The Ethereum scaling resolution boasts $1.65 billion in TVL however is without doubt one of the most controversial merchandise in DeFi.
Ethereum Layer 2 (L2) community Blast is slated to launch its native token later at present, with 17% of its provide airdropped to early adopters.
The airdrop will probably be break up throughout Blast and affiliated NFT market Blur’s multi-faceted factors program, with 7% going to Blast factors, 7% to Blast gold, and three% to be distributed amongst the Blur ecosystem.
Regardless of being the sixth largest blockchain with $1.65 billion in complete worth locked (TVL), Blast stays probably the most polarizing matters on Crypto Twitter. Many market contributors are skeptical of the token’s anticipated valuation following underwhelming airdrops from ZkSync and LayerZero, with some predicting that exercise on the chain will stop to exist after the airdrop.
On-Chain Metrics & Native Yield
The present exercise is definitely bolstered by token incentives, however Blast’s on-chain metrics are robust in comparison with competing blockchains. Blast is presently the second largest Ethereum scaling resolution by TVL per DeFiLlama and likewise boasts the best consumer charges amongst L2s.
Blast is an optimistic rollup like Arbitrum and Optimism, and was the primary scaling resolution to introduce native yield.
On Blast, all ETH yields 4%, and its native stablecoin, USDB, yields 5%. Because of this customers earn yield for maintaining their belongings on the chain with out the necessity to work together straight with DeFi protocols.
This native yield is generated by ETH staking and RWA protocols through an automated rebasing system.
Controversial Challenge
Blast is developed by the identical staff liable for the main NFT platform Blur, which can be no stranger to controversy.
Blur displaced OpenSea because the dominant NFT buying and selling platform following its token launch in 2023, however its shopping for, promoting and lending incentives have been criticized by many NFT collectors, with some going so far as to say, “Blur killed NFTs.”
The most recent season of Blur farming featured a beforehand undisclosed quantity of Blast incentives. Right this moment, Blast introduced that Season 3 will distribute 0.5% of the Blast provide amongst Blur merchants and 1.5% to BLUR stakers. The rest of Blur’s token allocation will probably be reserved for future makes use of.
The comparatively small allocation to Blur is more likely to put lots of the largest Blur liquidity suppliers at vital losses, contemplating the $BLUR token has fallen practically 70% from its all-time excessive in February.
Essentially the most vocal of the farmers, Cbb0Fe, amassed 25% of all factors from Blur season 3 and took to social media to say, “Made $15m profit from Blur Season 1 and Season 2 but definitely never ever again touching anything related to Blur/Blast team.”
It’s value noting that the highest 0.1% of eligible wallets should vest their airdrop linearly over a 6 month interval.
