Insights on Blast's Layer 2 impact, Robinhood's Arbitrum integration for easier swaps, and Portal gaming's market cap achievement.
Blast Layer 2 Launch Sees 70% Drop in TVL

Blast Layer 2 Launch Sees 70% Drop in TVL

Insights on Blast's Layer 2 impact, Robinhood's Arbitrum integration for easier swaps, and Portal gaming's market cap achievement.

Last update:
Mar 2, 2024
| Issue

Welcome to the final edition of the week with Datawallet Daily! Here’s a roundup of the most influential crypto stories from the last 24 hours:

Blast Layer 2 Launch Sees 70% Drop in TVL

Blast's rollup launch unlocked user funds after months, stirring both excitement and confusion. The platform saw $2.3 billion in deposits, with a 70% dip in the bridge contract, signaling not just withdrawals but internal fund shifts, notably to Blast’s ETH Yield Manager Proxy. The surge in ETH’s value has prompted users to weigh withdrawing against staying invested on the platform. The mandatory 14-day wait for withdrawals, a shock to some, has sparked debates within the Blast community.

The response has been mixed, with excitement over the launch tempered by frustrations over unexpected delays. Despite the challenges, Blast's ecosystem is buzzing, with significant interactions on DeFi dapps like ZeroLend, an Aave v3 fork and Thruster Finance, a popular DeFi DEX. The platform's optimistic rollup, requiring a longer security delay than usual, has been a point of contention but underscores its commitment to security.

Blast, backed by notable figures and promising ETH staking yields plus additional rewards, has quickly become a significant entity in the Ethereum rollup space. With over 57,000 wallets engaging and $40 million in DeFi activities, it's carving out a niche despite setbacks, including scams and rug pulls within its ecosystem, demonstrating resilience and potential for growth.

Robinhood Wallet Now Supports Token Swaps via Arbitrum

Robinhood Wallet has partnered with Arbitrum to offer token swaps, enhancing the crypto ecosystem with lower transaction costs and increased speed. This integration, now out of beta, supports swaps without service fees, alongside Ethereum and Polygon via 0x API and LI.FI. 

Arbitrum, boasting over $14 billion in TVL, joins Robinhood’s extensive network support, including Ethereum, Bitcoin, Dogecoin, Polygon, Optimism, and Base. The wallet is currently available only on iOS, the Android version is in beta with a public waitlist, signaling an upcoming official launch.

Portal Gaming Platform Launches Token, Surpasses $425M Cap

Portal, an Ethereum-based gaming project, has debuted with a $425 million market cap and has initiated an airdrop to promote its cross-chain gaming platform. Despite a 24% decrease from its initial $3.36 listing price on Binance, the platform’s introduction has been met with enthusiasm, particularly highlighted by a record-setting $9 billion staked in Binance’s Launchpool campaign for PORTAL. 

The project aims to create a unified hub for crypto and NFT gaming, integrating multiple networks into a single platform for easier access to games, transactions, and asset interactions.

Portal’s launch also highlights its broader ambitions, including upcoming staking rewards, nodes, and more user incentives, as it seeks to enhance its position in the gaming and blockchain ecosystem.

StarkWare Introduces Stwo: Open Source ZK Prover

StarkWare unveiled Stwo, a groundbreaking open-source ZK prover, at ETH Denver, aiming to enhance scalability by reducing latency and transaction fees for users. This technology, crucial for compressing transactions on Starknet through cryptographic proofs, promises to lower StarkWare’s operational costs, thereby decreasing charges for end-users. 

Oren Katz, StarkWare’s COO, highlighted Stwo’s potential to revolutionize scaling efforts, making these advancements accessible to everyone from its launch. With its open-source nature, developers can integrate Stark-based solutions, benefiting Starknet and its applications by minimizing latency and costs. 

Starknet, a leading layer 2 solution with a $1.33 billion TVL, stands at the forefront of employing ZK-rollups for enhanced scalability and privacy. 

Other breaking news

For the latest updates on digital asset markets, follow us on X @Datawalletcom.