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A Beginner's Guide to Blast
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Learn everything you need to know about Bast, the only Ethereum L2 with native yield for ETH and stablecoins.
Finding an Ethereum Layer 2 that offers both innovation and practicality can be a challenge. Enter Blast, a revolutionary player in the Ethereum Layer 2 (L2) space. Unlike other Ethereum L2 solutions, Blast stands out by offering native yield generation for ETH and stablecoins
Blast addresses the common issues of high transaction fees and network congestion, and introduces a groundbreaking feature: native yield. This enables users to earn returns on their ETH and stablecoin holdings directly within the Blast ecosystem. With its user-friendly interface and robust infrastructure, Blast aims to make Decentralized Finance (DeFi) more accessible and rewarding.
This beginner's guide dives into Blast, explaining what it is, how the Blast Mainnet operates, the details of its airdrop program, and why it could be a game-changer in the crypto world.
What is Blast?
Blast is an innovative platform within the Ethereum Layer 2 (L2) ecosystem designed to enhance the scalability and efficiency of blockchain transactions. As an L2 solution, Blast operates on top of the Ethereum blockchain, aiming to alleviate issues that often plague the Ethereum Mainnet. These include high transaction fees and network congestion.
One of the key features that sets Blast apart from other L2 solutions is its native yield generation for ETH and stablecoins. Users can earn returns on their holdings directly within the Blast ecosystem, without needing to engage with external protocols or platforms. By integrating yield generation natively, Blast gives its users a seamless and rewarding experience.
Blast is built to be user-friendly, making it accessible to both novice and experienced users. Its robust infrastructure supports a wide range of DeFi applications, allowing for efficient and cost-effective transactions. Whether you're looking to transfer assets, engage in trading, or participate in yield farming, Blast offers a comprehensive solution that enhances the overall user experience.
Before We Get Started
Before we explore Blast in more detail, it’s important to remember that you can manage and interact with 10M+ crypto assets across 100+ blockchains on Trust Wallet. Download the latest version of Trust Wallet today.
Download Trust Wallet as a mobile app, or install the Trust Wallet Extension on your desktop browser.
How Does Blast Work?
Blast operates as a unique Ethereum Layer 2 (L2) solution that integrates native yield generation for ETH and stablecoins, setting it apart from other L2s. Here’s a closer look at how Blast achieves this and the mechanics behind its operation.
Auto Rebasing
Blast eliminates the manual setup required for traditional staking. When you bridge assets to Blast, they are automatically staked within the network.
One of Blast's key features is its auto-rebasing mechanism for ETH and its native stablecoin, USDB. Unlike other Layer 2 (L2) solutions, Blast allows ETH itself to rebase natively, meaning the ETH balance for users' accounts automatically adjusts to reflect the yield generated. Smart contracts on Blast can also opt-in to this feature, making it easy for existing decentralized applications (dApps) to deploy on Blast without significant changes.
L1 Staking
Following the Ethereum Shanghai upgrade, Blast can efficiently utilize ETH yield from Layer 1 (L1) staking, initially through Lido. This yield is automatically distributed to users via rebasing ETH, providing continuous returns without extra steps. In the future, the Blast community may enhance or replace Lido with native solutions or other third-party protocols to optimize yields.
T-Bill Yield
Blast’s native stablecoin, USDB, earns yield from MakerDAO’s on-chain T-Bill protocol. When users bridge stablecoins to Blast, they receive USDB, which automatically accrues yield. This yield can be redeemed for DAI when bridging back to Ethereum. Similar to ETH staking, the Blast community can potentially replace MakerDAO with native solutions to enhance yield options.
Gas Revenue Sharing
Unlike other L2 solutions that keep gas fee revenue, Blast redistributes net gas revenue back to dApps. dApp developers can keep this revenue or use it to subsidize gas fees for their users, making the platform more user-friendly and cost-effective for dApp interactions.
The Blast Airdrop
The Blast Community Airdrop is split between Early Access Members (50%) and Developers (50%). The Early Access airdrop is now live. Users can earn airdrop points by bridging to Blast and inviting friends. Airdrop points can be redeemed in June 2024.
How to Earn Blast Airdrop Points
There are several ways to earn Blast Points and get a head start on accumulating Blast tokens:
Hold Assets: Simply hold ETH, WETH, or USDB in your Blast wallet. The more you hold, the more Blast Points you'll earn.
Spread the Word: Invite your friends to join Blast. When they do, you'll both receive a bonus in Blast Points.
Interact with dApps: Blast encourages exploration! By using decentralized applications (dApps) built on the Blast network, you'll earn additional Blast Points.
Getting Started with Blast: Connect Your Trust Wallet
Ready to jump into the Blast ecosystem? Here's what you need to do:
Connecting Your Trust Wallet
Blast integrates seamlessly with popular wallets like TrustWallet. If you haven't already, setting up a Trust Wallet is a great first step to take. Once you have your wallet ready, simply navigate to https://blast.io/ on your desktop and complete the following steps:
Select “Bridge & Earn.”
Select “Connect Wallet.”
Select “WalletConnect.”
Open your Trust Wallet mobile app, and scan the QR code to connect.
Blast offers a wealth of resources to help you on your journey. The Blast Developer Documentation is your one-stop shop for in-depth information on Blast's functionalities and tools. Additionally, the Blast Bridge allows you to easily transfer your assets from Ethereum Mainnet to Blast Mainnet, unlocking the full potential of Blast's features.
How to Deposit ETH (Blast Network) to Your Trust Wallet Address
You can deposit ETH on the Blast Network from another crypto wallet address or from a centralized exchange. Here’s how:
Select “Receive” from the home screen.
Search for “Blast” and select it.
From here you have two options. You can either:
Copy your deposit address and use that on your exchange account or other crypto wallet to send funds to.
Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account.
Remember that in addition to ETH (Blast Network), Trust Wallet lets you manage and interact with 10M+ crypto assets across 100+ blockchains. Download the latest version of Trust Wallet today.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.