Ethereum
Exploring Blast (BLAST): a high-yield Ethereum Layer 2 solution
Blast, an Ethereum Layer 2 solution, is making waves in the crypto community with its unique integration of native yield for ETH and stablecoins. According to blog.bitfinex.comThis protocol distributes yield from decentralized sources like ETH staking and on-chain T-Bill protocols directly to users, providing a 4% yield on ETH and a 5% yield on stablecoins.
Main features of Blast
Blast functions as an EVM-compatible optimistic rollup, making it easier for users and developers to benefit from higher base yields without altering the familiar Ethereum experience. A notable feature is its automatic rebasing mechanism, which adjusts user account balances to reflect accumulated yield. This mechanism is natively applied for external accounts (EOA) and can optionally be enabled for smart contracts, allowing seamless integration with existing decentralized applications (DApps).
Yield generation is facilitated by Ethereum’s layer 1 staking rewards, including through protocols like Lido, which automatically transfer yield to Blast users via the rebasing mechanism. Additionally, users who bridge stablecoins to Blast receive USDB, a stablecoin whose yield is derived from MakerDAO’s on-chain T-Bill protocol. This ensures that users consistently earn competitive yields, whether they hold ETH or stablecoins.
Gas revenue sharing model
Another notable feature of Blast is its unique gas revenue sharing model. Unlike other Layer 2 solutions that retain gas fee revenue, Blast redistributes this revenue to DApps programmatically. This allows DApp developers to retain their revenue or use it to subsidize gas fees for their users, thereby fostering a more profitable and attractive environment for DApp usage.
What is BLAST token?
The BLAST token plays several essential roles within the Blast ecosystem. It is essential for governance, allowing token holders to participate in decision-making processes regarding protocol upgrades and yield strategies. This decentralized governance model ensures that the community has a say in shaping the future of the platform.
BLAST tokens are also essential for staking within the ecosystem. Users can stake their tokens to secure the network and earn rewards in return. This staking mechanism incentivizes users to contribute to the security of the network and helps maintain the overall health and stability of the ecosystem.
Additionally, BLAST tokens facilitate various transactional activities within the ecosystem, such as paying transaction fees on the Blast Layer 2 network. This ensures that operations are profitable and efficient, considering the often high gas fees associated with transactions on the Ethereum mainnet. Transaction fees collected in BLAST tokens are redistributed within the ecosystem, supporting development and incentive.
BLAST Tokenomics
The Blast airdrop initiative rewards early adopters and participants within the ecosystem. Users can earn Blast Points and Blast Gold through activities such as maintaining balances in ETH, WETH, and USDB, or by participating in DApps on the platform. Points are distributed automatically based on the balance held in users’ wallets or smart contracts, and users can earn multipliers by engaging with highlighted DApps.
Despite active engagement via airdrop, detailed information on BLAST tokenomics is still pending. Users are encouraged to join the Blast community to stay informed with the latest developments, including airdrop updates and detailed tokenomics.
How to buy BLAST
To buy BLAST with cryptocurrency, log in to your Bitfinex account, go to the Deposit page, choose the crypto you plan to buy BLAST with, generate a deposit address on the Exchange wallet and send the crypto to the generated address. Once the funds arrive, you can exchange them for BLAST.
To buy BLAST with fiat, log into your Bitfinex account, get full verification, go to the Deposit page in the Bank Transfer menu, choose the fiat currency for your deposit, check your email for transfer details, send the funds, and once they arrive, you can use them to purchase BLAST.
Blast also offers mobile options for on-the-go shopping.
BLAST Community Channels
For more information and updates, visit the Blast websiteFollow them X (Twitter)or join them Discord community.
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