A new Ethereum layer-2 rollup, announced Monday, has already attracted $27 million in total value locked (TVL), but there’s a twist: It doesn’t yet exist.

The promised network, Blast, would launch as an optimistic rollup in February 2024, but its backers immediately began soliciting deposits into a smart contract “bridge.”

In the span of half a day, the contract has amassed enough ether (ETH) and dai (DAI) to put it at number 16 in L2Beat’s TVL rankings, ahead of established names such as derivatives DEX Aevo and Arbitrum Nova.

The announcement touts Blast as “the only Ethereum L2 with native yield for ETH and stablecoins,” meaning it taps into Ethereum staking yield by…

Read more on Blockworks