Blast is the latest layer-2 to appear on Ethereum, receiving investment from large funds and famous KOLs in the crypto community, and committed to increasing interest rates for holding ETH and stablecoins.
Layer-2 Blast calls for $20 million in Capital , wanting to increase interest rates for ETH and stablecoin holders
According to an announcement posted on the morning of November 21, the layer-2 Blast solution on Ethereum was officially launched and announced to have raised 20 million USD in investment Capital from Paradigm, Standard Crypto and eGirl Capital.
Participating in the Capital round were many other famous figures in the cryptocurrency community on X (Twitter).
Additional investors include @bywassies @evan_ss6 @manifoldtrading @gainzy222 @KeyboardMonkey3 @DoveyWan @JandX_ @0xLawliette @Brentsketit @icebergy_ @naniXBT @cole0x
— Blast (@Blast_L2) November 20, 2023
The project says Blast is a layer-2 built on Optimistic Rollups technology similar to Arbitrum and Optimism , and is compatible with EVM so investors and dApps on Ethereum can easily connect to it. The team behind Blast includes Pacman, founder of the Non-Fungible Token Blur exchange , and other employees who are former MakerDAO employees, MIT and Seoul University graduates.
Blast is built to promote interest-bearing Staking on the Ethereum (ETH ) network. The project claims that while Ethereum provides a base interest rate of 3-4% through ETH Staking , to date there is no Second-Layer Solutions that provides additional interest to create an incentive to hold ETH above. instead of keeping money on layer-1.
When holding assets on Blast, the user's asset balance will be accumulated and interest will be calculated. The amount of ETH deposited by users on Blast will then be used to directly participate in Staking ETH through Lido , and then Chia the Block reward to users.
specifically, Blast natively participates in ETH Staking, and the Staking yield is passed back to the L2's users and dapps. We've redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time it grows to 1.04, 1.08, 1.12 ETH automatically.
— Blast (@Blast_L2) November 20, 2023
In addition, layer-2 also supports sending popular stablecoins such as USDT, USDC and Dai. Blast will use the amount of stablecoins it receives to deposit on protocols that hold US Treasury bonds such as MakerDAO , receive interest and then Chia it to users through its own stablecoin called USDB .
In the future, Blast does not rule out the possibility of replacing Lido and MakerDAO with projects developed directly on this layer-2, depending on the results of the community vote.
Blast announced that it will open a limited experience portal for users who receive an invitation code. The interest rate investors receive at the current time will be 4% for ETH and 5% for stablecoins , with bonus Blast Points.
Blast's testnet deployment time is in January 2024, mainnet in February 2024.
Blast Points will be used to calculate Blast Token Airdrop criteria . Blast Points can be collected based on the bridge amount from Ethereum to Blast, as well as the number of people invited to experience layer-2.
The Airdrop will include 50% for early users and 50% for the above product development dApps, but dApps will receive the Airdrop as soon as the testnet launches in January, and users have to wait until May 2024. to exchange reward points for Token.
Blast's development roadmap in 2024
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