Today we continue to share projects. A project that has just been launched is BLAST, which is also a native L2 and a project of the blur ecosystem. The airdrop volume in the first phase is 17%, and 50% of the total tokens of the project will be airdropped to the community. Blur is best at airdrops. After the launch, the exchange rate is currently 0.02 US dollars, the market value is 400 million US dollars, the overall FDV is 2.3 billion US dollars, the current TVL on the chain is 2.5 billion US dollars, and the total number of users is 1.6 million. Compared with some big-name OP series L2 is still a relatively low valuation range. Today we will analyze what its reasonable range should be.
Introduction
Blast is a Layer 2 network launched by Blur. Strictly speaking, it should be an L2 network launched by Pacman, the founder of Blur. Blast is a second-layer network based on Optimistic Rollups technology and compatible with Ethereum, so developers and dApps on Ethereum can easily connect to it.
Project Features
Blast's income comes from ETH staking and the RWA protocol. The income from these decentralized protocols will be automatically returned to Blast users. The default interest rate of other L2s is 0%, while on Blast, the interest rate for ETH is 4% and the interest rate for stablecoins is 5%. What does this mean? It means that he wants to help users make money.
On the Blast platform, after users deposit ETH or stablecoins across chains, these funds will be deposited in on-chain treasury bill protocols (T-Bi) such as MakerDA0 and generate income. These income will be returned to Blast users through Blast's automatic underlying stablecoin USDB. Simply put, users deposit funds into Blast's Laver 2, and then Blast will stake these funds in Layer 1, which is Lido (it may be other third-party applications in the future). Finally, Blast will return the interest earned to users. In this process, users not only earn interest, but also have the opportunity to obtain
BIast points. These points can be used to claim airdrops, just like BLUR points.
The core purpose of Blast's strategy is to expand TVL. By staking ETH, users are attracted to increase TVL, and developers can also earn income through CSR.
-T-Bill income
Users of bridged stablecoins receive Blast’s automatically rebased stablecoin USDB. USDB yields are generated by MakerDAO’s on-chain T-Bill protocol. USDB can be converted to DAI when bridged back to Ethereum.
In the future, the Blast community will have the power to supplement or even completely replace MakerDAO with Blast native solutions or other third-party protocols.
-Gas fee revenue sharing
While other L2s retain gas fee revenue, Blast returns the net gas fee revenue to Dapps through programming. Dapp developers can keep this revenue for themselves or use it to subsidize users' gas fees.
Ecological Projects
1.Ambient Finance
Financing history: In July 2023, Ambient Finance completed a US$6.5 million seed round of financing, led by BlockTower Capital.
Introduction: Ambient Finance's predecessor is CrocSwap, which is an improved AMM protocol that can uniformly support centralized liquidity market making, full-range liquidity market making, and on-chain price limit orders in a single liquidity pool. Ambient is a singleton contract that supports hooks, dynamic fees, automatic compounding, and gas fee savings.
2.Thruster
Thruster is a DEX built for Blast by decentralized finance enthusiasts, providing developers with a fair launch mechanism and liquidity tools, and providing users with the best LP income opportunities, built-in analysis tools and simple trading experience. Thruster also supports multiple AMM market making types, including centralized liquidity market making, full range liquidity market making and stable market making.
3.Mangrove
Financing history: In 2021, Mangrove completed a US$2.7 million seed round of financing. In February 2023, Mangrove completed a US$7.4 million Series A financing, led by Cumberland and Greenfield Capital.
Mangrove is an order book DEX. Its biggest feature is that it allows liquidity providers to redeploy liquidity deployed on other protocols to Mangrove's order book through a "re-staking" mechanism, thereby expanding potential profit opportunities. However, Mangrove does not lock these liquidity, but only hangs them out. The user's liquidity can still operate normally in other protocols and will only be used when the quote is accepted. On Mangrove, codes can be attached to quotes posted on the order book to aggregate all liquidity within the Blast ecosystem and double the profits.
4.Ring Protocol
Judging from the testnet UI, Ring Protocol is a classic AMM model DEX, and will launch Launchpad service in the future. According to the award introduction, the feature of Ring Protocol is that it allows liquidity providers to earn income by staking underlying assets and RWA assets. Ring Protocol opens a new era of decentralized exchanges on Blast and maximizes asset utilization.
5.InfinityPools.finance
InfinityPools is a decentralized contract exchange that claims to provide unlimited leverage for any asset (officially up to 10,000 times, but initially limited by the volatility of the underlying assets), with no liquidation, no counterparty risk, and no need for oracles.
6.SynFutures
Financing history: In 2021, SynFutures completed a US$14 million Series A financing round, led by Polychain Capital. In October 2023, it completed a US$22 million Series B financing round, led by Pantera Capital, with participation from SIG DT Investments and HashKey Capital.
The established derivatives exchange has been deployed in multiple ecosystems such as Polygon, with a cumulative trading volume of $23 billion. A perpetual DEX that provides up to 100x leverage and native yields, powered by Blast. Oyster AMM model = CLMM + on-chain limit order.
7.100x Finance
100x Finance is a self-custodial decentralized derivatives exchange that supports full margin, and can provide perpetual contracts, MOVE contracts and spot trading services with a CEX-like trading experience. 100x Finance adopts a full margin model, which allows users to improve the efficiency of capital utilization, and users' margin can also use Blast's automatic interest-bearing mechanism to continuously accumulate income.
8.Blast Futures Exchange (BFX)
Blast Futures Exchange (BFX) is an automatic interest-bearing perpetual contract exchange built on Blast, which allows users to earn an additional 5% interest on their balances while providing easy-to-use trading services.
9.Blitz
Blitz is a branch of Blast built by Vertex, a perpetual contract exchange on Arbitrum, and supports spot and perpetual contract trading services. Blitz adopts a full-position margin model and will open up cross-chain liquidity with Vertex on Arbitrum, thereby providing users with better trading depth.
10.Bloom
Bloom is a decentralized derivatives exchange that supports 50x leverage, no gas fees, and automatic interest. The Bloom contract has been audited by a third-party security company, Zellic, and the report will be disclosed after the audit is completed.
Token Economy
The total supply of BLAST is 100 billion, 50% will be airdropped to the community, and the initial airdrop amount is 17 billion. In addition, 25.5% is allocated to core contributors with a 4-year lock-up period, of which 25% of the core contributors' airdropped tokens will be unlocked 1 year after the TGE is released, and then unlocked monthly; 16.5% is allocated to investors with a 4-year lock-up period, of which 25% of investor tokens will be unlocked 1 year after the TGE date, and then unlocked linearly every month for the next 3 years; 8% is allocated to the Blast Foundation as a reserve fund for ecological development. From the TGE date, the foundation grant will be unlocked linearly within 4 years.
Price comparison analysis
According to the current TVL of 2.5 billion, we can compare the two top projects, OP and ARB. Currently, OP's TVL is 660 million, and OP's FDV is 8 billion; ARB's TVL is 2.7 billion, and ARB's FDV is 8 billion. BLAST's TVL is the same as these two ace projects, but its market value is 3 times lower than theirs. In addition, BLAST's wild incentive airdrop can stimulate more developers and users to pay attention. The most important thing is that Blur has already succeeded, so it can replicate Blur's success and is very likely to become the dark horse of OP L2 in this bull market! #内容挖矿
