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Ethereum Scaling Solution Blast Launches Native Token
$BLAST #BLAST #LAYER2 #EthereumLayer2 $ETH #airdrop

Ethereum Layer 2 (L2) network Blast is set to launch its native token today, with 17% of its total supply airdropped to early adopters. Despite its $1.65 billion in Total Value Locked (TVL), Blast is one of the most debated products in decentralized finance (DeFi).

Token Airdrop Details

The airdrop will be distributed across Blast and its affiliated NFT marketplace Blur’s points program. Specifically, 7% will go to Blast points, another 7% to Blast gold, and 3% will be shared among the Blur ecosystem.

On-Chain Metrics and Native Yield

Blast boasts impressive on-chain metrics compared to other blockchains, driven by its token incentives. According to DeFiLlama, Blast is the second largest Ethereum scaling solution by TVL and has the highest user fees among Layer 2 networks. As an optimistic rollup like Arbitrum and Optimism, Blast was the first to introduce native yield.

On Blast, all ETH yields 4%, while its native stablecoin, USDB, yields 5%. This allows users to earn yield simply by holding assets on the chain, without engaging directly with DeFi protocols. This native yield is generated through ETH staking and Real-World Asset (RWA) protocols via an automatic rebasing system.

Controversial Aspects of Blast

Blast is developed by the team behind the leading NFT platform Blur, which has also faced its share of controversies. Blur overtook OpenSea as the dominant NFT trading platform after its token launch in 2023, but its incentives for buying, selling, and lending have drawn criticism from many NFT collectors. Some even claim that “Blur killed NFTs.”

The latest season of Blur farming featured previously undisclosed Blast incentives. Recently, Blast announced that Season 3 will allocate 0.5% of its supply to Blur traders and 1.5% to BLUR stakers. The remaining Blur token allocation will be reserved for future uses.