Blur Unveils Blast: A Ethereum Layer 2 with Native Yield

2023/11/21 14:33

Blur, the Ethereum NFT marketplace, introduces Blast, a Layer 2 solution with inherent yield for ETH and stablecoins, backed by Paradigm and Standard Crypto.

Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.

We’ve raised $20m from @Paradigm and @StandardCrypto to build the L2 that helps you earn more.

Details on how to get early access at the end of the thread👇 pic.twitter.com/AYYmK8YFx4
— Blast (@Blast_L2) November 20, 2023

Built on the premise of market efficiency, Blast recognises that liquidity gravitates towards the highest yield.

The baseline interest rate on existing L2s is 0%, so by default the value of your assets depreciate over time.

Blast is the first L2 with native yield. On Blast, your balance compounds automatically, and earns Blast rewards on top. pic.twitter.com/donh7jsxUL
— Blast (@Blast_L2) November 20, 2023

Unlike existing L2s with a 0% baseline interest rate, Blast stands out as the first L2 with native yield. This native participation in ETH staking allows users and dapps on Blast to witness their balances compound automatically, earning Blast rewards in addition.

Blast's innovative design ensures that both ETH and stablecoins like USDC, USDT, and DAI generate yield. ETH staking on Blast mirrors the concept of the risk-free interest rate (RFR), similar to the US economy.

The staking yield is seamlessly passed back to users and dapps, transforming a 1 ETH balance into 1.04, 1.08, 1.12 ETH over time. Additionally, stablecoins bridged to Blast undergo on-chain T-Bill protocols, with the accrued yield returned to users through USDB, Blast's auto-rebasing stablecoin.

Blur Season 3 kicks off, powered by Blast, ushering in a new era. With a track record of being the #1 Ethereum NFT marketplace protocol in Season 2, boasting a $6.1 billion trading volume, 260,165 unique users, and a 65% average market share, Blur aims to elevate its ecosystem further.

Blast joins forces with Blur for an airdrop in Season 3. This six-month season introduces rewards exclusively provided by Blast.

Blur Season 3 will last 6 months.

All of the rewards for Season 3 are provided by @BLAST_L2.

The Season 3 airdrop is split equally between NFT traders and $BLUR holders. pic.twitter.com/4HuarBZ5uT
— Blur (@blur_io) November 21, 2023

The airdrop splits evenly between NFT traders and $BLUR holders, with 50% allocated to each group. $BLUR holders earn Holder Points and a time-based multiplier, while NFT traders accrue Blur Points through bidding, listing, and lending on NFTs.

Blast

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