Community of the Ethereum Layer 2 network Blast (BLAST) released a new proposal suggesting to distribute all fee income earned by the Blast Foundation Treasury—including fees from USDB or wETH rebasing, gas fees, and others—to reward BLAST token holders on a weekly basis.
This initiative aims to increase the value proposition of holding BLAST within the ecosystem, offering a competitive advantage over native yield options like ETH and USDB, enhancing user retention, and bolstering the attractiveness of the network.
Specifically, the proposal aims to introduce a fee system where four basis points are charged per rebase. Furthermore, it suggests distributing these accumulated fees to BLAST holders weekly. Additionally, all other treasury fees, such as unclaimed gas rebates and others, will also be distributed to BLAST holders on a weekly basis.
This initiative is set to offer several benefits. Direct rewards for holding BLAST will incentivize users, potentially reducing sell pressure and promoting a more stable token price. Regular distributions will establish a continuous incentive for active participation and engagement within the ecosystem. It also aligns the financial interests of BLAST holders with the overall success of the Blast network. The clear utility for holding BLAST will enhance its attractiveness compared to native yield options like ETH and USDB, providing users with a compelling reason to retain the coin.
Blast Airdrops Tokens And Initiates Its Next Phase Of Development
Blast operates as a Layer 2 network with a native yield system for both stablecoins and Ethereum. This yield is generated through ETH staking and real-world asset (RWA) protocols, and automatically allocated to Blast users. In contrast to other Layer 2 networks where the default interest rate is 0%, Blast offers a competitive 4% interest rate for ETH and 5% for stablecoins.
Currently, the platform boasts a total value locked (TVL) surpassing $1.28 billion, as per DeFiLlama data.
Recently, Blast airdropped its token BLAST and unveiled the next phase of its platform development. The initiative aims to create a comprehensive blockchain solution to improve user experience across its platform. Blast intends to introduce desktop and mobile wallets specifically designed for cryptocurrency users. This strategic move highlights Blast’s objective of accelerating the transition from an off-chain to an on-chain economy in the market.
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