Unveiling Blast: The Powerhouse Behind Blur S3
TLDR:
- Blur Season 3 is set to be powered by Blast, a Layer 2 (L2) solution on Ethereum, bridging the gap between NFTs and blockchain technology.
- Blast disrupts the L2 norm by offering native yield for both ETH and stablecoins, sourced from ETH staking and Real World Asset (RWA) protocols, with default interest rates of 4% for ETH and 5% for stablecoins.
- Blast introduces native rebasing for ETH, allowing it to earn staking rewards while being used on the L2. Leveraging Ethereum’s Shanghai upgrade, Blast incorporates L1 staking rewards and bridges stablecoins to create an auto-rebasing stablecoin, USDB.
- Supported by industry giants like Paradigm and Standard Crypto, Blast conducts a community airdrop, fostering engagement and growth. It returns gas fee revenue to developers, creating a new revenue stream.
- Blast aims to elevate baseline yield for users and developers, positioning itself as a potentially more lucrative L2 solution. The fusion of native yield, developer incentives, and user-friendly features makes Blast stand out in the L2 landscape.
Blur Season 2 has come to a close, leaving the community buzzing with anticipation as it was announced that Season 3 would be powered by Blast. The intrigue deepens – what connection does an L2 blockchain have with the number one NFT Marketplace? Let’s explore this fusion of NFT and blockchain technology.
Understanding Blast
Blast stands as a Layer 2 (L2) solution on the Ethereum network, introducing groundbreaking features to amplify yield generation and elevate the overall user experience within the DeFi space.
Native Yield Generation
Blast takes a unique approach by being the first Ethereum L2 to offer native yield for both ETH and stablecoins. In a departure from the norm, where assets on L2s usually don’t earn yield, Blast disrupts this narrative. Yield on Blast is generated through ETH staking and Real World Asset (RWA) protocols, ensuring assets don’t just sit idle but actively contribute to value appreciation. Notably, Blast offers a default interest rate of 4% for ETH and 5% for stablecoins, providing a contrast to the 0% default on other L2s.
Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.
— Blast (@Blast_L2) November 20, 2023
We’ve raised $20m from @Paradigm and @StandardCrypto to build the L2 that helps you earn more.
Details on how to get early access at the end of the thread👇 pic.twitter.com/AYYmK8YFx4
Technical Innovations
The technical prowess of Blast shines through its native rebasing mechanism for ETH. This means ETH itself can earn staking rewards while being utilized on the L2. Leveraging Ethereum’s Shanghai upgrade, Blast incorporates L1 staking rewards (initially via Lido) to support its rebasing mechanism. Additionally, stablecoins bridged to Blast result in users receiving USDB, an auto-rebasing stablecoin with yields originating from MakerDAO’s on-chain T-Bill protocol.
Strategic Backing and Community Engagement
Supported by industry giants like Paradigm and Standard Crypto, Blast is not just a technological marvel but also fosters community engagement. The platform conducts a community airdrop, distributing rewards among early access members and developers, encouraging active participation and community growth.
Platform Capabilities and Developer Support
Blast boasts EVM compatibility, simplifying the transition for developers moving their DApps from other ETH L2s or the mainnet without the need to learn new tools. What sets Blast apart is its practice of returning gas fee revenue to developers, presenting a novel revenue stream in the L2 landscape.
Market Position and Comparison
Blast’s mission is clear: elevate the baseline yield for users and developers while maintaining the familiar Ethereum L2 experience. The amalgamation of native yield, developer incentives, and user-friendly features positions Blast as a potentially more lucrative and appealing platform compared to existing L2 solutions.
Early Access Airdrop
To kickstart the Blast journey, the platform has initiated an Early Access airdrop. Participants can earn airdrop points by bridging to Blast and inviting friends, with the points redeemable in May. However, it’s crucial to note that deposited funds are locked until February.
In this ever-evolving landscape, keep in mind that more information is expected in the coming weeks. Remember, not financial advice – please Do Your Own Research (DYOR). The fusion of Blur S3 and Blast signals a paradigm shift in the NFT and blockchain realm, promising an exciting and transformative journey ahead.
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