Blast launches mainnet, earns points and paves the way for future BLAST airdrops
Posted: March 1, 2024 4:07 AM Updated: March 1, 2024 4:07 AM
Correction and fact check date: March 1, 2024, 4:07 AM
briefly
Blast launched its mainnet, giving early access users the ability to cross-chain to mainnet and leverage Blast’s native DApps.
Ethereum (ETH) layer 2 network Blast (BLAST) has launched its mainnet, giving early access users the ability to cross-chain to mainnet and leverage Blast’s native decentralized applications (DApps).
Blast’s early access phase will be available in late 2023, allowing users to connect their assets to other networks and earn through bridging and Blast Points, a reward system for referring users to the platform. At the same time, more than 3,000 teams have begun building DApps on Blast, leveraging the platform’s native yield and gas sharing primitives.
During this early access period, 181,888 community members deposited $2.3 billion into Blast, earning a total annual base revenue of $85 million and Blast Points.
With its mainnet launch, Blast unlocked over $2.3 billion for withdrawals. According to the Dune Analytics dashboard, assets on the platform include approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI.
Blast received a lot of attention after announcing the BLAST native token airdrop. According to Blast, mainnet users can continue to earn Blast Points, and mainnet DApps can now earn Blast Gold.
The airdrop allocates 50% to Blast Points (users) and 50% to Blast Gold Coin (DApp). Gold coin distribution to DApps occurs every two weeks. DApps can hold Gold Coins for their own use, but certain DApps have pledged to distribute all Gold Coins they earn to their users.
The ability to redeem Blast Points will begin on May 24th. Early adopters received additional points as an incentive for escrowing assets through the bridge.
Blast gains momentum.
Launched in 2023 by the founders of non-fungible token (NFT) marketplace Blur Tieshun Roquerre, Blast is an EVM-compatible scaling protocol that leverages Optimistic Rollup. The platform offers native return models for ETH and stablecoins, providing a passive income opportunity of 4-5% per annum.
Because it initially operated without a testnet, the protocol team emphasized that asset withdrawals would only be possible once the mainnet was launched. In just a few months, the platform has seen its Total Value Locked (TVL) grow to over $2.3 billion with 180,000 actively participating users. Afterwards, Blast attracted the attention of investors by receiving $20 million in investment from venture firms Paradigm Capital and Standard Crypto.
According to DeFi Llama data, since mainnet launch, the protocol’s TVL has experienced a significant decline, falling by $1.3 billion to reach $906 million.
Blast’s journey, marked by its mainnet launch and upcoming airdrops, has attracted a large number of interested users and investors, highlighting the protocol’s potential.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. Please refer to the Terms of Use as well as the help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles