New Blast Network From Blur Sees Rapid Growth While This New Crypto Looks to Capitalize on Bitcoin ETF Hype

Blur’s new Layer 2 scaling network, Blast, has got off to an incredibly strong start just three days after launch. According to Spot on Chain, Blast has already exceeded $250 million in total value locked (TVL).

This TVL comes from two primary sources – over 100,000 ETH worth $221 million staked with Lido, and 30.6 million DAI deposited into Maker.

The growth has been driven by some major players diving headfirst into Blast. The largest depositor so far is wallet 0xeab, which has contributed 10,000 ETH ($20.6 million). Nftcoin.eth has also jumped in with 4,128 ETH ($8.51 million), while whale wallet 0xf9c has added 4,000 stETH ($8.24 million).

In order to earn Blast points used to boost rewards and reduce fees, 22 whales and institutions have purchased over 55.9 million BLUR tokens worth $20.8 million after the recent airdrop. An additional 53.5 million BLUR worth $26.3 million were then sent to staking to earn points.

The biggest BLUR staker appears to be whale 0x154, with 15 million tokens ($7.37 million) locked up. Smart whale 0x828 with around $12 million in ETH trading profits has added 6.52 million BLUR ($3.2 million), while crypto investment firm Sigil Fund has staked 3.1 million BLUR ($1.53 million). Venture firm Mandala Capital is also getting in on the action with a 1.98 million token position worth $973,000.

The frenzy of activity has led to huge price growth for BLUR after the airdrop. The token surged 73% from $0.2977 up to $0.5146 before settling around $0.47 currently.

A closer examination of BLUR’s price charts provides insight into the growth dynamics. In the lead-up to the surge, BLUR traded sideways in a consolidation pattern under a key resistance level. But the large amount of tokens purchased after the airdrop signals strong bullish conviction from major holders, possibly anticipating long-term utility.

This buying frenzy likely triggered a bandwagon effect, as additional investors jumped in noticing the momentum shift. These cascading chain reactions are common in crypto, with news and on-chain movements catalyzing swift value repricing. Following such a sharp rise, some retracement, or reversal, a

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Author: BeInCrypto Team

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