Blast is an extremely hot name in recent days with more than 500 million USD $ETH being staked in this platform while the project was just announced on November 21, so what is Blast and what is it expected to be? What's special about this project? Let's find out through the article below.
What is Blast?
Blast, a new layer2 blockchain built on Optimistic Rollups technology and compatible with EVM, provides native yield to users from deposits of Ethereum and other stablecoins. Supported by reputable investment funds Paradigm and Pacman, founder of Blur - the leading NFT marketplace on Ethereum.
Highlights of Blast
One of Blast's main features is its ability to generate real profits. Users can earn interest from depositing Ethereum and stablecoins into the Blast network.
Basically, Blast automatically staked all assets deposited via Lido and redistributed staking rewards to users on Blast. While the default interest rate on other layer 2 blockchains is 0%, on Blast the interest rate is 4% for ETH and 5% for stablecoins.
Highlights of Blast
One of Blast's main features is its ability to generate real profits. Users can earn interest from depositing Ethereum and stablecoins into the Blast network.
Basically, Blast automatically staked all assets deposited via Lido and redistributed staking rewards to users on Blast. While the default interest rate on other layer 2 blockchains is 0%, on Blast the interest rate is 4% for ETH and 5% for stablecoins.
Blast offers the opportunity to earn interest not only with ETH but also through the use of famous stablecoins such as USDC, USDT and DAI. When users deposit these stablecoins into Blast, they will receive USDB, Blast's stablecoin, in return. Blast uses deposited stablecoins to invest in protocols that hold US Treasury bonds such as MakerDAO. Interest earned from this investment will then be redistributed to USDB holders.
The point to note is that the deposits and interest rates of both ETH and this Stablecoin will not be able to be withdrawn until layer-2 officially deploys the main network, expected in February 2024.
The goal of those who contribute their assets to Blast is to help Blast become a layer 2 project with the highest possible interest rate on deposited assets. Community members who participate in depositing assets into this Blast will have a chance to receive a Blast Airdrop. The first phase of the airdrop program has now been activated. These features make Blast attractive in attracting DApp developers, thereby expanding the Blast layer 2 ecosystem.
The Blast Community Airdrop program follows the following roadmap:
Early Access phase (started): Users can transfer assets to Blast to accumulate Blast Points through staking activities and using referral codes.
Mainnet phase (February 2024): DApps will be deployed, allowing users to make withdrawals.
Redemption period (May 2024): Users can exchange Blast Points for Blast's native token - currently without an official name.
Team & Investor of Blast
Blast's team members come from companies in the FAANG block, Yale University, Massachusetts Institute of Technology (MIT), Nanyang Technological University, Seoul National University and have experience working on a the largest number of protocols in the Defi and Web3 space, primarily on Ethereum but also including other blockchains such as Solana. Currently, there is no complete information or images of the Blast team.
Investor Blast
Blast has raised $20 million from Paradigm, Standard Crypto, eGirl Capital, Primitive Ventures, Andrew Kang, Hasu, Foobar, Blurr, Will Price, Hsaka, Santiago Santos, Larry Cermak, Manifold, Jeff Lo and other crypto experts .
Blast's Airdrop Potential
With Blast's TVL (Total Value Locked) increasing by over 20,000% daily, and TVL having reached over 500 million USD making it the fastest growing layer2 protocol in Ethereum history and also the most hyped. Thereby, Blast's announcement of the first airdrop makes users look forward to it.
Within the framework of the Blast Community Airdrop program, Blast users not only earn interest on deposits to the platform but also have the opportunity to collect Blast Points. This score plays an important role in determining the amount of airdrop tokens a user will receive. Users can accumulate Blast Points through the amount they deposit into Blast and through recommending projects to others.
Blast Community Airdrop is divided into two parts:
Early Adopters : 50% of total rewards will be available to early adopters, with redemptions starting May 2024.
For Product Developers on Blast: The remaining 50% will be given to product developers, starting to receive rewards as soon as Blast launches testnet in January 2024.
This is a potential project, receiving high popularity from the community so you can participate to have a chance to receive airdrops in the future.
Blast's recent hot news
After having one of the fastest TVL increases in the Crypto market, the project faced many accusations and suspicions about the project being a ponzi model and not a true layer 2.
Accusing Blast of being a ponzi scheme
In the tweet above, the CEO of Moonrock Capital posted a thread commenting that Blast's airdrop farm structure and refferal mechanism is a ponzi model . He credits Blast as the reason why people who know nothing about crypto hate the way crypto works: “Blast doesn't have any technical improvements over other Layer 2s and doesn't offer What new applications are interesting for users, but do not allow users to withdraw money?
Doubts about how Blast's Multi-sig wallet works
According to Jarrod Watts, developer at Polygon, he believes there are five Blast multi-sig wallets, all of which are new and whose owners' identities are unclear.
Watts emphasized that Blast is not yet a layer-2, has no testnet, no bridge, and does not send transaction data to Ethereum. He believes that " rug pulling " is completely possible when Blast's technical aspect has many concerns.
Find out more information about the Blast project
Twitter: https://twitter.com/Blast_L2
Website: https://blast.io/en
Discord: https://discord.gg/blast-l2
summary
Blast is a very hot project recently, building an extremely impressive TVL figure of more than 500 million USD TVL in just a few days. Blast's airdrop is also expected to be very valuable when it attracts more than 60 thousand users to participate. Currently, Blast's information is very limited and many threads are both contradictory and misleading because the project is still very new.
