{"id":26363,"date":"2023-12-09T00:27:44","date_gmt":"2023-12-09T00:27:44","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/web3-protocol-blast-reaches-823m-tvl-despite-bugs-and-controversy\/"},"modified":"2023-12-09T00:27:46","modified_gmt":"2023-12-09T00:27:46","slug":"web3-protocol-blast-reaches-823m-tvl-despite-bugs-and-controversy","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/web3-protocol-blast-reaches-823m-tvl-despite-bugs-and-controversy\/","title":{"rendered":"Web3 protocol Blast reaches $823M TVL despite bugs and controversy"},"content":{"rendered":"
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.\u00a0<\/p>\n
Behind Blast\u2019s speedy growth is its unique business model. The protocol\u00a0is 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.<\/p>\n
However, the protocol\u2019s emergence has been marked by challenges and unpopular developments. On Nov. 30, Blast revealed<\/a> that a user staking on the protocol saw $100,000 disappear after converting a deposit to Dai (DAI). The issue was caused by a misconfigured slippage parameter on the user interface, resulting in Blast paying the user $10,000 in compensation.<\/p>\n