The founder of Blur established Blast, a new company to build universal L2, and raised US$40 million for the Blur ecosystem

PANews reported on November 21 that Pacman, the founder of the NFT market Blur, announced on the X platform that he founded Blast, a new company dedicated to building universal L2, and it went online today. Pacman explained why he started the company, saying: “We believe the two biggest opportunities for NFTs are lower transaction costs and institutional-grade NFTs. Hundreds of millions of dollars have been spent trading NFTs in GAS, and perpetual trading volume is 6 times the spot trading volume. . These opportunities require L2. At the same time, there is another problem with the Blur protocol. There is $100 million of TVL in the Blur Pool that is not profitable, which means that Blur users are losing money due to devaluation. As I dug deeper, I realized that almost all chains Every dApp on the Internet has this problem. I researched L2 and realized there is a way to solve all these problems at once. The new L2 that provides native revenue for dApps and users will allow the Blur ecosystem to avoid asset depreciation, reduce NFT transaction costs and Launching NFT perps. This L2 is not only useful for Blur, but for all dApps. L2 is not just an execution environment, but an execution + liquidity environment. L2 with native yield opens up possibilities for the entire on-chain economy. Perpetual Products , indices, loans, NFTs, and even SocialFi will all benefit from this.”

Additionally, Pacman announced that it has raised another $40 million (or funding including Blast) to contribute to the Blur ecosystem. The funds will be used to build L2 applications for NFTs and continue to advance NFTs on Ethereum L1. Pacman will oversee the development of BLUR and BLAST, and as the Blast team is formed, BLUR will test it and deploy its own L2 applications (i.e. NFT perps) on Blast, and Blast will in turn reward the Blur community.

According to official news from Blast, Blast has completed US$20 million in financing, with several angel investors including Paradigm, Standard Crypto, eGirl Capital, and Mechanism Capital co-founder Andrew Kang, Lido strategic advisor Hasu, and The Block CEO Larry Cermak participating. Blast early access is now online and is only open to invitees. Everyone who joins will be rewarded with Blast points. Users who have obtained access rights can earn income (4% for ETH + 5% for stablecoins) and Blast Points before the launch of the mainnet in February 2024. Early access members can earn more points based on the number of bridges and invitees.

Related reading: A quick look at the interest-generating Layer2 Blast launched by the founder of Blur: Re-engraving the Blur points airdrop gameplay, and the test network will launch activities in January next year

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