The Ethereum ecosystem has been enriched with the launch of the Blast mainnet on March 1, 2024.
Created by the founder of the leading NFT marketplace, Blur, Blast offers a unique Layer 2 solution that provides automatic yields on deposited ETH and stablecoins.
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Introduction to Blast: Ethereum's Newest Layer 2 Blockchain
On March 1, 2024, the Ethereum community welcomed a groundbreaking addition to its ecosystem with the official launch of the Blast mainnet.
Blast represents a new frontier in the Layer 2 blockchain space for Ethereum (ETH), spearheaded by Mr. Pacman, the founder of the leading NFT marketplace, Blur.
This innovative network distinguishes itself by automatically providing yields on ETH and stablecoins deposited within its system.
Having raised $20 million from prominent investment firms such as Paradigm and Standard Crypto in November of the previous year, Blast had already garnered significant attention through its associated airdrop plans.
The official roll-out of the Blast mainnet on March 1 marks a significant milestone in the project's development.
Automatic Yield for Network Users
One of the hallmark features of Blast is its proprietary "Native Yield" distribution system, enabling users who hold ETH or stablecoins on the Blast network to automatically generate stable profits.
Specifically, ETH generates income through staking operations with an annual interest rate of 4%, while stablecoins like USDT and DAI are automatically converted to "USDB," a stablecoin that generates profits (with an annual interest rate of 5%) through operations linked to U.S.
Treasury bond protocols such as MakerDAO.
With the Blast mainnet already operational, individuals holding cryptocurrencies in self-custody wallets like MetaMask can bridge their ETH or other tokens to the Blast network by connecting their wallets to the official Blast website.
As of March 2, 2024, data published on the Blast official website indicates that the Total Value Locked (TVL) within Blast has reached $2.4 billion, with a reported user base of 254,072 individuals.
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