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Cryptocurrencies

Blast

Blast (BLAST)

Blast is an Ethereum Layer 2 (L2) network designed to improve scalability and transaction efficiency on the Ethereum blockchain. Launched in February 2024, Blast introduces the concept of native yield, allowing users to earn passive cryptocurrency income by holding certain tokens. It was founded by Tieshun Pacman Roquerre, who is also known for creating the NFT marketplace Blur. Blast has quickly gained attention within the blockchain community, with over $1 billion in total value locked shortly after its mainnet release.

Ticker BLAST
Category Smart Contract Platform
Website https://blast.io/
Twitter @Blast
Contract Addresses
blast 0xb1...adCopied!

Overview

Blast functions as an EVM-compatible optimistic rollup solution, enhancing Ethereum's transaction throughput while reducing costs compared to the mainchain. Unlike traditional Ethereum staking, where users manually lock tokens for rewards, Blast automates this process. Assets bridged to Blast are automatically staked, generating yields distributed as ether (ETH) or stablecoins (such as USDT, USDC, and DAI) directly to users' wallets. The platform offers a 4% yield on ETH and a 5% yield on stablecoins, compounded over time based on the Risk-free Interest Rate (RFR) yield structure.

Yield sources

ETH yield is sourced through liquid staking partnerships, leveraging Ethereum's proof-of-stake (PoS) model. Meanwhile, stablecoins earn yield through protocols like MakerDAO's T-bill mechanism, enhancing asset value preservation and growth within Blast's ecosystem.

Features

Blast's native yield mechanism distinguishes it in the L2 landscape by allowing users to earn without actively staking assets. This approach not only incentivizes long-term asset holding but also integrates DeFi, gaming, SocialFi, and NFT ecosystems into a unified platform for users and developers.

Tokenomics

Overview

  • Ticker: BLAST
  • Total Supply: 100 Billion

Token distribution

  1. Community (50%)

    • Amount: 50,000,000,000 BLAST
    • This allocation is distributed through various incentive campaigns and unlocks linearly over three years from the Token Generation Event (TGE), following schedules set by the Blast Foundation.

  2. Core Contributors (25.5%)

    • Amount: 25,480,226,842 BLAST
    • Tokens for core contributors are subject to a four-year lockup period. Twenty-five percent unlocks one year after the TGE, with the remaining tokens unlocking linearly each month over the following three years.

  3. Investors (16.5%)

    • Amount: 16,519,773,158 BLAST
    • Investor tokens have a four-year lockup period, with 25% unlocking one year after the TGE, followed by a linear monthly unlock over the subsequent three years.

  4. Blast Foundation (8%)

    • Amount: 8,000,000,000 BLAST
    • The Foundation's allocation is reserved for infrastructure and ecosystem growth. These tokens unlock linearly over four years from the TGE.

  5. Phase 1 Airdrop Allocation

    • Blast Points (7%)
      • Amount: 7,000,000,000 BLAST
      • Users who bridged ETH or USDB to Blast and contributed to initial liquidity earned Blast Points.
    • Blast Gold (7%)
      • Amount: 7,000,000,000 BLAST
      • Users who contributed to Dapps' success earned Blast Gold.

  6. Vesting

    • The top 0.1% of users (approximately 1000 wallets) will vest part of their airdrop linearly over six months, contingent on meeting a monthly Points threshold based on Phase 1 activity.

  7. Blur Foundation (3%)

    • Amount: 3,000,000,000 BLAST
    • The Blur Foundation will receive 3% of the total BLAST supply for distribution to the Blur community for both retroactive and future airdrops.

The Blast airdrop

The Blast Airdrop is an integral part of Blast’s community engagement strategy. It is structured into two distinct point systems: Blast Points and Blast Gold. Blast Points reward users for bridging assets and referring new members and can be redeemed as BLAST tokens starting in May 2024. Blast Gold is reserved for developers to incentivize dApp creation and growth within the Blast ecosystem.

Phase 1

The initial phase of the Blast airdrop began on June 26, 2024, distributing 17% of the total token supply to early users. This distribution was part of the Ethereum Layer 2 Blast network's launch for early adopters. Of the total supply, 7% was allocated to users who bridged Ether (ETH) or US Dollar Blast (USDB) to the network. Another 7% was distributed to those who contributed to the success of decentralized applications (DApps) on Blast, and 3% was allocated to the Blur Foundation for future airdrops to its community.

An accompanying report detailed that wallets ranked in the top 1,000 in terms of points would vest part of their airdrop linearly over six months. The Blur Foundation plans to distribute its share of the token rewards to traders and holders who have used or will use its platform.

Phase 2

Phase 2 of the Blast airdrop involves the allocation of 10 billion BLAST tokens to build the Fullstack Chain. This phase continues until June 2025, spanning 12 months. Half of the Phase 2 rewards are allocated to Blast Points, while the other half is allocated to Blast Gold.

Wallet balance

Fifty percent of Phase 2 rewards are allocated to Blast Points. Wallets earn points automatically every block based on their ETH, WETH, or USDB balance, which is reflected in real-time on the Blast.io dashboard. To increase points, users can bridge more assets to Blast. Points earnings grow over time as wallet balances increase due to the native yield on Blast.

Dapps

Dapps earn points at the same rate as wallets based on their TVL. When users transfer ETH, WETH, or USDB from their wallets to Dapps, the Dapps start earning points based on the transferred amounts. Dapps are expected to distribute the points they earn back to users through integration with the Blast Points API.

Multipliers

Multipliers increase both points balance and earnings rate. For example, if a user has 100 points and earns 20 points per hour, a 2x multiplier would double both the points balance and earnings rate. Users can earn multipliers by interacting with Dapps.

Earn Gold

Fifty percent of Phase 2 rewards are allocated to Blast Gold. Unlike points, gold is distributed manually by the Blast incentives committee on a bi-weekly basis. Gold is intended to incentivize Dapp growth, with Dapps required to give 100% of any gold they earn to their users via integration with the Blast Points API.

Withdrawal time reduction

Blast has reduced the withdrawal time for bridging assets from Blast to the Ethereum Mainnet to seven days, down from the previous 14 days. This change was implemented following an analysis of withdrawal activity over the past four months, which indicated that a smaller buffer would still meet nearly all withdrawal