Blast is a new Ethereum Layer 2 (L2) network in the blockchain and DeFi (Decentralized Finance) world. It's unique because it focuses on giving users high yields.
What is Blast
Here's how it works:
- High-Yield L2: Blast aims to provide the highest yield on the Ethereum network. It does this by integrating yield mechanisms directly into the layer.
- Yield Generation:
- ETH: Users' ETH in Blast grows over time, reflecting staking yield.
- Stablecoins: When users bridge stablecoins to Blast, they get USDB, Blast’s stablecoin, with yield from on-chain protocols.
- Native Staking: Blast is the first L2 network with native staking, offering 4% yield for ETH and 5% for stablecoins. This is higher than most other L2 solutions.
- Compatibility and User Experience: It works well with the Ethereum system and keeps the user experience familiar for those who know Ethereum.
- Goals: Blast aims to:
- Solve scalability and cost issues of Ethereum's Layer 1.
- Provide native yield, which is lacking in other L2 solutions.
- Make DeFi more accessible and profitable for users.
In summary, Blast is a pioneering Layer 2 network that enhances Ethereum's functionality, focuses on high yield generation, and aims to make DeFi more user-friendly and profitable. However, its newness and some operational aspects are still under discussion in the crypto community.
Team of Blast
Tieshun Roquerre
Co-founder
Tieshun Roquerre, also known as "Pacman," is a notable entrepreneur in the tech and crypto industry. He founded StrongIntro and Namebase.io, raising $5 million for the latter before selling it to Namecheap. An MIT Mathematics and Computer Science attendee, Roquerre is now known for creating the top Ethereum NFT marketplace, Blur, and the innovative Ethereum Layer 2 network, Blast.
Blast review
Pros
Native Yield
Offers unique native yield for ETH and stablecoins, rare in Layer 2 solutions.
High Yields
Provides up to 4% yield for ETH and 5% for stablecoins, higher than most Layer 2 networks.
Novel Design
First Layer 2 network with native staking, a new approach in Ethereum.
ETH Rebasing
Features an automatic rebasing mechanism that grows ETH amounts over time.
EVM Compatible
Maintains compatibility with Ethereum Virtual Machine for user familiarity.
Protocol Integration
Utilizes established protocols for ETH staking and stablecoin yields.
Cons
Withdrawal Limits
Withdrawals restricted until full network launch, posing liquidity risks.
Scheme Concerns
Points system likened to a pyramid scheme by some, due to staking and referral rewards.
Invite-Only Access
Limited accessibility and transparency due to invite-only nature.
External Dependence
Yield generation relies on external protocols, introducing associated risks.
Market Doubts
Faces skepticism about its business model's sustainability and legitimacy.
Points Ambiguity
Unclear long-term value and role of points, affecting trust.
Early Development Stage
May face unforeseen technical, regulatory, or market challenges.