BLAST TVL HITS $390 MILLION, WITH NO PRODUCT

Summary from the TLDR Crypto newsletter

Blur’s Blast L2 launched last week and has attracted approximately $390 million into its contract - about $340 million in ether and $50 million in stablecoins. While it was marketed as an L2, for now, it’s simply a bridge to a contract created by the team and secured with a 3 of 5 multisig. To add to the uncertainty many in the space have about it, it’s unclear if each of the five keys was created by individual entities or people, and the deposited funds cannot be withdrawn until February 2024.