What is Blast? Blur’s Native Yield L2 and Token Airdrop Explained

What is Blast L2 Blur

All about the yield generating Layer-2 and the BLAST crypto token airdrop

Blast stands out from other L2 networks built on top of Ethereum, thanks to its native yield. This allows users to generative passive income, simply by holding certain tokens in their wallets. Blast wants to become an experimental playground with solid foundations, inviting developers and users alike to earn natively while also interacting with DeFi, games, SocialFi and NFT collections.

What is Blast?

Blast is an Ethereum Layer-2 (L2) platform created by the same talented team behind Blur, the popular NFT marketplace. They strongly position themselves as an ecosystem that earn users and contributors native yield in ETH, USDC, USDT and DAI. Simply holding these tokens in your wallet, is enough to earn yield.

Pacman, an anonymous but renowned developer, leads the development of Blast. They bootstrapped their development by allowing interested parties to deposit funds in a multisig wallet. The result is over $2 billion in funds ready to deploy when the Blast mainnet goes live on 29 February.

Blast the new layer 2 blockchain

Earn native yield in ETH and USD

Blast distinguishes itself with the introduction of native yield for ether (ETH) and various stablecoins such as USDC, USDT, and DAI. This feature is designed to enable these assets to automatically generate yield once they are transferred, or ‘bridged’, to the Blast ecosystem. It’s not without reason that Blast clearly positions itself as the only L2 network that helps you earn money.

The mechanism behind this yield generation involves two primary components:

  • ETH staking, where Ethereum holders can lock up their ETH to support the network’s operation and security. In return, they receive rewards in the form of additional ETH. In Blast’s framework, this staking yield is directly passed back to the users.
  • The integration of on-chain Treasury Bill (T-Bill) protocols, exemplified by MakerDAO. When stablecoins are bridged to Blast, they are automatically engaged in on-chain T-Bill protocols. These protocols work similarly to traditional treasury bills, offering a return over a set period. The yield generated from these investments is then distributed to the users.
Blast native yield rewards

Blast aims to provide a passive income stream to its users through this approach, potentially enhancing the attractiveness of holding and using digital assets on their platform. It addresses a common concern in the crypto space regarding the idle nature of assets, offering a solution that not only preserves but potentially increases asset value over time.

How much can you earn on Blast?

Blast offers an interest rate of 4% on ETH, and 5% on stablecoins like USDC, USDT and DAI. These aren’t the highest yields on the market, but it’s important to note that users don’t need to stake anything. People earn interest simply by having these coins in their wallet.

Find trending projects before everybody else

Through DappRadar’s Hot Contracts, users can discover which smart contracts are trending on Blast. This allows investors with an appetite for risk to discover projects as soon as they launch on the blockchain. This means they have frontrow seats at for example at NFT mints or newly launched memecoins.

To get access to Hot Contracts on Blast, you need to be a DappRadar PRO member. You can become a PRO member by staking 30,000 RADAR, over which you will then receive a juicy 15% APY.

Blast launch date

Blast launched its mainnet on 29 February 2024. From this moment on every developer and every Web3 enthusiasts can build or interact with dapps on the Blast network.

The BLAST token airdrop

The BLAST token airdrop is a pivotal element of the Blast ecosystem, designed to reward user engagement and support platform growth. Users participate in this airdrop by bridging assets to Blast and inviting new members, thereby earning points.

These points, a measure of their contribution to the platform, will be redeemable as BLAST tokens in May 2024.

Blast Airdrop Timeline

The airdrop is structured in two distinct stages:

  • 50% is allocated to early adopters (starting in November 2023), rewarding their initial engagement and asset-bridging
  • 50% is reserved for developers (starting in January 2024), incentivizing them to build and innovate within the Blast environment.

How to farm BLAST tokens

With the BLAST crypto token launch date coming soon, airdrop hunters have already started looking for the best ways to earn it. In order to join the Blast Early Access airdrop, you’ll need to:

  1. Visit Blast’s official website
  2. Enter your invite code to claim your airdrop (examples include 4WB38, CN6S7 and VQTBF)
  3. Connect your X (former Twitter) account to follow the Blast official account
  4. Connect your Discord account to join Blast’s group
  5. Connect your Ethereum wallet and bridge ETH tokens (the more you bridge, the higher amount of Blast points you’ll get)

Blast points owners will be able to convert them into BLAST tokens in May 2024. 

BLAST or ETH as the native gas token

Even though this may change, users will transact in ETH on Blast. All dapps will be built around ETH, and this ETH natively generates yield. Auto rebasing is a standard feature here.

Why Base gives yield

After the Shanghai upgrade for Ethereum, the Ethereum ecosystem provides a 4% yield on staked ETH. This means there’s inflation, even despite burning gas fees. If users don’t match or beat these rates on a L2 network, they are basically losing value, or losing money.

None of the L2 networks embrace yield, but Blast does. This way Base incorporates ETH and stablecoin yield natively, allowing users to earn while using the EVM-compatible optimistic rollup.

Blast vs other Layer-2 chains

When compared to other L2 chains, Blast stands out primarily for its native yield feature. While most L2s focus on scalability and transaction speed, Blast adds an additional layer of value by enabling assets to generate yield natively. This approach not only enhances the user experience, but also proposes a new standard for L2 platforms, potentially reshaping expectations in the blockchain community.

Blast Layer 2 comparison with Optimism and Arbitrum
L2s comparison on the Blast official website

Blast benefits for developers

Blast wants to position itself as an inclusive platform for developers. Developers are encouraged to bring their project to Blast with the potential of the BLAST airdrop. Moreover, Blast has committed to distributing 100% of its gas fee revenue to developers who build dapps on the platform. A strategy that not only incentivizes development within the Blast ecosystem but also closely aligns developers with the platform’s growth and success.

Explore and compare trending blockchains 

Blast is shaping up to be one of the most promising blockchain launches of 2024, offering unique features and incentives that could significantly impact the Layer-2 ecosystem.

For those interested in tracking its performance and comparing it with other blockchains, DappRadar provides the ideal tools. Do your own research through the DappRadar Chain Ranking and the dedicated Blast Chain Page, with detailed information and data about trending projects within 59 chains.

Discover DappRadar Rankings

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