Blast, a newly launched Ethereum-based layer 2 network, is already gaining traction in the market after one unidentified whale deposited a massive 10,000 ETH to the network.
The deposit was made on Wednesday this week, just two days after Blast went live in “early access” mode.
Worth over $20 million in fiat terms by today’s price, the news of the massive on-chain transaction was shared on social media platform X by the popular community member Farokh.
“Some degen deposited 10,000 ETH into BLAST,” Farokh wrote, seemingly shocked that someone would deposit such a large amount on a newly launched blockchain project.
Blast was launched by Tieshun “Pacman” Roquerre, who is also the founder of the non-fungible token (NFT) marketplace Blur, on Monday 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 introduce a built-in yield model.
The project raised some $20 million in initial funding, and continued to see on-chain investments in excess of $55 million within hours of its launch.
Ethereum-based layer 2 networks like Blast have become more popular in recent years, partly thanks to increased transaction fees and slower transactions speeds on Ethereum’s base layer.
According to a report from blockchain intelligence firm Messari from 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 increased adoption of layer 2 networks in the third quarter of this year is largely a result of the growing adoption of Coinbase’s layer 2 network Base.
Since the launch of Base in August, it has lived up to its expectations with growing transactions and use cases and temporarily recording more activity than Ethereum’s main network at one point.