[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"9940c3e6-d13a-4954-802d-f8b2a0f15b77","updated_at":"2024-06-28T10:40:00.143+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Unveiling potential of Blast L2. Earn passive income on ETH & stables and join a rewarding ecosystem. Explore Blast - it's more than just scaling! ","sapo":"Unleash the power of Blast L2! Earn passive income on your crypto, experience lightning-fast transactions with minimal fees, and join a thriving DeFi ecosystem. Dive in and unlock the future of finance!","title":"What is Blast? Why It Is The Future of DeFi?","content":"

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What is Blast?

Blast is an Ethereum Layer 2 (L2) network that supports native ETH and stablecoin yields. Blast was founded in November 2023 by the team from Blur, a top NFT marketplace. It has quickly become popular for its unique way of creating yields on Layer-2 (L2).

Unlike others with zero built-in yield, Blast offers automatic returns on ETH (3.4%) and stablecoins (up to 8%) simply for holding them in your wallet. This unique feature stems from Blast's integration with ETH staking and Real-World Asset protocols.

Furthermore, Blast L2 empowers developers with "native yield" and "gas revenue sharing" tools. These features allow them to create highly competitive products and business models within the Blast ecosystem, setting it apart from other blockchain platforms. Blast goes beyond scaling solutions, fostering a thriving environment for both users and developers to earn and build.

Blast Crypto

Source: Inside Bitcoins

Blast L2 Crypto: A Feature-Packed Powerhouse

Blast L2 isn't just about scaling Ethereum; it's a feature-rich platform designed for a superior user experience. Here's what sets Blast apart:

Lightning Speed: Blast processes thousands of transactions per second (TPS) compared to Ethereum's slow 15 TPS, resulting in near-instant confirmations.
Minimal Fees: Blast leverages optimistic rollups for drastically reduced fees, making it a cost-effective alternative to the Ethereum mainnet.
Effortless Earning: Blast's native yield lets you earn passive income directly on ETH and stablecoins held in your wallet. Forget complex staking – just hold and watch your assets grow.
Auto-Rebasing Rewards: Blast simplifies yield generation even further with auto-rebasing. Your balances automatically adjust to reflect earned rewards, eliminating manual staking steps.
Soaring TVL: Blast's TVL has skyrocketed to over $1.65 billion (Q2 2024), making it the second-largest L2 by this metric. This growth is likely fueled by user anticipation for future airdrops and rewards.

These features make Blast an attractive proposition for users and developers alike. Blast offers a faster, cheaper, and more rewarding way to interact with the Ethereum blockchain, paving the way for a robust L2 ecosystem.

The Blast Crypto Airdrop

Blast's commitment to its community is evident in its generous airdrop program. The project distributed a significant portion (17 billion) of its total token supply (100 billion) through a "Phase 1" airdrop on June 26, 2024. This airdrop aimed to reward early adopters and incentivize participation within the Blast ecosystem.

Here's how the blast airdrop was structured:

Blast Points: Users actively contributing to the network by bridging assets and inviting new members earned "Blast Points." These points functioned as a measure of user contribution and determined their airdrop allocation.
Blast Gold for Developers: Recognizing the importance of developers, Blast offered a separate reward system called "Blast Gold." This incentivized developers to build and innovate within the Blast ecosystem. The Blast incentives committee distributes Gold regularly (every 2-3 weeks) with public announcements.

Interestingly, Blast Gold is intended to be user-centric. DApps receiving Gold are expected to pass on 100% of it to their users – further incentivizing user engagement and platform growth. Additionally, DApps must integrate with the Blast Points API to facilitate this distribution.

This airdrop exemplifies Blast's philosophy of rewarding users and developers, creating a symbiotic relationship within the ecosystem. By actively participating, users can earn substantial rewards, while developers are encouraged to build innovative applications on the platform.

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Comparison between Blast L2 Crypto With Others Layer 2 Chain

The L2 scene is all about speed and scalability, but Blast L2 throws a wrench in the works. Unlike most L2s focused on just faster transactions, Blast prioritizes native yield generation. Users earn passive income on ETH and stablecoins simply by holding them in the Blast ecosystem. This stands out from the typical 0% interest on other L2s.

This unique feature isn't just a perk; it might reshape L2 expectations. By offering built-in returns, Blast elevates the user experience and sets a new standard for value in the L2 space. This innovation has the potential to influence how users interact with L2 solutions, potentially sparking a shift in the entire blockchain community.

Blast Compares With Optimism and Arbitrum

Source: Blast

Bridging Ethereum to Blast L2: A Step-by-Step Guide

Blast L2 offers users a unique opportunity to not only benefit from faster transactions and lower fees but also to generate passive income through its native yield features. Here's a breakdown of how you can build Blast Bridge crypto:

Step 1: Go to the Official Bridge Interface.

First, access the Owlto bridge interface. This is the platform where you will carry out the bridging process.

Step 2: Connect your Web3 wallet.

Next, link your Web3 wallet to the bridge interface. You can utilize any Web3 wallet, including MetaMask, WalletConnect, and Coinbase Wallet. Simply click the "Connect Wallet" button and follow the instructions to link your favorite wallet.

Step 3: Choose Ethereum as the source, and Blast as the destination.

Once your wallet is connected, choose Ethereum as your source network and Blast L2 as your destination network. This means that you are transferring assets from Ethereum to Blast.

Step 4: Select the token you want to bridge.

You can use either ETH or supported stablecoins. Choose the token you wish to bridge from the dropdown menu.

Blast Bridge Guide

Source: Linkedin

Step 5: Enter the amount you want to transfer.

After selecting your token, enter the amount you wish to transfer. Make sure you have enough funds in your wallet to complete the transaction.

Step 6: Review Transaction Details and Confirm.

Before proceeding, carefully consider the transaction details. Check the amount, the token, and the gas costs. Once you've double-checked everything, confirm the transaction.

Step 7: Wait for the Bridging Process to Complete.

Conclusion

After confirming the transaction, you only need to wait for the bridging procedure to complete. This typically takes a few minutes. You can check your process on the bridge interface.

Blast Crypto is emerging as a notable force in the cryptocurrency landscape, addressing critical challenges with innovative solutions. The forward-looking innovations under the Blast L2 Crypto roadmap further highlight its potential in the decentralized finance space. Whether you are an investor or a developer, Blast Crypto offers promising opportunities for those looking to engage with cutting-edge blockchain technology.

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What is Blast? Why It Is The Future of DeFi?

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