What is Blast? Blur’s Native Yield L2 and the BLAST Token Airdrop Explained
Rubic continues expanding in the blockchain landscape, with the recent integration of the Blast marking another major milestone in our journey. Rubic is committed to providing users with a comprehensive on-chain & cross-chain experience and early access to these new networks. In this update, we cover the unique features of Blast, discuss a potential airdrop, and explore the benefits of integrating into the Rubic ecosystem.
What is the Blast? A Unique Ethereum Optimistic Rollup
The Blast is a standout player for blockchain environments. Thanks in part to three key differentiators in its offering.
One. This new Ethereum Optimistic Rollup is setting itself apart from other chains by offering native yield for both ETH and stables like USDT, USDC and DAI.
Two, Blast showcases four standout features: Auto Rebasing, L1 Staking, T-Bill Yield and Gas Revenue Sharing. These features not only provide developers with a seamless deployment experience on Blast but also empower users to generate passive income effortlessly.
Three. Similar to other L2s, Blast also provides EVM compatibility and cheaper gas fees. But going beyond that, Blast is also setting itself apart by offering 100% of gas revenue back to developers and additional incentives for users.
Who Created The Blast?
The Blast was founded by Pacman, the visionary behind Blur a leading NFT marketplace aggregator that exceeded OpenSea in terms of trading volume. Blast boasts a formidable team with members from esteemed institutions like FAANG, Yale, MIT, Nanyang Technological University, and Seoul National University. With successful fundraising of $20M from prominent backers, including Paradigm, Standard Crypto, and others, Blast positions itself as a project with both vision and solid support.
Native Yield Mechanism on Blast
The process behind the platform’s yield involves ETH staking and real-world asset protocols to promise users the enticing automatic returns of 4% for ETH and 5% for stablecoins, as of now.
How does it work? Pretty simple. When you deposit your tokens to other Layer 2s, the equivalent tokens are escrowed in smart contracts on corresponding Layer 1s. These tokens are not utilized, but that’s exactly what Blast is trying to change by converting deposited ETH and stablecoins to stETH and DAI to earn yields from staking rewards and treasuries.
Basically, Blast puts assets deposited on its L2 platform to work, accruing yield for their holders. When users bridge ETH into Blast, the tokens are staked with the liquid staking protocol Lido Finance, which provides stakers with a yield of about 4% to users.
When it comes to stablecoins, they’re automatically deposited in on-chain treasury bill protocols through MakerDAO. These work similarly to traditional t-bills by offering a return over a set period and in this case, thanks to all the rate hikes, roughly a sweet 5% yield. Depositors will receive Blast’s auto-rebasing stablecoin, USDB, which can be redeemed for USDC when bridged back to Ethereum. This approach by Blast aims to provide users with a new “passive income” stream.
Airdrop and Early Access Program
Currently, you’ll need an invitation to use Blast which is in its ‘early access’ phase. Its Early Access phase began in November 2023 with a community airdrop program that’s divided equally between Early Access Members and Developers. To join the airdrop program, users need an invite link to access the Blast platform and connect their Twitter and Discord accounts. An initial set of points will be given to them based on their wallet’s historical activity and they can start earning Blast points through a few ways like bridging assets, staking, and referring others.
After onboarding, users receive invite links to invite their friends to join Blast. Here’s where things get a little bit interesting. Every person that you invite will give you 16% bonus points on the points they earn, and from these direct invites, anyone they invite will earn you an additional 8% bonus points on the points they earn.
The BLAST token airdrop is scheduled for May 2024 and members can redeem their Blast Points for their contribution to the platform. The more points you collect, the higher your airdrop allocation.
Within just one week of early access, Blast has reached $570 million in Total Value Locked with over 63,000 community members. Since then, the figure has grown to $1,273,844,870 at the time of writing!
Funds deposited by early access members are locked in a bridge contract until this month (February 2024), when the full mainnet is set to be launched and anyone can start accessing Blast.
At the moment, there is only one activity available on Blast for regular users. After receiving a referral code from another participant (initially, the codes were given out by large influencers, but now they can be given out by any participant), everyone can lock their funds on a special smart contract until February 2024.
Quick Onboarding Instructions:
- Obtain a referral code either from a friend or from the official Blast Discord on Blast’s platform.
- Navigate to the Blast website and locate the Airdrop Tab. Input the obtained referral code in the designated field.
- Fulfill straightforward social tasks provided on the platform.
- Verify your wallet to determine your eligibility for the airdrop. If your wallet isn’t eligible, take the following steps:
a. Visit https://blast.io/en/airdrop/early-access/bridge.
b. Deposit the required tokens to meet the eligibility criteria.
*Withdrawing from the bridge will be available after the Blast Mainnet launches in February.
Blast Ecosystem
Currently, numerous projects are already in the process of deploying on Blast. Let’s review the five most intriguing projects that are offering promising airdrops for early adopters:
NFT
GameFi
DeFi
- BLASTOFF
- HYPERBLAST
- RUBIC
Integration within Rubic’s App
Rubic has seamlessly integrated the Blast network into our App. Users can now swap from, to and on Blast directly at https://app.rubic.exchange.
Rubic x Blast Takeover
To celebrate the seamless integration of Blast into the Rubic App, dive into the newest Galxe campaign that is going to be launched soon! Engage in a combination of social and on-chain tasks with Rubic and other ecosystem members to earn exclusive early adopter NFTs!
Discover more about the campaign and the exciting opportunities awaiting you: https://galxe.com/Rubic/campaign/GC3YDtwE9f
Exploring chains with Rubic is as easy as pie!
