{"id":13078,"date":"2024-11-01T06:27:59","date_gmt":"2024-11-01T06:27:59","guid":{"rendered":"https:\/\/www.btse.com\/blog\/?p=13078"},"modified":"2024-11-01T06:28:50","modified_gmt":"2024-11-01T06:28:50","slug":"blast-deep-dive","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/blast-deep-dive\/","title":{"rendered":"Blast Comes to BTSE: We Take a Deeper Look at Its Ecosystem and How It Works"},"content":{"rendered":"

This week, we finally listed the <\/span>$BLAST<\/span><\/a> token on the BTSE platform. In commemoration of this occasion, we\u2019ve written a brief overview of Blast\u2019s achievements as a Layer 2 and the role that its token plays in its ecosystem as a whole.<\/span><\/span><\/p>\n

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Introduction<\/span><\/h1>\n

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Ethereum network congestion has resulted in high gas fees, and scalability remains a challenge for projects building on it. Even with its recent upgrade to proof of stake, there is still a lot of work to be done.<\/span><\/p>\n

While many Layer 2s promise a solution, Blast has stood out as the only EVM-compatible optimistic rollup Layer 2 that offers native yield for both Ethereum and stablecoins.\u00a0<\/span><\/p>\n

This is achieved through ETH staking and real-world asset (RWA) protocols. Blast not only enhances performance but also introduces innovative yield-generating mechanisms that differentiate it from other Layer 2s.<\/span><\/p>\n

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Blast\u2019s Achievements Year to Date<\/span><\/h1>\n

The Mainnet for Blast was launched on February 29, 2024; after just two weeks, they generated an astonishing $2 billion in<\/span> deposits<\/span><\/a>, benefiting from founder Tieshun Roquerre\u2019s credibility and track record building NFT marketplace Blur.\u00a0<\/span><\/span><\/p>\n

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In January 2024 alone, Blur witnessed<\/span> $673.48<\/a> m<\/span><\/span>illion in trading volumes for Ethereum NFTs, and as of the time of writing,<\/span> over 50%<\/span><\/a> of the marketplace volume for them.<\/span>\u00a0<\/span><\/span><\/p>\n

Upon Blast\u2019s launch, much of Blur\u2019s community users easily transitioned to Blast and became its early adopters.<\/span><\/p>\n

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In terms of growth and TVL, Blast has been in its own league, with a whopping $1.38 billion TVL as of the time of writing. A major factor to this is the fact that assets can earn yield natively. Extremely attractive incentives for new users have fueled its growth too.\u00a0<\/span><\/p>\n

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On the project side, a unique gas-sharing revenue model has also attracted many developers, as seen in the highlights below.<\/span><\/p>\n

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Earlier this<\/span> May<\/span><\/a>, they achieved the sixth highest global TVL, which is impressive for such a new EVM chain. Late<\/span><\/span> June<\/span><\/a> saw the Blast team airdrop 17% of its supply of BLAST tokens to early users.\u00a0<\/span><\/span><\/span><\/p>\n

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How Blast Works<\/span><\/h1>\n

Blast employs<\/span> Auto Rebasing<\/span><\/a> to adjust its supply in response to price fluctuations, maintaining stable value in users’ wallets while managing circulation.\u00a0<\/span><\/span><\/p>\n

And by enabling staking of both ETH and USDB, Blast’s native stablecoin, Blast allows users to benefit from price stability and yield generation.\u00a0<\/span><\/p>\n

When users bridge stablecoins to Blast, they receive USDB from the T-Bill protocol on MakerDAO, enabling them to accumulate yield through stablecoin profits. Users can bridge<\/span> back<\/span><\/a> to the Ethereum chain and redeem USDB for DAI, facilitating seamless transitions while maximizing yield opportunities.<\/span><\/span><\/span><\/p>\n

USDB earns profits at a 5% APR, and users can redeem it for USDC when bridging back.\u00a0 For those seeking returns through staking, Blast provides an extremely attractive DeFi opportunity.\u00a0<\/span><\/p>\n

Additionally, you can also use ETH and USDB to stake and\/or trade on any of the 100+ dApps built on Blast, generating Blast points and gold that can be exchanged for BLAST tokens.\u00a0<\/span><\/p>\n

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By doing so, you\u2019ll benefit from the following:<\/span><\/p>\n