Blur founder raises $20m, causing 12% surge in BLUR stock
In a significant development, Tieshun Roquerre, the founder of the NFT marketplace Blur, has secured a whopping $40 million to further enhance the Blur ecosystem. Roquerre, also known as “Pacman,” aims to utilize this funding to launch a new layer-2 network called Blast, which will enable users to reduce transaction costs associated with digital collectibles. Addressing the issue of high network fees, Roquerre highlighted the substantial amount of money spent on gas trading NFTs. He further emphasized that nearly every decentralized application (DApp) on a blockchain faces challenges when users lock up their funds in pools that do not generate yield for them.
In an attempt to tackle these issues comprehensively, Roquerre decided to introduce Blast, a layer-2 network that offers native yield for DApps. Through Blast, users can not only avoid asset depreciation but also reduce transaction costs for non-fungible tokens. To bring this vision to life, Roquerre successfully raised $20 million in funding from Paradigm, Standard Crypto, and other investors.
To generate yield, Blast actively participates in Ethereum staking, automatically returning the staking yield to the network’s users and DApps. Additionally, Blast earns yield for stablecoins through its native auto-rebasing stablecoin, USDB.
Apart from the Blast project, Roquerre disclosed that he has secured an additional $40 million to contribute to the Blur ecosystem. These funds will be utilized to develop DApps on top of Blast, further advancing the realm of NFTs on the Ethereum network. As a result of this news, Blur’s native token, BLUR, experienced a significant surge of 12%, reaching $34, according to CoinGecko data.
It is evident that Roquerre’s innovative initiatives and substantial funding will play a crucial role in revolutionizing the NFT space, providing users with improved accessibility and reduced costs. The future of Blur and the broader NFT ecosystem looks promising, as Roquerre continues to forge ahead with his groundbreaking projects.
