overtaking Base, a layer 2 (L2) blockchain network developed by Coinbase, Blast, which runs right behind arbitrum, has a TVL of $1.87 billion per DeFiLlama data.
Excitement around the recently launched blockchain Blast is growing in the DeFi community. It is now positioned just below major players such as Ethereum, Tron, BSC, solana and Arbitrum, creating a turning point in the industry.
Blast L2 Progresses with Web3 Journey
Blast’s tremendous growth immediately after its inception into the Web3 space has garnered notable traction on the layer 2 blockchain. Blockchain has attracted great interest from users, especially with TVL increasing at an extraordinary rate.
The increased TVL indicates that it offers a number of improvements, primarily improved security and liquidity, resulting in greater user engagement for blockchain in the DeFi industry. An upgrade to the blockchain is also on the way, according to a recent post the platform shared on X.
According to the post, Blast will undergo an upgrade to support blobs (Binary Large Objects) on Monday, May 27 at 2pm Pacific Time. Blobs are basically a type of data storage in blockchains. This upgrade will allow the blockchain to store additional binary data outside of transaction data.
Combined with blockchain’s recent ranking of sixth place by TVL, according to DeFiLlama data, this development is pushing L2 to move even further to higher levels.
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More About the Explosion
Surprisingly, Blast’s rapid rise to one of the top chains underscores L2’s potential to rise even further. Its official platform highlights its active user base of 1.17 million. It is also worth noting that Paradigm and Standard Crypto support L2.
CoinGape Media reported earlier this year that Blast was also integrated into Onto, revolutionizing the DeFi journey.
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