Blast (BLAST): The Innovative Layer 2 That Introduces Native Yield for ETH and Stablecoins

What is Blast (BLAST)?

Blast (BLAST) is a groundbreaking Ethereum L2 solution designed to provide native yield for ETH and stablecoins. Unlike other L2 solutions that offer a 0% interest rate, Blast incorporates a native yield, meaning users’ balances automatically grow over time. Specifically, Blast offers a yield of 3.4% for ETH and 8% for stablecoins.

Who Created Blast (BLAST)?

Blast was created by a team of experienced developers and contributors from various prestigious institutions and organizations. Key figures behind Blast include Pacman, the creator of Blur (the top NFT marketplace protocol on Ethereum), and contributors from leading institutions like Massachusetts Institute of Technology (MIT), Yale University, Nanyang Technological University (NTU), Seoul National University (SNU), and Y-Combinator (YC). The team has a strong background in DeFi and Web3, having worked on major protocols primarily on Ethereum but also on other chains like Solana.

What VCs Back Blast (BLAST)?

Blast has garnered significant interest from the venture capital community. It has raised $20 million from prominent investors such as Paradigm, Standard Crypto, eGirl Capital, Primitive Ventures, Andrew Kang, Hasu, Foobar, Blurr, Will Price, Hsaka, Santiago Santos, Larry Cermak, Manifold, Jeff Lo, and other notable crypto investors.

How Blast (BLAST) Works

Blast's operation revolves around several innovative mechanisms that differentiate it from existing L2 solutions.

Auto Rebasing

One of the key features of Blast is auto rebasing. In Blast, ETH and USDB (Blast’s native stablecoin) balances automatically rebase. This means that users’ balances grow over time without any additional effort. Unlike other systems that use wrapped versions of ETH (like WETH or STETH), Blast allows ETH itself to rebase natively on the L2. This feature applies to externally owned accounts (EOAs) and can be optionally enabled for smart contracts.

L1 Staking

Blast leverages the Ethereum Shanghai upgrade to facilitate L1 staking. Initially, ETH yield from Lido’s L1 staking is transferred to users through rebasing ETH on the L2. This system ensures that users benefit from the yield generated by staking ETH without needing to navigate complex staking protocols.

T-Bill Yield

For stablecoin yields, Blast uses MakerDAO’s on-chain T-Bill protocol. When users bridge stablecoins to Blast, they receive USDB, an auto-rebasing stablecoin. The yield from USDB is sourced from T-Bill protocols and can be redeemed for DAI when bridging back to Ethereum. This integration provides a substantial 8% yield on stablecoins, significantly higher than typical yields available on other platforms.

Gas Revenue Sharing

Unlike other L2s that retain gas revenue, Blast distributes net gas revenue back to Dapps programmatically. This revenue sharing incentivizes Dapp developers to build on Blast, as they can keep this revenue or use it to subsidize gas fees for their users. This approach aligns the interests of Dapp developers and users, fostering a more vibrant and user-friendly ecosystem.

Airdrops

Blast has an innovative approach to airdrops, designed to reward liquidity providers and Dapp developers.

Blast Points

Blast Points are distributed automatically every block to EOAs and smart contracts based on their balance of ETH, WETH, and USDB. This distribution happens at a rate of approximately 0.06504987 Points per Block per ETH. Since users stop earning Points when they deposit funds into a smart contract, Blast allows smart contracts to redirect these Points back to users according to their own internal metrics. This ensures that users continue to benefit from their holdings even when engaging with smart contracts.

Blast Gold

Blast Gold is distributed manually to smart contracts every 2-3 weeks. This distribution is announced on the @BLAST_L2 Twitter account. The purpose of Blast Gold is to incentivize Dapps that build valuable features for the Blast ecosystem. Gold is awarded based on traction, use of Blast-native features like native yield and gas fee sharing, and the effectiveness of their incentives. The goal is to fuel Dapp growth and ensure that developers who contribute to the ecosystem are adequately rewarded.

BLAST Goes Live on Bitget

Blast is a revolutionary Ethereum L2 solution that addresses key challenges such as yield generation and scalability. With its unique features like auto rebasing, L1 staking, T-Bill yield, and gas revenue sharing, Blast offers a compelling alternative to existing L2 solutions. The strong backing from prominent venture capitalists and the innovative airdrop mechanisms further enhance its appeal.

Trading BLAST, the native token of Blast, on Bitget offers a unique opportunity to participate in this groundbreaking blockchain.

How to Trade BLAST on Bitget

Listing time: June 26, 2024

Step 1: Go to BLASTUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell

For detailed instructions on how to spot trade in Bitget, please read The Uncensored Guide To Bitget Spot Trading.

Trade BLAST on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.