Layer-2 has a controversial project called Blast, which is often associated with a Ponzi scheme. So, what is Blast? Is BLAST Token worth investing in? Let's find out with @Learn_With_Fullo right away!
What is Blast?
Blast is an innovative Layer 2 blockchain project built on Optimistic Rollups technology, fully compatible with the Ethereum Virtual Machine (EVM). The project aims to provide real yields to users holding ETH and stablecoins on the Ethereum network, a feature not yet offered by any other Layer 2 solutions.
Currently, most Layer 2 solutions do not offer yields for holding assets like ETH and stablecoins, resulting in the erosion of the value of these assets over time. Blast addresses this issue by providing native yield directly from the Ethereum Layer 1 network to users holding assets on its Layer 2 platform.
How Blast Works
Blast generates yields from staking ETH and stablecoins, and these profits are automatically distributed back to users. When users deposit ETH into Blast, the system stakes these funds through Lido DAO and then shares the staking rewards with the users.
In addition to ETH, Blast allows users to earn yields from popular stablecoins like USDC, USDT, and DAI. When users deposit these stablecoins into Blast, they receive an auto-rebasing stablecoin known as USDB. Blast uses these deposited stablecoins to invest in protocols like MakerDAO that hold U.S. Treasury bonds, earning interest that is then shared with USDB holders.
Key Features of Blast
Native Yield: Blast offers users the opportunity to earn yields from depositing ETH and stablecoins, a unique feature among Layer 2 projects. This functionality also supports developers in building decentralized applications (DApps) with similar capabilities. The prominent NFT marketplace Blur is the first project supported by Blast.
Profit Sharing from Gas Fees: Unlike traditional revenue models where gas fees are retained by the development team, Blast allocates all gas fee revenues to DApp developers. This allows for the redistribution of profits to DApp users.
Attractive Airdrop Programs: Blast is conducting an airdrop program, with 50% of the rewards allocated to developers. Following the conclusion of Phase 1, the program has moved into Phase 2.
Comprehensive Tooling: Blast provides a robust toolkit that supports developers in creating products on its Layer 2 platform as seamlessly as they would on Ethereum Layer 1 or other Layer 2 solutions like Arbitrum and Optimism.
Team
Blast is led by Pacman, the founder of Blur, and includes team members with backgrounds from FAANG companies and prestigious universities such as Yale, MIT, Nanyang Technological University, and Seoul National University. These individuals have extensive experience working on major protocols in the DeFi and Web3 spaces, particularly on Ethereum and Solana.
Tieshun Roquerre (Pacman) began his career as a software engineer at Teespring at just 24 years old. He has founded and participated in notable projects such as StrongIntro and Namebase, successfully attracting investment from Paradigm and eventually selling Namebase to Namecheap.
Investors
On November 21, 2023, Blast successfully raised $20 million from major investment funds including Paradigm and Standard Crypto.
What is BLAST Token?
Basic Information about BLAST Token
Token Name: Blast
Token Symbol: BLAST
Blockchain: Blast
Smart Contract: 0xb1a5700fA2358173Fe465e6eA4Ff52E36e88E2ad
Total Supply: 100 billion BLAST
Circulating Supply: 17.17 billion BLAST
BLAST Token Allocation
Community: 50% (17% for Airdrop 1, the remaining distributed over the next three years).
Development Team: 25.5% (1/4 unlocked after one year from TGE, the rest unlocked monthly over three years).
Investors: 16.5% (unlocked similarly to the development team).
Blast Foundation: 8% (gradually unlocked over four years from TGE).
BLAST Token Release Schedule
The entire supply of BLAST tokens is expected to be fully unlocked by 2028.
Use Cases for BLAST Token
Used to reward users on the platform.
Where to Trade BLAST Token?
Blast is listed on major exchanges like Bybit and Coinbase.
Roadmap
Q3 2024: EasyMint, BlastUP Shield, Incubation Program, Airdrop: Season 2.
Q4 2024: AI IDO Screener, Community Marketplace, Farming & Liquidity Pools, Airdrop: Season 3.
Q1 2025: EasyLaunch: Token Locks, Liquidity Locks, NFT Locks, EasyVesting.
Q2 2025: LotteryHub, Learn-to-Earn Program.
Q3 2025: AI IDO Helper.
Q4 2025: EasyStart – AI Startup Team Tools.
2026: AI Launchpad Assistant, BlastUP Venture Labs, BlastUP Market Maker, OTC Marketplace.
Similar Projects
Blast is a Layer 2 project on Ethereum, comparable to Optimism and Arbitrum.
Project Information Channels
Website
Twitter
Discord
Conclusion
Blast introduces an innovative model compared to existing Layer 2 platforms, allowing users to deposit funds into the Blast Layer 2 and earn yields from using this capital for business activities. This not only optimizes liquidity for the network but also adds value to projects within the ecosystem.
With its unique airdrop program, Blast has successfully attracted a large number of users, leading to rapid growth in total value locked (TVL) and community expansion. Built by the team behind Blur, a project that quickly surpassed OpenSea in trading volume, Blast is poised to achieve similar success in the future.
Through this article, @Learn_With_Fullo has provided an overview of what Blast is and the BLAST Token. If you have any questions, feel free to leave them in the comments section for immediate answers!