NFT market Blur Tieshun Roquerre, founder of (also known as “Pacman”) a new layer-2 network where users can reduce transaction costs for digital collections is starting. “Hundreds of millions have been spent on gas trading of NFTs,” Roquerre said, referring to high network fees in a thread he shared on X on November 21.
Two of the biggest opportunities we see for NFTs are reducing transaction costs and institutional-grade NFT perps. Hundreds of millions have been spent on gas trading NFTs, and perp volume is 6x bigger than spot. These opportunities require an L2.
NEWS CONTINUES BELOW— Pacman | Blur.io (@PacmanBlur) November 21, 2023
Moreover, Roquerre says “almost every” decentralized application, or DApp, on the blockchain has a problem when users lock their funds in pools that do not generate returns for them.
“This means Blur users are losing money through depreciation. As I dug deeper, I realized that almost every dapp in the chain had this issue.”
NEWS CONTINUES BELOW
In order to solve all these problems “at once”, the Blur founder decided to launch Blast, a new layer-2 network with native yield for DApps, where users can avoid asset depreciation and reduce transaction costs for non-fungible tokens. For the new venture, Roquerre raised $20 million in funding from Paradigm, Standard Crypto and others.
Koinfinans.com As we reported, Blast “naturally” participates in Ethereum (ETH) staking to generate returns and automatically returns the staking return to the network’s users and DApps. In addition to ETH, Blast also generates returns for stablecoins with USDB, the network’s native auto-redemption stablecoin.
Additionally, I have raised another $40m to contribute to the Blur ecosystem. The funds will be used to build L2 apps for NFTs and continue advancing NFTs on ETH L1 as well.
— Pacman | Blur.io (@PacmanBlur) November 21, 2023
Beyond Blast, Roquerre announced that he has raised another $40 million to contribute to the Blur ecosystem. The proceeds are expected to be used to build DApps on top of Blast to “continue pushing” NFTs on Ethereum as well. Amid the news, Blur’s native token BLUR jumped 12% to $34, according to CoinGecko data.