- Crypto exchange Binance said it will open trading with BLUR on Nov. 24 at 09:00 (UTC).
- BLUR Soared 30% following this announcement.
Crypto exchange Binance has announced that it will add support for BLUR, an ERC-20 native token of the NFT marketplace Blur.
This comes after Blur’s founder Tieshun Roquerre announced the launch of Blast, a layer-2 network aimed at non-fungible tokens.
In a blog announcement on Nov. 24, Binance said it will open trading with BLUR/BTC, BLUR/USDT and BLUR/TRY on Nov. 24, 09:00 (UTC).
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Traders can already deposit BLUR, with withdrawal to be opened at Nov. 25, 06:00 (UTC). Beyond putting BLUR on its trading list, Binance will also list BLUR as a new borrowable asset with this new margin pair on Isolated Margin.
Following the news, BLUR price jumped nearly 30%, surging up to $0.62. The token’s market capitalization increased to $690.7 million, according to data from Coinstats.
When I thought through the execution, I realized a new company with a new team dedicated to the task of building the generalized L2 was required. I started that company, and it goes live today @BLAST_L2.
— Pacman | Blur + Blast (@PacmanBlur) November 21, 2023
The listing comes shortly after Blur founder Tieshun Roquerre announced he had raised $40 million to contribute to the Blur ecosystem.
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 + Blast (@PacmanBlur) November 21, 2023
Binance said in the announcement that the listing cost 0 BNB in fees. However, it’s unclear if the proceeds from the $40 million funding were used for the listing.
See Also: New Binance CEO Richard Teng: Our Exchange’s Business Fundamentals Are ‘Very Strong’
Moreover, the Blur team also launched its own layer-2 network called Blast in a bid to reduce transaction costs for digital collectibles and earn yield with Ethereum staking.
Realistically, is this going to happen?
Personally, if I had to guess, I don't think the funds will be stolen.
And FWIW, I actually think Blast's idea for native yield is a pretty interesting trade-off.
(22/24)
— Jarrod Watts (@jarrodWattsDev) November 23, 2023
Yet, the crypto community already noticed several issues related to Blast. According to Polygon engineer Jarrod Watts, five signer wallets of Blast’s multi-signature contract are all new unknown entities, which makes it risky for users “to send Blast funds in its current state.”
So while I personally think it's risky to send Blast funds in its current state, ultimately it's your decision and I'm just here to share what I learned.
I still wish the best for the Blast team and everyone who has sent money across already.
(23/24)
— Jarrod Watts (@jarrodWattsDev) November 23, 2023
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