Blast: Native Yields and Developer Incentives
Blast is an Ethereum Layer 2 (L2) optimistic rollup that aims to provide native yield on deposited ETH and stablecoins like USDC, USDT, and DAI. Integral’s integration with Blast means that Blast users can benefit from Integral’s robust accounting features, including real-time treasury visibility and automated bookkeeping.
TL;DR
Blast is an Ethereum Layer 2 solution offering native yields on ETH and stablecoins, which enhances scalability and developer incentives.
Integral now support transactions on Blast L2 natively, to improve financial operations with real-time data and automated bookkeeping.
Understanding Blast L2
In the dynamic landscape of blockchain technologies, Ethereum continues to be a major platform for innovation. However, scalability issues have often limited its broader adoption. The introduction of Layer 2 solutions like Blast aims to address these challenges by enhancing Ethereum's scalability while introducing unique features such as native yield on deposits and substantial developer incentives.
Blast is designed as an Ethereum Virtual Machine (EVM)-equivalent optimistic rollup. This structure allows existing Ethereum decentralized applications (dApps) to migrate to Blast without any modifications to their code. By providing an environment that reduces the barrier to entry for developers, Blast seeks to foster a more vibrant ecosystem on its platform.
One of the primary innovations of Blast is its offering of native yields on deposits. Deposited Ethereum (ETH) can earn an approximate yield of 4% through staking mechanisms facilitated by Lido, a well-known liquid staking solution. Additionally, stablecoins such as USDC, USDT, and DAI, along with Blast's native USDB stablecoin, can yield around 15% through mechanisms sourced from reputable protocols like MakerDAO's on-chain Treasury Bills (T-Bills).
Furthermore, Blast sets itself apart by pledging to return 100% of gas fee revenues back to the developers, a move that deviates from the common practice among other Layer 2 solutions that retain these fees. This could potentially attract a larger number of developers to the platform, incentivizing them to build and deploy dApps on Blast.
Why Blast Matters
The introduction of native yields on both ETH and stablecoins presents a novel concept in the Layer 2 space. This feature not only enhances the appeal of Blast as a platform for users seeking passive income streams but also may attract significant liquidity. Indeed, the platform had reportedly secured over $1 billion in deposits prior to its official launch, underscoring the strong interest from the community.
The yield-generating mechanism also opens up new business models and use cases for dApps, providing them with a unique selling point when compared to other Layer 2 solutions that focus solely on scalability. Moreover, Blast's strong ties to the NFT sector, through its association with the popular NFT marketplace Blur, might spur further activity and innovation within this segment on its network.
Major Projects are Thriving on Blast
We're seeing Blast successfully fostering a diverse ecosystem of decentralized applications across DeFi, derivatives, gaming, and tokenomics, leveraging its novel yield opportunities and incentives for users and developers. Some of the major projects include
Orbit
Orbit is a decentralized lending protocol that allows users to supply crypto assets like ETH, USDC, and USDB to earn yield. Lenders receive interest from borrowers who take out overcollateralized loans using their supplied assets as collateral. Orbit's innovative yield tokenization model enables lenders to earn additional rewards through its native ORB token emissions.
SynFutures
SynFutures is a derivatives exchange offering perpetual futures contracts with up to 100x leverage on various crypto assets. It utilizes an innovative AMM model and incentivizes liquidity provision through emissions of its SYN governance token. SynFutures has gained traction for its user-friendly interface, high leverage options, and attractive liquidity mining rewards.
Fantasy
Fantasy.top is a revolutionary SocialFi Trading Card Game built on the Blast L2 network, where players create lineups of "Hero" cards representing crypto Twitter influencers and compete in weekly tournaments based on the real-world performance of those influencers.
Thruster
Thruster is a decentralized exchange (DEX) built natively on Blast, facilitating token swaps and liquidity provision. Users earn "Thruster Credits" for trading on Thruster, which may qualify them for future airdrops. Thruster aims to provide a seamless and cost-effective trading experience by leveraging Blast's low transaction fees and yield opportunities.
Baseline
Baseline is an automated tokenomics engine that creates new ERC20 tokens with built-in liquidity and leverage mechanisms. Its first token "$YES" launched on Blast, attracting interest due to its innovative tokenomics design. Baseline aims to simplify and streamline the token creation and liquidity provision process for projects building on Blast.
YOLO Games
YOLO Games is a decentralized gaming platform offering simple gambling games like "YOLO," "Poke the Bear," and "Moon or Doom." Players can earn points by participating in games and inviting friends, potentially qualifying for airdrops of the native $YOLO and $BLAST tokens. YOLO Games leverages Blast's yield capabilities to incentivize gameplay.
KAP Games
KAP Games is a web3 gaming platform focused on bridging traditional gaming with blockchain technology. It aims to provide solutions for game developers, players, and communities, pioneering as the first web3 gaming distributor, publisher, and studio focused on browser and mobile-native experiences on Blast L2.
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Blast's Market Impact and Future Potential
Since its launch in November 2023, Blast has demonstrated significant growth and adoption - underscoring the compelling nature of its yield offerings. In November 2023, Blast raised $20 million in a funding round from prominent crypto venture capital firms Paradigm, Standard Crypto and EGirl Capital amongst others.
Blast has seen considerable user adoption, with over 100,000 users joining within the first two months of operation. The ability to earn yields on deposited assets is a major attraction, coupled with the credibility brought about by its association with Blur.
January 2024 saw the launch of the "Big Bang" testnet incentive program aimed at developers, which provides token airdrops, investor connections, and opportunities for projects to be featured at Blast's mainnet launch. These initiatives indicate Blast’s commitment to nurturing a robust developer ecosystem, which is essential for long-term success and innovation in the blockchain space.
Integral Support Blast
Integral’s integration with Blast marks a significant enhancement for users on both platforms. For Blast, this integration means that its users can benefit from Integral’s robust accounting features, including real-time treasury visibility and automated bookkeeping. This can significantly streamline financial operations for entities operating within the Blast ecosystem, ensuring they have accurate, real-time financial data at their fingertips. Additionally, Integral's ability to handle complex, high-volume transactions aligns well with the needs of Blast's users, especially those dealing with high-stakes or high-volume NFT and cryptocurrency transactions.
Frequently Asked Questions
What is Blast and what does it offer?
Blast is an Ethereum Layer 2 optimistic rollup designed to enhance scalability and provide native yields on deposited cryptocurrencies like ETH and stablecoins (USDC, USDT, DAI). It allows Ethereum dApps to migrate without code changes and offers features like yield generation on deposits and full return of gas fee revenues to developers.
