What is BLAST?

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What is BLAST?

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Introduction to BLAST

BLAST is a cryptocurrency token based on the Blast chain, an Ethereum Layer 2 solution. Its unique economic model and incentive mechanisms aim to attract widespread participation from users and developers. Through the Blast blockchain, users can gain various benefits, such as points, tokens, airdrops, and mining. This not only increases user engagement but also provides developers with rich application scenarios, promoting the prosperity of the ecosystem.

BLAST Tokenomics

Token Ticker: BLAST

Total Supply: 100,000,000,000

Chain: Blast

Contract Address: 0xb1a5700fA2358173Fe465e6eA4Ff52E36e88E2ad

The community will receive 50 billion BLAST (50% of the total). The success of the Blast ecosystem depends on the community, and all these tokens will be distributed to community users through incentive campaigns. Starting from the token generation event (TGE), the community allocation will unlock linearly over three years, with the Blast Foundation determining the specific distribution schedule.

Core contributors will receive 25.48 billion BLAST (25.5% of the total). These tokens will be locked for four years, with 25% unlocking one year after the TGE, followed by a linear monthly unlock over the next three years.

Investors will receive 16.52 billion BLAST (16.5% of the total). These tokens will also be locked for four years, with 25% unlocking one year after the TGE, followed by a linear monthly unlock over the next three years.

The Blast Foundation will receive 8 billion BLAST (8% of the total) for critical infrastructure and ecosystem development. These tokens will unlock linearly over four years after the TGE.

Phase 1 Airdrop

During Phase 1, users providing initial liquidity to the ecosystem by bridging ETH or USDB earned Blast points and will receive 7% of the total supply (7 billion BLAST) as a reward.

Users who contributed to the success of DApps will receive Blast Gold and similarly be rewarded with 7% of the total supply (7 billion BLAST).

The top 0.1% of users (about 1,000 wallets) will vest part of their airdrop linearly over six months. This vesting period is based on a monthly points threshold from Phase 1 activity, with specific details to be announced on June 26.

The Blur Foundation will receive 3 billion BLAST (3% of the total) to distribute to the Blur community, including both retroactive and future airdrops.

Introduction to the Blast Chain

Blast is the only Ethereum Layer 2 solution providing native yield for ETH and stablecoins. Blast's yield comes from ETH staking and RWA protocols, automatically passed back to Blast users. On other Layer 2 solutions, the default interest rate is 0%, but on Blast, the rate is 4% for ETH and 5% for stablecoins.

If users cannot match or exceed these rates, they are essentially losing money to a form of inflation. Existing Layer 2 solutions do not offer this yield. Incorporating ETH and stablecoin yield natively requires a new Layer 2 built from the ground up. Blast is an EVM-compatible optimistic rollup that raises the baseline yield for users and developers without changing the crypto-native experience.

This yield enables new business models for DApps that are not possible on other Layer 2 solutions, providing more innovation space for DApps.

How Blast Works

Auto Rebasing

On the Blast chain, ETH itself (not WETH, STETH, or other ERC20 tokens) has native rebasing functionality. ETH balances for EOAs automatically rebase, and smart contracts can opt into this rebasing, allowing existing DApps to deploy on Blast without changes. Similarly, Blast's native stablecoin, USDB, also automatically rebases, applying to both EOAs and smart contracts, with smart contracts having the option to opt out.

L1 Staking

Blast became possible following Ethereum's Shanghai upgrade. ETH yield from L1 staking, initially from Lido, is automatically transferred to users via rebasing ETH on the Layer 2. In the future, the Blast community will have the authority to supplement or even fully replace Lido with Blast-native solutions or other third-party protocols.

T-Bill Yield

Users bridging stablecoins to Blast receive USDB, an auto-rebasing stablecoin. The yield for USDB comes from MakerDAO's on-chain T-Bill protocol. USDB can be redeemed for DAI when bridging back to Ethereum. In the future, the Blast community will have the authority to supplement or even fully replace MakerDAO with Blast-native solutions or other third-party protocols.

Gas Fee Revenue Sharing

Other Layer 2 solutions typically keep gas fee revenue for themselves, while Blast programmatically returns net gas fee revenue to DApps. Dapp developers can retain this revenue for themselves or use it to subsidize gas fees for users.

Official Links of BLAST

Website: https://blast.io/en

Twitter: https://twitter.com/Blast_L2

Discord: https://discord.com/invite/blast-l2

Steps to Buy BLAST on LBank

Purchasing BLAST tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide:

1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.

2. Search for BLAST: Use the search function within the trading platform to find "BLAST", locate the trading pair, such as BLAST/USDT, and click to enter its dedicated page.

3. Place an order: In the BLAST/USDT trading page's spot trading area, enter the amount of BLAST you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.

4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased BLAST will automatically be deposited into your LBank spot wallet.