What is Blast Network – Layer 2 Network For Passive Yield (BLAST)

The Blast Network is an Ethereum Layer 2 solution that provides native yield for both ETH and stablecoins. This yield is generated through ETH staking and Real-World Asset (RWA) protocols. It comes with automatic rebasing for ETH and USDB, Blast’s native stablecoin.

Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (BLAST/USDT – Trade it here) on the Assessment Zone! Check it out now!

What is Blast Network - Layer 2 Network For Passive Yield (BLAST)
What is Blast Network – Layer 2 Network For Passive Yield (BLAST)

What Exactly is Blast Network

Blast Network is a layer-2 efficient Ethereum scaling solution. It is designed to tackle Ethereum’s scalability issues by providing more efficient and cost-effective alternatives to the mainnet. This innovative network is the brainchild of the team behind Blur, a top NFT marketplace on Ethereum for professional traders.

What distinguishes Blast is its ability to offer native yields for ETH and stablecoins. This is achieved through an automatic rebasing mechanism and partnerships with real-world asset protocols. Furthermore, this unique feature has attracted significant community interest. After its mainnet launch on February 29, 2024, it achieved a total value locked (TVL) exceeding $2.7 billion. At the time of writing, the network continues to grow, with a burgeoning ecosystem of applications and users.

How Does Blast Network Work

Auto Rebasing

On Blast, ETH itself, not WETH, STETH, or any other ERC20 token, undergoes native rebasing on the Layer 2 network. The ETH balance for Externally Owned Accounts (EOAs) automatically adjusts through rebasing. Smart contracts can opt-in to this feature, allowing existing Dapps to deploy on Blast without modifications.

Blast’s native stablecoin, USDB, also undergoes automatic rebasing. Similar to ETH, USDB rebase occurs automatically for EOAs and smart contracts, with an option for smart contracts to opt out.

T-Bill Yield

Users who bridge stablecoins receive USDB, Blast’s auto-rebasing stablecoin. The yield for USDB comes from MakerDAO’s on-chain T-Bill protocol. When bridging back to Ethereum, USDB can be redeemed for DAI. In the future, the Blast community will have the authority to supplement or fully replace MakerDAO with Blast-native solutions or other third-party protocols.

Gas Revenue Sharing

Unlike other Layer 2 solutions that keep gas fee revenue, Blast redistributes net gas revenue back to Dapps programmatically. Dapp developers can retain this revenue or use it to subsidize gas fees for users.

Key Advantages of Blast Network

Native Yields

Blast distinguishes itself from other Layer-2 solutions by offering native yields on ETH and stablecoins. This unique feature is made possible through an innovative auto-rebasing mechanism. It initially leverages yield from Ethereum’s Layer 1 staking, primarily through Lido for ETH, and converts bridged stablecoins into USDB, Blast’s auto-rebasing stablecoin. Unlike traditional staking, users can earn interest simply by holding their ETH, USDC, and stablecoins in their wallet.

EVM Compatibility

Furthermore, Blast is fully compatible with the Ethereum Virtual Machine (EVM). This simplifies adoption for developers and users already familiar with the Ethereum ecosystem.

Enhanced Transaction Efficiency and Scalability

With its mainnet launch, Blast aims to significantly enhance Ethereum’s transaction efficiency and scalability. It addresses the issues of high transaction fees and slow processing times that have resulted from Ethereum’s popularity and widespread use.

Explore DeFi Innovation

Additionally, Blast is more than just another Layer-2 network. It serves as a hub for “degens” interested in exploring DeFi innovation. Early participants who deposited ETH into a multisig wallet before the network’s launch are now reaping the benefits, including earning points for an upcoming BLAST token airdrop.

Leveraging BLAST Points and BLAST Airdrop

By bridging ETH to Blast, users begin accumulating Blast Points, which are essential for determining their share in the BLAST token airdrop. Active participation in the ecosystem, such as trading memecoins, can further increase their points tally. Additionally, engaging with various projects on Blast can earn users additional points specific to those DeFi protocols.

Blast Network to Launch Airdrop for Early Adopters on June 26

The Ethereum Layer-2 Blast network will conduct an airdrop for its early adopters on June 26, as announced in a June 25 social media post. Seventeen percent of the total supply will be allocated for the airdrop. Of this, 7% will be given to users who bridged either Ether (ETH) or US Dollar Blast (USDB) to the network. Another 7% will be awarded to those who contributed to the success of decentralized applications (DApps) on Blast, and 3% will be allocated to the Blur Foundation for future airdrops to its community.

According to an accompanying report, the top 1,000 wallets by points will have their airdrop vest linearly over six months, meaning these accounts cannot sell all their tokens immediately. Furthermore, tokens are claimable starting at 10 am ET (2 pm UTC), according to the social media post.

The Blur Foundation plans to distribute its share of the token rewards to traders and holders who have used or will use its platform. One percent of the total supply will go to traders and holders in Season 3, 0.5% will be reserved for Season 4, and another 0.5% will be set aside for future use. Blur did not specify how the remaining 0.5% will be used.

How To Participate in Blast Network’s Airdrop?

The method to be eligible for Blast Network’s airdrop is very straightforward. It requires users to collect points.

  1. Bridge Tokens: Transfer your ETH to the BLAST L2 network to start accumulating points for the airdrop.
  2. Engage for Multipliers: Boost your points by interacting with recommended DApps on the network.
  3. Friend Referrals: Invite friends to join the Blast Network and receive a 16% bonus on their earned points.

Fifty percent of the Blast Airdrop is dedicated to Blast Points. Your wallet automatically earns Points for every block based on your ETH/WETH/USDB balance. Furthermore, you can monitor in real time on your Blast.io Airdrop dashboard.

Your Points accrual will grow over time as your wallet balance increases, thanks to Blast’s native yield (~4% for ETH/WETH and 5% for USDB). Therefore, to increase your Points, consider bridging more assets to Blast.

Meanwhile, ETH/WETH balances earn a fixed amount of points consistently. USDB balances on the other hand will earn a variable amount based on the current ETH price. The USDB to ETH conversion rate for points updates whenever you receive or send USDB.

How To Connect Metamask To Blast Network

Step 1: Make sure you have set up a MetaMask wallet with ETH to cover transaction gas fees on the Ethereum network.

Step 2: Visit the official Blast website and locate the wallet connection section. Follow the instructions to connect your MetaMask wallet to the Blast network.

Step 3: Utilize the platform’s bridge feature to transfer assets from Ethereum’s mainnet to Blast. Select the asset, specify the amount, and confirm the transaction in your MetaMask wallet.

Step 4: Once your assets are on Blast, explore opportunities to stake ETH or stablecoins for yields or participate in ongoing airdrop campaigns to earn rewards.

Where to buy BLAST Token

You can find BLAST Tokens here at MEXC! We are listing BLAST/USDT in our Assessment Zone! Furthermore, you can receive 100% spot trading fee discounts while holding MX tokens. Get yours now!

How to buy BLAST Tokens on MEXC

You can buy BLAST Tokens on MEXC by following the steps:

  1. Log in to your MEXC account. Click on [Spot].
  2. Search “BLAST” using the search bar to see the available trading pairs. Take BLAST/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of BLAST you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy BLAST] to confirm your order. You will find the purchased BLAST in your Spot Wallet.

You can find a detailed guide on how to buy BLAST Tokens here.

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