Since Blast was launched on November 21, its TVL has exceeded 600 million USD, which is a very impressive achievement. Who is Blast? Today, let’s talk about Blast in detail.

What is Blast?

Blast is a Layer2 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. It is compatible with EVM and is an Optimistic Rollup with native returns. On Blast, users' balances will automatically compound and they will earn additional Blast rewards. It was created by Pac man and a team with extensive experience in MakerDAO, MIT, Yale University, and Seoul National University.

Blast's profit gameplay:

Blast claims that it is a Layer 2 that can help users make money. Blast's income comes from Ethereum staking and the RWA protocol, and these decentralized protocol income will be automatically returned to Blast users. On Blast, the interest rate for Ethereum is 4% and the stablecoin is 5%, while the default interest rate on other Layer 2s is 0%.

Logic: When users deposit ETH or stablecoins to Blast across chains, they will be deposited into on-chain treasury bill protocols (T-Bill) such as Maker DAO, and the proceeds will be transferred back to Blast users through Blast's automatic underlying stablecoin USDB. In simple terms, users deposit money into Blast's Layer 2, and then Blast takes the money and stakes it in Layer 1. The staked Layer 1 is Lido, and finally Blast returns the interest earned to the user. In this process, users earn not only interest, but also Blast points (which can be claimed later, consistent with the previous BLUR points). The core of Blast's adoption of this strategy is for TVL, which attracts users through ETH staking to expand its TVL, and then allows developers to earn income through CSR.

Blast financing:

On November 21, according to official news, Blast, a Layer 2 network based on Optimistic Rollup, completed a $20 million financing round. This round of financing was participated by several angel investors including Paradigm, Standard Crypto, eGirl Capital, and Mechanism Capital co-founder Andrew Kang, Lido strategic advisor Hasu, and The Block CEO Larry Cermak. Among them, Paradigm and eGirl Capital were also investors in Blur before.

Blast Features:

The Blast project has two main features, namely ETH staking and contract mining. First of all, it focuses on a "Layer 2 that can help users make money", which is actually to deposit money into Blast's Layer 2, and then Blast will take the user's deposited funds to Layer 1 (that is, Ethereum) for staking, and put it in Lido, and finally return the interest earned to the user. The word game really makes the project party understand, in the name of helping users make money, but the whole process is no different from the user directly staking money in Lido. In addition to being able to get airdrops, you will earn a little more Blast points, which is the same as the previous Blur point-swiping model. In general, this project is still recommended for users with spare money to actively participate, and the airdrop expectation is already very attractive. So, if you are a user and you have a sum of idle money, compared to depositing it in Lido, Blast will indeed have a part of the potential points airdrop on this chain, so you can try it; if you are a developer, you can also pay more attention to it, after all, it has first propped up the TVL in this way, and the CSR protocol can allow developers to get more gas income.

What is the impact of Blast on L2?

1. Blast’s liquidity will attract the liquidity of other layer2 projects in the market to its own projects, which will stimulate the VCs behind them and also stimulate a wave of tokens. 2. Blast will bring the projects that are trying to fish in troubled waters on layer2 back to their original form, which is equivalent to clearing the market. 3. Blast has achieved the goal of layer2 bringing its own income, and solved the problem of no benchmark interest rate for funds deposited on other Layer2 chains.

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