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Blast Blockchain Surpasses Base, Cardano, Polygon, Sui in DeFi Assets
The recently launched Blast blockchain is performing across the board as it outperforms some of the biggest players in the industry. It has now grown so fast that it has become the sixth largest blockchain in terms of DeFi assets.
Blast DeFi TVL flies
DeFiLlama data shows that Blast Blockchain has continued to attract more developers and users to its ecosystem. It saw its total value locked (TVL) rise to over $1.9 billion, making it the sixth largest network in the industry. Only Ethereum, Solana, Tron, BNB Chain and Arbitrum are bigger than Blast.
According to its website, Blast has over 1.17 million users and $2.7 billion in TVL. It is unclear whether its official figure differs from that tracked by DeFi Llama.
Blast Blockchain’s TVL is larger than some of the larger networks such as Avalanche, Coinbase’s Base, Polygon, Sui, Cardanand Algorand. Avalanche has assets of over $1.49 billion, while Base has $1.76 billion and Cardano has $390 million.
This performance is notable because coins like Avalanche and Cardano are among the most valuable in the industry. Avalanche token has a market capitalization of $15.7 billion while Cardano has over $17 billion.
Blast is also seeing strong stablecoin inflows. Its stablecoin assets jumped to over $406 million, which is impressive for a recently launched network.
Key projects in the Blast ecosystem
A closer look shows that Blast’s ecosystem is growing. Juice Finance, the largest player in the ecosystem, has amassed over $517 million in assets. It is a fast-growing platform that enables leveraged farming.
Thruster, a leading decentralized exchange, added over $511 million in assets. Data from CoinMarketCap shows that it has become a popular DEX, handling over $90 million in the last 24 hours.
The other major networks in the Blast Blockchain are Hyperlock Finance, Renzo, Ring Protocol, Particle, and Orbit Protocol. All of these networks have accumulated assets of over $100 million.
For starters, Blast is a layer-2 Ethereum network supported by Paradigm and Standard Crypto. Its main difference compared to other layer 2 networks like Polygon and Optimism is that it offers native yield for Ether and stablecoins like Tether (USDT) and USD Coin (USDC).