News Report Technology
March 01, 2024

Blast Launches Mainnet, Paves Way for Earning Points and Upcoming BLAST Airdrop

In Brief

Blast launched its mainnet, providing early access users with the ability to cross-chain to the mainnet and utilize Blast’s native DApps.

Blast Launches Mainnet Allowing Users Continue Earning Points, Prepares for BLAST Airdrop

Ethereum (ETH) Layer 2 network Blast (BLAST) launched its mainnet, providing early access users with the ability to cross-chain to the mainnet and utilize Blast’s native decentralized applications (DApps).

The early access phase for Blast became available in late 2023, allowing users to start earning yields through bridging and Blast Points—a reward system for bridging assets to other networks and referring users to the platform. Simultaneously, over 3,000 teams started building DApps on Blast, leveraging the platform’s native yield and gas sharing primitives. 

Throughout this early access period, 181,888 community members deposited $2.3 billion into Blast, collectively earning $85 million in native revenue and Blast points annually.

With the mainnet launch, Blast unlocked over $2.3 billion for withdrawal. The assets on the platform encompass approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI, as reported by a Dune Analytics dashboard.

Blast garnered significant attention following the announcement of the BLAST native token airdrop. According to Blast, mainnet users will continue to earn Blast Points, and mainnet DApps are now eligible to earn Blast Gold.

The airdrop will allocate 50% to Blast Points (users) and 50% to Blast Gold coins (DApps). The distribution of Gold coins to DApps will occur every two weeks. While DApps can retain Gold coins for their own use, certain DApps have promised to distribute all acquired Gold coins to users.

The ability to redeem Blast Points starts on May 24. Early adopters received additional points as an incentive for escrowing assets through the bridge.

Blast Gains Momentum 

Launched in 2023 by the founder of the non-fungible token (NFT) marketplace Blur Tieshun Roquerre, Blast is an EVM-compatible scaling protocol utilizing Optimistic Rollups. The platform provides a native yield model for ETH and stablecoins, offering an annual passive income opportunity of 4-5%. 

Initially, functioning without a testnet, the protocol team emphasized that the withdrawal of assets would only become possible after the start of the mainnet. Within a few months, the platform witnessed an increase in Total Value Locked (TVL), surpassing $2.3 billion with the active participation of 180,000 users. Subsequently, Blast attracted the attention of investors, raising $20 million from venture firms Paradigm Capital and Standard Crypto. 

Following the mainnet launch, the TVL of the protocol experienced a significant decrease, dropping by $1.3 billion to reach $906 million, according to DeFi Llama data. 

Blast’s journey, marked by the mainnet launch and the upcoming airdrop, has attracted numerous interested users and investors, highlighting the protocol’s potential

Disclaimer

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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