Web3 protocol Blast reaches $823M TVL despite bugs and controversy

Web3 protocol Blast has reached $823 million in total value locked (TVL) just weeks after its controversial launch in mid-November, with a 26.5% gain over the past seven days, according to data from DefiLlama. 

Behind Blast’s speedy growth is its unique business model. The protocol is a scaling solution for the Ethereum network and offers native yields to users who stake their funds. Users staking are promised a 4% yield on Ether (ETH) and a 5% yield on stablecoins.

However, the protocol’s emergence has been marked by challenges and unpopular developments. On Nov. 30, Blast revealed that a user staking on the protocol saw $100,000 disappear after converting a deposit to DAI (DAI)….

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