Japanese Crypto VC Reportedly Set to Invest $5M as TVL Reaches $570M


Blast, the recently launched Layer 2 crypto project, has surpassed $570 million in total value locked (TVL), according to data on Dune Analytics. Last week, the project’s one-way deposit contract attracted criticism from Paradigm researcher Dan Robinson. However, the L2’s value locked in ETH and stablecoins has risen to over $570 million, just days after its launch.

The Blast team also shared the milestone on their X account, noting that over 63k community members were now earning yield (approximately 4% for ETH and 5% for stablecoins), as well as amassing Blast Points. Funds sent to Blast are restaked on Lido and Maker, though users only likely to access withdrawals after the three-month lockup period.

Japanese crypto investment firm CGV (Cryptoram Venture) has earmarked a $5 million special investment in Blast. The Tokyo-based crypto VC is reportedly also looking to collaborate with the Blast team to advance the L2 ecosystem’s growth. CGV also invests in and incubates JPYW, a licensed Japanese yen-pegged stablecoin.

In conclusion, the Blast project has reached over $570 million in total value locked (TVL) within one week of its launch, while a Japanese crypto VC is set to invest $5 million in the platform. The project’s one-way deposit contract has attracted criticism, though the platform’s value locked in ETH and stablecoins continues to grow.

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