Preheat oven to 325°F. Drain peaches, reserving 1/4 cup syrup; set aside. For batter, whisk eggs, sugar, 2 Tbsp. melted butter, lemon zest and salt in a medium bowl. Whisk in flour and milk until smooth. (Batter will be thin.)

Heat a 10-inch cast iron or oven-safe skillet over medium heat. Add remaining 1 Tbsp. butter in skillet; pour in batter. Quickly arrange peaches over batter. Bake 25 to 30 minutes or until puffed and golden.

Meanwhile, for Blueberry Compote, cook reserved syrup and blueberries in a medium saucepan over medium heat 4 to 5 minutes or until berries begin to soften. Remove from heat.

Sprinkle pancake with powdered sugar, if desired. Cut into 6 wedges. Serve with Blueberry Compote.