Blast, the new L2 network launched by Blur founder Pacman, has already exceeded $27 million in TVL shortly after its launch, including NFT whale Christian, who deposited 500 stETH into Blast and has high hopes for its performance. What’s even more surprising is that just today, Blast announced the completion of $20 million in financing, including participation from Paradigm, Standard Crypto, eGirl Capital, Mechanism Capital co-founder Andrew Kang, Lido consultant Hasu, The Block CEO Larry Cermak, and others.
What is the concept of $20 million? Arbitrum’s first funding round in 2019 was $3.7 million, and Op’s first funding round in 2020 was only $3.5 million. Blast’s first financing was in the tens of millions. At the same time, the bridging gameplay launched by Blast also caused a wave of discussion on social media platforms. Some KOLs even said that Blur’s move was to give away money, interest, and gas at the same time.
Next, veDAO Research Institute will bring you an introduction and gameplay explanation of Blast.
What is Blast?
First of all, we must first understand a concept: Risk Free Rate (RFR). This concept believes that the cryptocurrency world is also inflationary. ETH has a stable pledge yield of 3% -4%, but most Layers 2 The funds in the account are only placed statically (yield rate 0%), which means that these assets are being passively depreciated due to the inflation of ETH.
It is this problem that Blast hopes to solve, providing the possibility to passively earn interest on funds held in Layer 2 accounts.
Specifically, when a user deposits funds into Blast, Blast will then use the corresponding ETH locked on the Layer 1 network for native pledge of the network, and automatically return the obtained ETH pledge income to the users on Blast. In short, if a user holds 1 ETH in an account on Blast, it may automatically grow to 1.1, 1.2 ETH over time.
In addition to ETH that can participate in native staking, Blast also supports passive interest generation of stablecoins. The specific operating mechanism is that when users bridge stablecoins (such as USDC, USDT and DAI) to Blast, Blast will then deposit the corresponding stablecoins locked on the Layer 1 network into U.S. debt-based DeFi protocols such as MakerDAO, and use Earnings will be automatically returned to users on Blast in the form of USDB (Blasts native stablecoin).
After users enter the Blast network through early access, they can not only immediately enjoy the passive interest earning of 4% of ETH or 5% of stable coins, but also accumulate Blast Points rewards at the same time. Regarding the current description of points, the official only revealed that Blast plans to launch the mainnet and develop withdrawals on February 24 next year, and open the “redemption” of Blast Points on May 24.
Specific operation process:
1. The user logs in to the Blast official website and links the wallet.
2. The user enters the invitation code. Currently, KOLs related to the X platform are releasing their own invitation codes.
3. After entering the invitation code, the user can check whether he has received the airdrop by linking the relevant X account and Discord account.
4. It doesn’t matter if you don’t get the airdrop. Users can still use the bridging function. It is worth noting that within 7 days starting from today, you will get double points (Blast Points) for bridging any amount. The greater the amount, the more points you will get.
5. When the user completes the bridging behavior, he or she will receive a new invitation code. Users can also obtain corresponding point rewards by distributing invitation codes. The specific rules are as follows:
In general, the gameplay of Blast can be understood as forming a team with others, locking at least 5 ETH together, and unlocking the principal and interest together in February next year. It is somewhat similar to the early 3 ETH staking activity of ETH 2.0.
With the popularity of the BlackRock Ethereum ETF and the arrival of the Cancun upgrade next year, ETH may usher in a wave of gains next year. Through Blasts staking, you can not only passively obtain the income brought by ETH, but also obtain the profits brought by the bridge, eating two fish.
Finally, Blast is very popular, so we also provide some invitation codes for our readers:
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