L2s currently offer a 0% interest rate to their holders. Meaning, it is definite for them to lose the value of their holdings, for they depreciate over time. However, Blast is on a mission to change this by offering 3-4% on ETH through the staking mechanism. Leading ventures like Paradigm and Standard Crypto have invested $20 million to back the process. Others who have invested their financial interests in Blast are Andrew Kang, jez – known as izabel_eth on X, and Larry Cermak, to mention a few.
Blast has chosen Ethereum as it sports its own version of risk-free interest. It is similar to the one that the US economy has, wherein the Federal Bank leverages the interest rate to keep inflation under check. Investors can only access these through T-Bills. Citizens must beat these interest rates to avoid losing money.
Users of Blast have a chance of earning 3–4% from Ethereum staking. The balance in their wallet compounds annually, in addition to the rolled-out rewards.
Simply put, the balance of a user depreciates with other platforms. The same is not the case with Blast, where users have a chance to accumulate staking and Blast rewards. Blast participates in ETH staking to pass the yield back to the users and dApps of L2. Every single ETH counts to automatically grow in the future. All a user has to do is keep it in their wallet.
Not just ETH, but stablecoins are also eligible for annual accumulation. Yields are different, though, with ETH registering a yield of 4% and stablecoins doing the same at a slightly higher yield of 5%. Built by ‘Pacman | Blur.io’, the EVM-compatible optimistic rollup supports stablecoins including, but not limited to, USDC, DAI, and USDT. Users receive yield only in the form of USDB. That is the auto-rebasing stablecoin.
Blast has further announced early access to its functionality. Early Access is invite-only, said Blast in the announcement before stating that those who are found eligible to participate will be rewarded with Blast Points. Members will have points that are higher than others. All they have to do is Quote Tweet the thread, explaining why they are excited about Blast. The team will select 20 random Quote Tweets and DM them the invites.
The development occurred several months prior to the Mainnet launch of Blast. Blast is scheduled to go live on Mainnet in February 2024, per the roadmap. In May 2024, the redemption feature will be activated, allowing members to exchange their Blast Points for items they choose.
A mention of ETH in the announcement has done a small job of boosting its trading value. At the time of articulating this piece, the token’s value slipped by 0.24% to $2,014.00.
The stage is set for users to express their excitement and stand a chance to win invite-only access to Blast. This will reward them with additional points on top of the standard percentage.