Blur, blur, the new L2 Blast launched by Blur - automatic compound interest + "points airdrop"
Another L2 joins the L2 war. This time it’s#Blastcreated by#NFTmarketplace#Blurfounder Pacman.
On November 21, 2023, Layer 2 network Blast based on#OptimisticRollup completed US$20 million in financing, co-founded by #Paradigm, Standard Crypto, eGirl Capital and Mechanism Capital Andrew Kang, Lido strategic advisor Hasu, foobar, The Block CEO Larry Cermak and other investments.
According to Blast’s official announcement, Blast was jointly created by Pacman, the founder of NFT protocol Blur, and a team with rich experience from FAANG, MIT, Yale University, Nanyang Technological University, and Seoul National University. Team members have worked on some of the largest DeFi and Web3 protocols such as MakerDAO.
What is Blast
Blast describes itself as: the only Ethereum L2 with native returns on Ethereum and stablecoins based on optimistic rollup.
As the name suggests, users’ assets on Blast will automatically compound interest. It is reported that Blast’s revenue comes from Ethereum staking and the RWA protocol. Revenues from these decentralized protocols are automatically returned to Blast users. The interest rate on Blast is 4% for Ethereum and 5% for stablecoins. The default interest rate for other L2s is 0%.
Why do you need Blast?
Blast said that the existing risk-free interest rate on L2 is 0%, and the value of users’ assets will depreciate over time. It is time to change this. Blast is the first L2 with native yield. On Blast, users’ balances are automatically compounded and they earn additional Blast rewards.
Ethereum now has a risk-free interest rate in the form of ETH staking. By staking, users can earn 3-4% on ETH, which alone sucks up $20 billion in liquidity.
Specifically, Blast natively participates in ETH staking, and the staking proceeds will be fed back to L2 users and dapps. Blast redesigned L2 from the ground up so that if you have 1 ETH in your wallet on Blast, it will automatically grow to 1.04, 1.08, 1.12 ETH over time.
It’s not just ETH on Blast that makes money. The same goes for stablecoins. When a user bridges stablecoins like USDC, USDT, and DAI to Blast, it is deposited into an on-chain U.S. Treasury protocol like MakerDAO, and the proceeds are passed back to Blast users via Blast’s automated base stablecoin, USDB.
How Blast works
┃Automatic REBASE: Users trade on ETH. Dapps are built around ETH. Blast was designed from the beginning to be a native rebase of ETH on L2.
┃L1 staking: Blast will only be possible after Ethereum undergoes the Shanghai upgrade this year. Proceeds from ETH staking on L1, initially Lido, are automatically transferred to user accounts by rebasing ETH on L2.
┃T-BILL Earnings: Users of the bridged stablecoin will receive USDB, Blast’s automatic rebase stablecoin. USDB’s revenue comes from MakerDAO’s on-chain T-Bill protocol. USDB can be exchanged for USDC when crossing back to Ethereum.
Carry out the "points + airdrop" gameplay to the end
After using the "points + airdrop" gameplay to give Blur great success in the NFT market, Pacman, the founder of Blur, decided to continue using this gameplay to the end and continue to use it on Blast.
The Blast community airdrop will be divided into two parts: early members (50%) and developers (50%). Among them, developer airdrops will begin in January 2024 when the Blast test network is launched.
On November 21, 2023, the early access version of Blast has been launched, and early access is only available to invitees. Users can bridge to Blast and invite friends, and everyone who joins will be rewarded with Blast points. Early access members get more points based on the number of bridges and invitees.
By invitation now, users can earn yield (4% for ETH + 5% for stablecoins) and Blast Points ahead of the mainnet launch in February 2024.
Blast key time nodes
Early Access (Now): Earn Revenue + Blast Points
Mainnet (February 24, 2024): dapp goes online, withdrawals enabled
Airdrop (May 24, 2024): Blast points redeemed for airdrop
