Sending money and interest, how to play the new L2 Blast launched by Blur's founder? | veDAO Research Institute
The new L2 network Blast launched by Pacman, the founder of Blur, has quickly surpassed a TVL of 27 million dollars shortly after its launch. This article will provide an introduction to Blast and an interpretation of its gameplay.The founder of Blur, Pacman, has launched a new L2 network called Blast, which quickly surpassed $27 million in TVL after its launch. This includes NFT whale Christian, who deposited 500 stETH into Blast, expressing high expectations for its performance. Even more surprisingly, today, Blast announced the completion of a $20 million financing round, with participation from Paradigm, Standard Crypto, eGirl Capital, Mechanism Capital co-founder Andrew Kang, Lido advisor Hasu, and The Block CEO Larry Cermak, among others.
What does $20 million mean? Arbitrum's first financing in 2019 was $3.7 million, and Op's first financing in 2020 was only $3.5 million. In contrast, Blast's first financing is at the ten-million level. Meanwhile, the bridging gameplay introduced by Blast has sparked a wave of discussion on social media platforms. Some KOLs even stated that Blur's move is a win-win, providing money, interest, and Gas.
Next, the veDAO Research Institute will bring you an introduction and gameplay interpretation of Blast.
What is Blast?
First, we need to understand a concept: the Risk-Free Rate (RFR). This concept suggests that the cryptocurrency world also has inflation, with ETH offering a stable staking yield of 3%-4%. However, most Layer 2 accounts have funds that are just sitting static (yield 0%), which means these assets are passively depreciating due to ETH's inflation.
What Blast aims to solve is this issue, providing the possibility of passive income for funds in Layer 2 accounts.
Specifically, when users deposit funds into Blast, it will immediately lock the corresponding ETH on the Layer 1 network for native staking and automatically return the ETH staking rewards to users on Blast. In simple terms, if a user holds 1 ETH in their Blast account, over time, it may automatically grow to 1.1 or 1.2 ETH.
In addition to participating in native staking with ETH, Blast also supports passive income for stablecoins. The specific mechanism is that when users bridge stablecoins (such as USDC, USDT, and DAI) to Blast, it will immediately deposit the corresponding stablecoins locked on the Layer 1 network into DeFi protocols like MakerDAO, and automatically return the earnings in the form of USDB (Blast's native stablecoin) to users on Blast.
After gaining early access to the Blast network, users can not only enjoy passive income of 4% on ETH or 5% on stablecoins immediately but also accumulate Blast Points rewards. Currently, the only information disclosed about the points is that Blast plans to launch its mainnet on February 24 next year and develop withdrawal features, with "redemption" for Blast Points opening on May 24.
Specific Operation Process:
- Users log in to the Blast official website and connect their wallets.
Link: https://blast.io/zh-CN
Users enter the invitation code; currently, KOLs related to platform X are releasing their invitation codes.
After entering the invitation code, users can check whether they have received an airdrop by linking their relevant X accounts and Discord accounts.
It's okay if you didn't receive an airdrop. Users can still use the bridging function. Notably, for the next 7 days starting today, bridging any amount will earn double points (Blast Points); the more you bridge, the more points you earn.
- Once users complete the bridging action, they will receive a new invitation code. By distributing invitation codes, users can also earn corresponding point rewards. The specific rules are as follows:
In summary, the gameplay of Blast can be understood as forming a small team with others to lock in at least 5 ETH together and unlock both principal and interest in February next year. This is somewhat similar to the early ETH 2.0 staking activity requiring 3 ETH.
With the popularity of BlackRock's Ethereum ETF and the upcoming Cancun upgrade next year, ETH may see a surge next year. Through staking on Blast, users can passively earn income from ETH while also gaining profits from bridging, achieving a win-win situation.
Finally, due to the high interest in Blast, we also provide some invitation codes for our readers:
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