What is Blast ($BLAST)?

Introducing a Layer 2 network ready to blast its way to the top, focusing on Real World Assets (RWA), yield generation and of course the primary mission of scaling the Ethereum network…

Yes, you guessed it, it’s none other than Blast.

What is Blast ($BLAST)?

Blast is a first-of-its-kind Ethereum Layer 2 network with native yield for $ETH (4%) and stablecoins that come from RWA protocols and Ethereum staking. The Blast network then automatically rewards all of the generated yield back to the community, so let’s break it all down bit by bit.

How Does Blast Work?

The Blast network is designed to reward users in multiple ways and this is all thanks to The Merge that took place on Ethereum, without it, Blast would not exist. The first mechanism by which Blast rewards its users is Auto Rebasing which enables $ETH and $USDB, the native Blast stablecoin to earn yield automatically just by holding the tokens.

Secondly, Blast utilizes the Ethereum Layer 1 by staking $ETH through Lido Finance, where they receive liquid staked $ETH and all the yield is then transferred to Blast L2 users. Next, Blast leverages Maker DAO’s T-Bill protocol which allows users to bridge and earn the native rebase stablecoin, $USDB.

Finally is the ultimate Gas Revenue Sharing model of which Blast automatically distributes the revenue earned from fees back to dApps on the network. This feature alone will most likely attract some of the biggest developers and protocols to build on Blast.

Blast Ecosystem

In such a short time, the Blast ecosystem has grown tremendously with over 120+ integrated and natively built dApps including Uniswap, Thruster Finance, Zero Lend and many more benefitting from the unique Blast network.

Blast has already amassed over $2.6B in Total Value Locked (TVL) with over 1.62M users blasting across the network. Over 74M transactions have already been facilitated and it’s only the beginning. Both users and developers are reaping rewards from Blast, just the way DeFi was meant to be.

Blast Token

Recently airdropped is the native token $BLAST which is used to govern the entire Blast network. Token holders can propose and vote on any Blast Improvement Proposals, also known as BLIPs. Although the first phase of the Blast airdrop has concluded, the second phase has now been initiated and users can still get a second shot at another $BLAST airdrop!

Conclusion

According to CoinMarketCap, at the time of writing, $BLAST is currently trading at $0.022 with a market cap of $379.15M. Although the $BLAST token is extremely new with only days of being in the market, $BLAST is already up over 5.71% from its airdrop price. In comparison to other airdrops recently, they have been majorly dumped on. Could this be a sign of bullish things to come for $BLAST?

Blast has innovated to become a unique Ethereum Layer 2 network and has many attractions to its network and ecosystem. The battle of the best Layer 2 network is yet to be discovered, however, Blast could very well be one of the top competitors in the coming bull run. $BLAST, as well as many other L2 tokens, are yet to experience a bull market and this could be one of crypto’s biggest narratives…