There’s a new sensation in the Cryptoverse as Ethereum Layer 2 project, Blast, makes waves. With its Total Value Locked (TVL) inching close to $2 billion prior to its mainnet debut and an imminent Blast airdrop scheduled for the end of the month, excitement is palpable. Commentators are quick to note that the protocol, developed by the BLUR team, boasts a fully-prepared ecosystem, prompting further intrigue
Explosive Growth: Blast’s Meteoric Rise in Total Value Locked (TVL)
Blast made its debut on November 21st, marking the beginning of an impressive journey. In just 48 hours, the Blast team reported that the project’s Total Value Locked (TVL) surged to $230 million, attracting 37,131 users who were earning yields. Remarkably, this figure soared to $570 million within a mere week. As of Friday morning (UTC), Blast’s TVL skyrocketed to an astounding $1.841 billion. With such a rapid trajectory, it’s conceivable that Blast could surpass the $2 billion mark in a matter of days.
Unveiling Blast: The Success Story from BLUR’s Proven Team
Blast: Pioneering Ethereum L2 with Native Yield for ETH and Stablecoins
Blast stands out as the sole Ethereum Layer 2 platform offering inherent yield for both ETH and stablecoins.
This yield is generated through ETH staking and Real World Asset (RWA) protocols. In contrast to the standard 0% interest rate on most Layer 2 solutions, Blast provides a 4% interest rate for ETH and 5% for stablecoins, as outlined on the website.
The team emphasizes the automatic compounding of balances on Blast for enhanced user benefits.
A complete ecosystem
“We are witnessing the ecosystem being formed right before our eyes,” commented collector MoonCat2878.
“One of the biggest perks of being a depositor (bridger) into BLAST, is the fact that all new protocols, MEME coins and so on will want to draw that $ 1.5 billion TVL towards them.”
Meme coins are a significant focus here. According to the collector, PUMP is poised to become one of the most prominent meme coins right from its inception, suggesting it could potentially reach a $1 billion market cap on BLAST.
Furthermore, the PUMP team intends to distribute 10% of the token supply through an airdrop to bridgers. The collector expressed confidence that other projects would likely emulate this approach.
Renowned digital art collector Cozomo de’ Medici has recently characterized Blast as “one of the standout opportunities of 2024,” highlighting it as “an almost risk-free profit opportunity” and potentially “one of the most lucrative decisions I’ve ever made.”
“Not only I will get Blast reward points – but airdrops and things from the projects building on top of it.”
According to him, Blast is poised to evolve into a comprehensive ecosystem “with all the essentials,” encompassing DeFi, decentralized exchanges (DEXes), NFTs, meme coins, and beyond.
With over 3,000 teams actively developing on the protocol, Blast users can anticipate receiving airdrops from numerous projects.
Moreover, the collector emphasizes that “EVERYTHING is geared towards incentivizing yield and returning value to bridgers.”
Incoming Blast Airdrop: Is Your Eligibility Confirmed?
In late November, the team unveiled the live Blast Early Access, accessible by invitation only. Participants stand to receive Blast Points contingent on their bridging activity and the individuals they invite.
In January, the Developer Airdrop debuted alongside the Blast Testnet.
The Blast Community Airdrop is divided equally between Early Access Members and Developers.
Individuals who bridge ETH to Blast commence earning points right away, contributing to the anticipated size of the Blast airdrop, which numerous analysts and commentators anticipate will be substantial.
MoonCat2878 speculated that the figure could hover around $1.5 billion.
“Honestly I would be surprised if BLAST wouldn’t launch at around $15-20 billion as an entire new L2 with huge names behind it, a lot of liquidity and so many things building on top of it ready to go.”
The specific amount for the airdrop remains undisclosed; however, MoonCat2878 suggested that a distribution of “20% would be equitable,” with 10% being the minimum, divided equally between users and developers at 5% each.
According to the collector, at a valuation of $15 billion, this allocation would translate to a significant $1.5 billion in airdrop rewards.
It’s worth noting that Blur previously executed the fifth-largest airdrop in Ethereum history.
Developers are gravitating towards Blast.
Developers are evidently drawn to Blast, suggesting an imminent expansion of the Blast ecosystem.
Blast, which is Ethereum Virtual Machine (EVM)-compatible, emphasizes that yield mechanisms facilitate the creation of fresh revenue channels and innovative incentives for end-users.
According to the website, “Yield as a primitive unlocks new business models for Dapps,” enabling Dapps to effortlessly monetize deposits with a single configuration. Additionally, Blast channels 100% of revenue from gas fees back to developers.
As anticipation builds for the mainnet launch, 146,579 users have collectively deposited nearly $2 billion into Blast. The website assures developers that upon the Blast mainnet launch, the bridge contract will grant access to all those users and funds for their Dapps.
Moreover, on January 16, the testnet went live, accompanied by the initiation of the Big Bang Competition for developers committed to building Dapps on Blast for the long term.
The deadline, which fell on February 16, has passed, and the team is set to unveil the winners today. With an overwhelming number of applicants, evidenced by over 60 hours of submission videos, the team opted to augment the number of winners per category and enhance the allocation of rewards.
“The winning teams will receive the LARGEST individual allocation of the Blast Airdrop ever distributed,” as stated by the team. It’s important to note that the prizes are non-transferable.
Having said that, while a project may seem appealing, it’s essential to recognize that it carries inherent risks, so conducting thorough research is paramount.
