BLUR jumps 12% as Blur founder raises $20m for brand spanking new L2 community

Moreover, Blur founder Tieshun Roquerre raised $40 million to give a contribution to the Blur ecosystem.

Tieshun Roquerre, the founding father of NFT market Blur (sometimes called “Pacman”), is launching a brand new layer-2 community the place customers can scale back transaction prices for virtual collectibles. In a thread posted to X on Nov. 21, Roquerre addressed prime community charges, pronouncing “loads of thousands and thousands were spent on fuel buying and selling NFTs.”

Additionally, Roquerre says “nearly each and every” decentralized utility, or DApp, on a blockchain has a subject matter when customers lock up their budget in swimming pools, which don’t generate yield for them.

“Which means Blur customers are dropping cash via depreciation. As I dug deeper, I spotted that virtually each and every dapp on-chain has this factor.”

Tieshun Roquerre

In a bid to unravel a lot of these problems “immediately,” the Blur founder determined to release Blast, a brand new layer-2 community with local yield for DApps, the place customers may just keep away from asset depreciation in addition to scale back transaction prices for non-fungible tokens. For the brand new mission, Roquerre raised $20 million in investment from Paradigm, Same old Crypto and others.

To earn yield, Blast “natively” participates in Ethereum (ETH) staking, routinely returning the staking yield to the community’s customers and DApps. Along with ETH, Blast additionally earns yield for stablecoins with USDB, the community’s local auto-rebasing stablecoin.

Past Blast, Roquerre introduced he had raised any other $40 million to give a contribution to the Blur ecosystem. The proceeds are anticipated for use for construction DApps atop Blast with a purpose to “proceed advancing” NFTs on Ethereum as smartly. Amid the scoop, Blur’s local token BLUR jumped 12%, surging to $34, in line with CoinGecko knowledge.

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