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Binance Integrates Ethereum Layer-2 Blast Network Into Its Web3 Wallet

March 05, 2024

Binance’s Web3 wallet has integrated a brand-new Ethereum (ETH) layer-2 scaling solution.

The exchange’s users can now use the wallet to complete transfers to and from the Blast Network, which offers native yield for ETH and stablecoins.

Blast launched its mainnet last week and says it has already clocked more than $2.4 billion in total value locked (TVL).

TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.

Some members of the crypto community have expressed skepticism about the new Ethereum scaler. Back in November, Jarrod Watts, a senior developer relations engineer at Polygon Labs, argued that Blast wasn’t actually a layer-2.

“The Blast smart contract: 1/ Accepts funds from users. 2/ Stakes users’ funds into protocols like LIDO. There’s no testnet, no transactions, no bridge, no rollup, and no sending of transaction data to Ethereum. It’s not an L2.

By sending money to the Blast contract, you’re basically trusting 3-5 strangers to stake your funds for you. You won’t be able to withdraw that money at any point in time unless those 3-5 people decide to do the right thing in the future. Again, there’s no bridge here.”

Blast, however, pushed back against those criticisms.

“Multisigs can be highly effective if used properly. This is why L2s like Arbitrum, Optimism, Polygon, and now Blast use a multisig model.”

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