The new L2 network Blast, launched by Blur founder Pacman, has quickly surpassed a TVL of $27 million shortly after its launch. NFT whale Christian has also deposited 500 stETH into Blast, expressing high hopes for its performance. What's even more surprising is that today, Blast announced the completion of a $20 million financing round, with participation from investors including Paradigm, Standard Crypto, eGirl Capital, Mechanism Capital co-founder Andrew Kang, Lido advisor Hasu, and The Block CEO Larry Cermak.
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. Blast's first financing is in the tens of millions, and at the same time, the bridging gameplay introduced by Blast has caused a wave of discussion on social media platforms. Some KOLs even expressed that Blur's move is both generous and beneficial, providing money, interest, and gas.
Next, the veDAO Research Institute will bring an introduction and interpretation of Blast's gameplay for everyone.
What is Blast?
First, we need to understand a concept: Risk Free Rate (RFR). This concept assumes that the cryptocurrency world also has inflation. ETH has a stable staking yield of 3%-4%, but most funds in Layer 2 accounts are only statically placed (yield 0%), which means that these assets are passively devalued due to ETH inflation.
Blast aims to solve this problem by providing the possibility of passive interest for funds in Layer 2 accounts.
Specifically, when a user deposits funds into Blast, Blast will immediately use the corresponding ETH locked on the Layer 1 network for native network staking and automatically return the ETH staking yield to the user on Blast. In short, if a user holds 1 ETH in their Blast account, over time, it may automatically increase to 1.1 or 1.2 ETH.
In addition to participating in native staking with ETH, Blast also supports passive interest for stablecoins. The specific operation mechanism is that when a user bridges stablecoins (such as USDC, USDT, and DAI) to Blast, Blast will immediately deposit the corresponding stablecoins locked on the Layer 1 network into DeFi protocols such as MakerDAO, and automatically return the yield in the form of USDB (Blast's native stablecoin) to the user on Blast.
After accessing the Blast network in advance, users can not only immediately enjoy a 4% yield on ETH or a 5% yield on stablecoins, but also accumulate Blast Points rewards. Currently, the official description of the points only reveals that Blast plans to launch the mainnet and develop withdrawals on February 24 next year, and open the "redemption" of Blast Points on May 24.
Specific operation process:
- Users log in to the Blast official website and connect their wallet.
Link: https://blast.io/en
Users enter the invitation code, and currently, KOLs from various platforms are releasing their own invitation codes.
After entering the invitation code, users can check whether they have received an airdrop by linking their relevant X account and Discord account.
It's okay if users haven't received the airdrop. They can still use the bridging function. It is worth noting that starting today, bridging any amount within 7 days will earn double points (Blast Points), and the more the amount, the more points earned.
- After users complete the bridging action, they will receive a new invitation code. By distributing the invitation code, users can also receive corresponding point rewards. The specific rules are as follows:
In summary, Blast's gameplay can be understood as forming a team with others, locking in at least 5 ETH, and unlocking the principal and interest together in February next year. It's somewhat similar to the early ETH 2.0 3 ETH staking activity.
With the popularity of the BlackRock Ethereum ETF and the upcoming upgrade in Cancun next year, ETH may see a wave of increase next year. Through Blast's staking, users can passively earn income from ETH and also profit from bridging, killing two birds with one stone.
Finally, as Blast is highly popular, we also provide some invitation codes for our readers:
Follow Us
veDAO is a one-stop platform for AI-driven web3 trend tracking and intelligent trading, combining market trend data analysis with trading depth to create a more suitable web3 AI exchange for Web2 and Web3 users to buy, sell, and invest.
veDAO has a leading AI language model composed of on-chain analysis and sentiment indicators, providing proactive data support for users, and combining intelligent, fast, secure, real-time monitoring AI trading functions. As of now, the platform has over 40,000 heavily engaged users, is associated with 22,000+ Web3 vertical industry Twitter KOLs, and has a professional committee of 180+ institutions. The platform's project library exceeds 10,000 projects, and it continues to add Web3 projects with 240+ scouts.
veDAO is committed to continuous upgrades at a bi-weekly pace, aiming to build a bridge from Web2 to Web3 and become the preferred platform for future Web2 and Web3 users to search for projects, find hotspots, observe trends, and make primary investments and secondary trades.
Website: http://www.vedao.com/
Twitter: https://twitter.com/vedao_official
Facebook: bit.ly/3jmSJwN
Telegram: t.me/veDAO_en
Discord: https://discord.gg/NEmEyrWfjV
Investment carries risks, and projects are for reference only. Please bear the risks on your own.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
