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      • How to add token to Trust Wallet?
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  • Why a new L2
  • How Blast works

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  1. General

Blast L2

[Official information from https://docs.blast.io/about-blast]

Blast is the only Ethereum L2 with native yield for ETH and stablecoins.

Blast yield comes from ETH staking and RWA protocols. The yield from these decentralized protocols is passed back to Blast users automatically. The default interest rate on other L2s is 0%. On Blast, it’s 4% for ETH and 5% for stablecoins.

Why a new L2

After the merge, Ethereum provides 4% yield on ETH. On-chain T-Bill protocols provide 5% yield on stablecoins. If users do not match or beat these rates, they are losing money to a form of inflation.

L2s today do not have this yield. Incorporating ETH and stablecoin yield natively requires a new L2 designed from the ground up. Blast is an EVM-compatible, optimistic rollup that raises the baseline yield for users and developers without changing the experience cryptonatives expect.

This yield makes it possible to create new business models for Dapps that aren’t possible on other L2s.

How Blast works

Auto Rebasing

ETH itself, not WETH, STETH, or any other ERC20, is natively rebasing on the L2. The ETH balance for EOAs is automatically rebasing. Smart contracts can opt-in to this rebasing, making it easy to existing Dapps to deploy on Blast without any changes.

USDB, Blast’s native stablecoin, is automatically rebasing as well. Like ETH on Blast, USDB is automatically rebasing for EOAs. USDB is also automatically rebasing for smart contracts. Smart contracts can opt-out from this rebasing.

L1 Staking

Blast only became possible following Ethereum’s Shanghai upgrade. ETH yield from L1 staking, initially Lido, is automatically transferred to users via rebasing ETH on the L2.

In the future, the Blast community will have the power to supplement or even fully replace Lido native solutions or other third party protocols.

T-Bill Yield

Users who bridge stablecoins receive USDB, Blast’s auto-rebasing stablecoin. The yield for USDB comes from MakerDAO’s on-chain T-Bill protocol. USDB can be redeemed for USDC when bridging back to Ethereum.

In the future, the Blast community will have the power to supplement, or even fully replace, MakerDAO with Blast-native solutions or other third party protocols.

Gas Revenue Sharing

Other L2s keep revenue from gas fees for themselves. Blast gives net gas revenue back to Dapps programatically. Dapps developers can keep this revenue for themselves or use it to subsidize gas fees for users.

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Last updated 10 months ago

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