Overview of Blast

Blast is an Ethereum Layer 2 (L2) solution designed to provide native yield for ETH and stablecoins. Unlike other L2 platforms that do not offer interest, Blast provides a 4% yield for ETH and a 5% yield for stablecoins. This is achieved through the use of ETH staking and Real World Asset (RWA) protocols. The yield is automatically returned to the user, making Blast a unique and innovative solution in the blockchain field. This approach allows for the creation of new business models for decentralized applications (dApps), which is not achievable on other L2 platforms.

Blast enhances the experience for users and developers by integrating multiple key features, with the aim of improving blockchain interaction. One of these features is the automatic reset of ETH and USDB balances. Both ETH and USDB (Blast's native stablecoin) are designed to increase automatically over time. This automatic reset applies to both external owned accounts (EOA) and smart contracts, allowing existing dApps to be easily deployed on Blast without major modifications.

After the upgrade of Ethereum in Shanghai, Blast can use the ETH yield from L1 staking, initially achieved through Lido, and return these yields to users through L2 reset ETH. This feature enhances the value proposition of holding assets on Blast.

In addition, Blast also uses MakerDAO's on-chain T-Bill protocol to generate income for its stablecoin USDB. When users bridge stablecoins to Blast, they will receive USDB, which will accumulate income over time. These earnings can be exchanged for DAI when bridging back to Ethereum, providing stablecoin holders with a seamless and profitable experience.

Gas revenue sharing is another key feature that sets Blast apart from other L2 platforms. Other L2 platforms usually keep gas fee revenue, while Blast distributes the net gas revenue to dApp developers. This revenue sharing allows developers to choose to keep the revenue or use it to subsidize user gas fees, thereby reducing costs and encouraging dApp usage.

History and Background

The idea behind Blast is to solve the limitations of existing L2 platforms in providing returns for ETH and stablecoins. This idea emerged after the Ethereum merger, when ETH offered a 4% return and the introduction of the on-chain T-Bill protocol enabled stablecoins to gain a 5% return. The demand for an L2 solution that can integrate these returns led to the development of Blast.

The project aims to provide a platform that allows users and developers to enjoy these benefits without altering their typical blockchain experience. This innovative approach aims to attract users and developers by providing economic incentives that are not available on other L2 platforms.

The development of Blast follows a structured timeline. The project began in the conceptualization phase, during which the core idea of creating an L2 with native revenue was proposed. Early development focused on building the infrastructure and integrating ETH staking and RWA protocols.

After the initial development stage, Blast entered the alpha and beta testing phases. Early versions of the platform were released to gather feedback from users and developers. This feedback is crucial for improving the platform and ensuring it meets the needs of its target audience.

After a successful testing phase, Blast is officially launched. The platform initially supports multiple blockchain networks and introduces unique features such as automatic reset and gas revenue sharing. This release marks an important milestone in the development of Blast and lays the foundation for its subsequent evolution.

Blast continues to develop, regularly updating and improving. The development team is committed to integrating the latest technological advancements and enhancing platform performance and user experience based on user feedback.

Team and Investment

The Blast team is composed of experienced professionals who have made significant contributions to the blockchain and DeFi ecosystems. Team members come from well-known institutions and have been involved in some influential projects in the Web3 space.

Pacman is the founder of Blur, a top NFT marketplace protocol on Ethereum, which has brought rich experience to the Blast project. Blur has attracted over 333,063 users and facilitated NFT transactions worth over $7 billion. Other team members of Blast have academic backgrounds from leading institutions such as MIT, Yale University, Nanyang Technological University (NTU), and Seoul National University (SNU). Their professional experiences include collaborations with renowned organizations like Y-Combinator (YC) and MakerDAO.

Many team members have worked at large technology companies commonly known as FAANG (Facebook, Amazon, Apple, Netflix, Google).

Blast's contributors have raised $20 million from well-known investors and venture capital firms, including Paradigm, Standard Crypto, eGirl Capital, Primitive Ventures, Andrew Kang, Hasu, Foobar, Blurr, Will Price, Hsaka, Santiago Santos, Larry Cermak, Manifold, and Jeff Lo, among other prominent figures in the crypto industry.

Blast's values

Decentralization
Blast adopts decentralized autonomous organization (DAO) governance to ensure that all decisions are made by the community collectively, rather than by central authorities. This structure promotes the traditional decentralized environment of many blockchain technologies, ultimately aiming to decentralize control and prevent any single entity from controlling or failing the overall interests.

Scalability
By implementing optimistic Rollup technology, Blast has significantly enhanced the scalability of Ethereum, allowing multiple transactions to be batched off-chain and then processed as a single transaction on the Ethereum main chain, reducing congestion and fees. This scalability solution is crucial for supporting higher transaction throughput without impacting network performance or security.

Community
The project places a great emphasis on community participation, primarily manifested in its DAO governance, which allows users to directly participate in key decision-making and influence the development of the network. This community-driven approach aims to create a supportive ecosystem that incentivizes users to promote the health and growth of the network through development and participation.

Key point

• Blast Overview: Blast is an Ethereum Layer 2 solution that provides 4% yield for ETH through ETH staking and RWA protocol, and 5% yield for stablecoins. These yields will be automatically returned to users.
• Key features: Automatic reset of ETH and USDB balances for both EOA and smart contracts. Utilize the ETH rewards from L1 staking obtained through Lido after the Ethereum Shanghai upgrade.
• Yield Generation: Use MakerDAO's on-chain T-Bill protocol to generate yield for USDB, with USDB accumulating yield over time and being exchangeable for DAI.
• Gas income sharing: Distribute net gas income to dApp developers, who can choose to retain the income or use it to subsidize user gas fees.
• History and Background: Blast's development aims to address the limitations of L2 platforms, focusing on providing native yields to attract users and developers through structured stage evolution.