The Comprehensive Overview of Blast - A High-Potential Layer 2 Solution in 2024

Blast is a Layer 2 blockchain protocol utilizing Optimistic Rollups technology, engineered to be compatible with the Ethereum Virtual Machine (EVM). It is backed by Pacman, the creator of the renowned NFT exchange Blur.

During the Early-Access phase (pre-mainnet), Blast garnered significant attention and amassed nearly $2 billion in Total Value Locked (TVL) without the presence of any dApps. What distinguishes Blast's ecosystem and drives its considerable potential?

• Native Yield Mechanism: Blast offers users an automatic annual percentage yield (APY) of 4% for Ethereum (ETH) and 5% for Stablecoins, necessitating no additional user input.

  • ETH Yield: Marking itself as the pioneer in native yield functionality among Layer 2 platforms, Blast allocates deposited ETH to Liquid Staking on the Lido platform. This process results in the automatic appreciation of users' ETH holdings over time, based on the ETH staking ratio.

  • Stablecoin Yield: Upon transferring stablecoins like USDC, USDT, and DAI to Blast, these assets are invested into on-chain T-Bill protocols, such as MakerDAO. Subsequently, the generated yield is disbursed back to users.

• Revenue Sharing from Gas Fees: Unlike conventional Layer 2 solutions, where network revenue accrues solely to the network's development team, Blast redistributes all network-generated revenue directly to DApp developers. This offers developers the choice to retain the revenue or distribute it among users of their respective DApps.

• Early Airdrop Initiative: Blast has initiated an early incentive program, rewarding users with Blast Points and Blast GOLD tokens.

Functioning as an Optimism Rollup Layer 2 blockchain, Blast ensures seamless compatibility with the Ethereum network. This means that developers who have previously constructed applications on the Ethereum mainnet or other Optimism Rollup networks, such as Arbitrum or Optimism, can effortlessly transition to Blast without necessitating additional tooling.

These distinct features serve as a catalyst for attracting developers to establish DApps within the Blast ecosystem, thereby nurturing its expansive growth potential.

 2. Blast ecosystem

2.1 Key Strategic Approaches

Following an immensely successful Early-access phase, Blast has implemented pivotal strategies to retain capital within its ecosystem. The project continues to introduce significant initiatives aimed at fostering ecosystem growth.

Blast stands out as one of the most strategically adept Layer 2 platforms, focusing on ecosystem development and capital retention. Notable events and initiatives include:

Blast Big Bang Competition: This major competition, organized by Blast with prominent partners as judges, offers participating dApps the opportunity to receive Blast GOLD tokens. These tokens account for up to 50% of Blast's future airdrop allocations. The Blast Big Bang competition has identified numerous high-quality projects built on the platform, many of which have committed to redistributing Blast GOLD to users. This serves as a significant incentive for users to engage more deeply with the dApps, enhancing activity levels within the Blast ecosystem.

Multiplier Feature: Blast recently introduced the Multiplier feature on April 2nd. This feature enables users to increase their points by up to 10 times, primarily through interaction with various dApps on the Blast platform. Currently, users can quadruple their points, with detailed instructions available for reference.

Moreover, the Multiplier program strategically encourages deeper user engagement with the ecosystem. In the future, additional types of dApps or even NFT collections may be incorporated into the Multiplier program.

2.2 Potential Projects

The number of projects developed on Blast is rapidly increasing, showcasing impressive growth rates. Among these are several promising projects representing various niches, many of which emerged as winners of the Blast Big Bang competition.

Here are the eight main categories that Blast focuses on:

• Perpetual DEX: Synfutures, Blast Futures, Particle, 100x Finance, Blitz, Bloom, Infinity Pools
• Spot DEX: Ambient, Thruster, Ring Protocol, Bebop, Mangrove
• Lending: Curvance, Metastreet, Juice Finance, Fragment, Orbit, Blume
• NFT/Gaming: Spacebar, BAC Games, Plutocats, Blaze, NFT Perp, Wasabi, Munchables, Cap and Company, Cambria, BLSTR
• SocialFi: Gum, Early Fans
• GambleFi: YOLO, Betbig, IKB, Decentral Games, Insrt, Tideflow
• Infrastructures: Parsec, Tornado Blast, ZAP, Hyperlock, Baseline, Redstone, Gelato, Banana Gun, Protofire, Thunder, Brahma
• These quality projects emerged victorious in the Blast BIG BANG competition and have received substantial Blast GOLD allocations.

Overall, with its highly attractive developer airdrop program, Blast has successfully attracted developers to build within its ecosystem. This critical step is pivotal in positioning Blast to capture a significant influx of capital. Additionally, winning projects from the Blast Big Bang competition gain access to Blast's partner investors and experienced advisors, providing further opportunities for growth and success within the industry.

3. Team & Investors

Founder: Pacman

Pacman serves as the creator of Blur, an NFT marketplace boasting over 300,000 users and facilitating NFT transactions exceeding $7 billion.

The team comprises members from prestigious institutions like FAANG, Yale, MIT, Nanyang Technological University, Seoul University, with prior involvement in major DeFi protocols within the web3 ecosystem such as MakerDAO.

Investors:

Blast has attracted over $20 million in investments from prominent entities like Paradigm, Standard Crypto, eGirl Capital, Primitive Ventures, Andrew Sang, Hasu, Foobar, alongside numerous other individual investors.

4. Personal Evaluatio