Trade BLAST with Leverage
Info
- Links
- Intro
Blast (BLAST) is an Ethereum Layer 2 (L2) scaling solution designed to enhance the Ethereum network’s scalability and yield generation capabilities. As an optimistic rollup, Blast improves transaction efficiency by processing transactions off-chain and later submitting them to the Ethereum mainnet, thereby reducing congestion and costs.
The Blast network was developed by Pacman, the founder of Blur, a leading NFT marketplace on Ethereum. The development team officially announced Blast in November 2023, with the mainnet launching in February 2024. The project has received substantial backing from notable investors, including Paradigm and Standard Crypto, contributing to its growth and development.
Blast operates by utilizing an optimistic rollup mechanism to process transactions off-chain, which are then verified and settled on the Ethereum mainnet, enhancing transaction throughput and reducing fees. When users bridge their assets to Blast, the network automatically stakes these assets to generate yield. ETH deposits are utilized for liquid staking on Ethereum, providing a 4% annual yield. In contrast, stablecoin deposits are routed through on-chain T-bill protocols, such as those offered by MakerDAO, generating a 5% annual yield. These yields are compounded and distributed back to users in the form of rebasing tokens.
Blast’s native yield offering allows users to earn passive income on their deposited assets, including ETH and stablecoins like USDC, USDT, and DAI. The protocol’s use of rebasing tokens ensures that yields are automatically accrued and compounded over time, simplifying the yield earning process. Additionally, Blast’s smart contracts manage the staking and yield distribution processes, reducing the need for manual intervention by users. The streamlined approach makes Blast an attractive option for those looking to earn passive income from their crypto assets.
The BLAST token serves as the native token of the Blast network, facilitating transactions and governance within the ecosystem. The total supply of BLAST tokens is capped at 100 billion. The distribution of these tokens is as follows: 25.5% allocated to core contributors, 16.5% allocated to network investors, 8% allocated to the Blast Foundation, and 50% allocated for community initiatives, including the initial airdrop.
The initial airdrop, conducted on June 26, 2024, distributed 17 billion BLAST tokens to users based on their participation in the network. Users earned Blast Points by bridging assets to Blast and inviting new members, which determined their airdrop allocation. Developers received Blast Gold, a separate point system designed to incentivize innovation and growth within the Blast ecosystem.