On March 12th, the Ethereum network completed its long-awaited Shanghai update, which was designed to improve liquidity and provide validators and stakers with access to Ether they put down as a principal deposit and/or acquired as rewards from the network. Such an update not only resulted in lower network fees but also greatly impacted the crypto landscape by expanding the realms of possibility for those building on top of the network. This has led to an Ethereum-based L2, Blast, being the first one to introduce native yield for ETH and stablecoins on its network and to reach $1B TVL in 35 days.
The reason why the Shanghai update has played such a crucial role in the development of Blast is that it allows for the automatic transfer of Layer1 staking ETH yield to users. This is done with the help of auto-rebasing ETH and USDB, Blast’s native stablecoin, on the L2. Overall, Blast relies on auto-rebasing ETH, Layer1 staking, T-bill yield, and gas revenue distribution to deliver a pleasantly unusual 4-5% yield percentage for L2s. Such a high yield percentage allows for the development of new dApp business models that wouldn’t be possible with other Layer2 protocols, including the recently released Blast-based launchpad, Blastup.
The Blast Testnet went live just yesterday, along with the protocol’s dApp competition, the Big Bang Competition. Anyone can submit their project by February 21st and compete for the chance to win the Blast Airdrop, connect with top investors, and access Blast’s 103k+ users and $1.4B in TVL.
There are eight categories up for grabs in the Big Bang competition which include Perp dExes, Spot dExes, Lending Protocols, NFTs/Gaming, SocialFi, GambleFi, Infrastructure, and Miscellaneous. Blast has also shared several ideas for each category to inspire any stuck participants who can also attend 1:1 hours with the network’s contributors and investors. The overall goal of the competition is not only to introduce new projects to top investors but also to expand the Blast ecosystem with promising platforms. The criteria clearly state that submissions, that not only utilize native Blast features but do so in a unique way, will have an advantage.
Some have already contributed to the ecosystem by launching the first-ever launchpad for Blast-based projects in the early stages, Blastup. Blastup is an innovative launchpad platform that was introduced on the same day as the aforementioned testnet and provides numerous Blast-relevant features. Firstly it offers project screening, ensuring that all projects presented to the public are of the highest quality. Secondly, the launchpad accelerator will assist with questions concerning documentation and tokenomics, ensuring the project can raise the necessary funds. The other two features benefit Blastup token holders by unlocking farming on launchpad’s staking platform and providing reserved allocations for upcoming IDO projects.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
