Sirwin
Sirwin
From blast.io edited by me

Earn native yields on layer 2 with Blast (Testnet and Early Access)


The founder of Blur, Pacman, has recently launched Blast, a layer 2 solution born out of the need to ensure that yields on ETH and stablecoins on the Ethereum network are also available on L2. With the merge, users have the opportunity to earn a 4% yield from ETH staking and, thanks to protocols like MakerDAO, a 5% yield on stablecoins. Since they are not present on Layer 2s, users who move their assets to these networks must forgo “native” returns.. This is where Blast comes into play.

Blast

Blast is an optimistic rollup compatible with EVM that allows users and developers to achieve yields equal to or greater than those on L1, enabling new projects and dApps to propose investment models still unknown to L2.

 

Blast operates on four fundamental pillars:

  • Auto-rebasing: ETH and USDB, the native stablecoin of the chain, undergo automatic rebase for both external accounts and smart contracts. Smart contracts can choose to adopt the rebase to facilitate the implementation of dApps on Blast without modifying the contracts themselves. Users will automatically receive yields in ETH and USDB.
  • Staking on L1: With the Ethereum “Shanghai” upgrade, yields obtained through ETH staking on L1 are automatically transferred to users through rebasing. In the future, the community may decide to implement or replace native staking on L1.
  • T-Bill Yield: Regarding USDB, the yield is generated by the on-chain T-bill protocol of MakerDAO. The community will decide whether to replace or integrate this service in the future.
  • Gas Revenue Sharing: Unlike other L2s, Blast redistributes net proceeds generated from gas fees to dApps, which can choose to keep these funds for themselves or use them for the benefit of their users.

 

Currently, the Blast Off test network is available, serving as the first launchpad and native yield aggregator on Blast. The mainnet launch is scheduled for the end of February, but users can already transfer ETH from the Ethereum network by participating in the early access program. Both actions could potentially allow users to receive the network’s token through an airdrop.

Blast Off Testnet

The first dApp to land on Blast has decided to promote the platform’s tests through a Galxe Campaign, helping the project gain visibility and attract new users.

 

Currently, three campaigns are available:

BONUS:

To complete tasks related to the testnet, you first need to add the network to your wallet:

After this, you’ll need some ETH for transactions. The easiest way to get them is to use this faucet: Blast Sepolia Faucet.

 

Now you’re ready to experience Blast Off, an incubator for new projects that allows users to participate in various staking forms and receive a token representing future deposit yields. This token can be used to participate in Initial DEX Offerings (IDO) of tokens launched by new projects coming to Blast.

For now, you need to:

  1. Stake your SepoliaETH on FY Generation: Staking is locked for 180 days and has a 50% yield, but as it’s a testnet, these parameters are indicative.
  2. Use the fyETH received from staking to participate in the available YIDOs: The first, Hydrogen, has already sold out, but others should open soon.

 

After completing the tasks, keep an eye on the platform and the Galxe campaign; new quests may be coming.

Early Access Program

For several months, Blast has launched the early access program to its mainnet. The blast.io platform allows users to deposit their ETH and USDC from the Ethereum network through the internal bridge. In addition to yields on deposited ETH and USDB, distributed through rebase, participants will also receive points that must be accumulated to get wheel spins for an airdrop.

 

Users can accumulate points by depositing funds on Blast and inviting new users to join the program. To access the campaign, you will need a code from an already registered user. Here are some codes you can use:

  • FNT8T
  • XU67E
  • EBNT5
  • H9B0D
  • ART0J
  • TUJPH

The codes are one-time use, so if one doesn’t work, try the next. Referrals become part of a team aiming to reach a total of 5 ETH deposited. Users earn a bonus equal to 16% of the points accumulated by their referrals and 8% of the points obtained by users invited by their refs. Initially, users have 8 invites; upon reaching 5 ETH by the team, additional 10 invites are unlocked, and the “Luck” coefficient increases, increasing the chance of receiving a Super Spin worth up to 10 times a normal spin.

 

Blast’s Total Value Locked (TVL) currently exceeds 1.3 billion, with over one hundred twenty thousand registered users. In addition to the possibility (not guaranteed) of receiving an airdrop, early access participants will have the undeniable advantage of having funds already deposited at the mainnet launch, being among the first to experience dApps on Blast.

Conclusions

Blast is gearing up to compete in the Layer 2 battle with more than solid fundamentals. At launch, Blast will be the first Ethereum L2 to distribute native yields for ETH and USDC automatically to users on L2 through rebasing. DApps could use gas fee proceeds distributed by the protocol to lower transaction fees for users, making the layer even more cost-effective to use.

 

Thanks to contributions from partners like Paradigm and Standard Crypto, the project has substantial funds for development, increasing anticipation for the imminent mainnet launch. We will soon find out if Blast will establish itself among the top Ethereum L2s; certainly, incorporating native yields makes this chain unique in its kind.

Click to join the Early Access program!

And participate in Galxe campaigns:

 

 

| This is not financial advice. Do your own research before investing. |

 
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This post was previously published here.

 

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ifiwasfrank
ifiwasfrank

I'm an Italian crypto holder with a degree in "International cooperation, development, and human rights". Co-Founder Bull&Bear ITA | #CryptoAddicted / #NFTcollector / #DeFiDegen / #Cosmonaut | Contact me on Twitter for collabs and articles (@ifiwasfrank)


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