How to play with the new L2 Blast launched by the founder of Blur? This article is enough.

veDAO研究院

2023-11-22 11:00

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Original Title: "Sending Money and Interest, How to Play the New L2 Blast Launched by Blur Founder?"

Original Author: veDAO

Founder of Blur, Pacman, has launched a new L2 network called Blast. Shortly after its launch, the TVL has already exceeded $27 million, with NFT whale Christian depositing 500 stETH into Blast and having high hopes for its performance. What's even more surprising is that today, Blast announced a $20 million financing round, with participation from Paradigm, Standard Crypto, eGirl Capital, Mechanism Capital co-founder Andrew Kang, Lido advisor Hasu, The Block CEO Larry Cermak, and others.

What is the concept of 20 million US dollars? Arbitrum's first financing in 2019 was $3.7 million, and Op's first financing in 2020 was only $3.5 million. Meanwhile, Blast's first financing was in the tens of millions, and the bridging gameplay launched by Blast also caused a wave of discussion on social media platforms. Some KOLs even expressed that Blur's move was both a gift and a giveaway, giving money, interest, and gas.

Next, the veDAO Research Institute will introduce and interpret the gameplay of Blast for everyone.

What is Blast?

First of all, we need to understand a concept: Risk Free Rate (RFR). This concept suggests that the world of cryptocurrency also has inflation. ETH has a stable staking yield of 3%-4%, but most of the funds in Layer 2 accounts are only statically placed (yielding 0%), which means that these assets are passively devalued due to the inflation of ETH.

Blast aims to solve this problem by providing the possibility of passive income for funds within Layer 2 accounts.

Specifically, when a user deposits funds into Blast, Blast will immediately use the corresponding ETH locked on the Layer 1 network for native network staking, and automatically return the ETH staking rewards obtained to the user above Blast. In short, if a user holds 1 ETH in their Blast account, over time it may automatically increase to 1.1 or 1.2 ETH.

除了可参与原生质押的ETH之外，Blast also supports passive income for stablecoins. The specific operation mechanism is that when users bridge stablecoins (such as USDC, USDT, and DAI) to Blast, Blast will immediately lock the corresponding stablecoins on Layer 1 network into DeFi protocols such as MakerDAO, and automatically return the income in the form of USDB (Blast's native stablecoin) to the users on Blast.

After accessing the Blast network in advance, users can not only immediately enjoy the passive income of ETH 4% or stablecoin 5%, but also accumulate Blast Points rewards. Currently, the official only revealed that Blast plans to launch the mainnet and develop withdrawals on February 24th next year, and open the "redemption" of Blast Points on May 24th.

Specific Operation Process:

1. User logs in to the Blast official website and links their wallet.

2. Users enter invitation codes, and currently, various KOLs on X platform are releasing their own invitation codes.

3. After entering the invitation code, users can check whether they have received the airdrop by associating their relevant X account and Discord account.

4. It doesn't matter if you didn't receive the airdrop. Users can still use the bridging function. It is worth noting that within the next 7 days starting from today, bridging any amount will earn double points (Blast Points). The more the amount, the more points you can earn.

5. After the user completes the bridging process, they will receive a new invitation code. By distributing the invitation code, users can also receive corresponding points rewards. The specific rules are as follows:

Generally speaking, the gameplay of Blast can be understood as forming a team with others, locking in at least 5 ETH, and unlocking the principal and interest together in February next year. It is somewhat similar to the early ETH2.0's 3 ETH staking activity.

With the popularity of BlackRock's Ethereum ETF and the upcoming Cancun upgrade next year, ETH may experience a wave of growth next year. Through Blast's staking, you can passively earn profits from ETH and also benefit from bridging profits, killing two birds with one stone.