What is Blast? Project details reaching 1 million USD TVL the fastest today

Blast is attracting a lot of attention from a large number of crypto enthusiasts, especially airdrop players because the mainnet is just over a month away and the Big Bang contest is still going on - participants have more opportunities to receive rewards. airdrop in round 2. So how does the contest take place and what is the Blast project? Let Blogtienao take you to find out!
What is Blast?
Blast is a Layer-2 platform project built on Ethereum with Optimistic rollup technology similar to projects such as Arbitrum (ARB), Optimism (OP),... But the special and different thing about Blast is Ethereum L2 unique for ETH and stablecoins and offers higher transaction throughput and cheaper fees by bundling multiple transactions (up to 10,000) to execute them at once, thereby delivering transaction speed Faster and cheaper fees.
How does Blast work?
1.Automatically restart
Primary ETH, not WETH, STETH, or any other ERC20, is automatically restarting on L2. ETH balances for individual accounts (EOA) are automatically reset. Smart contracts can participate in this process without modification, making existing Dapps easy to deploy on Blast.

USDB, Blast's native stablecoin, also restarted automatically. Similar to ETH on Blast, USDB restarts automatically for individual accounts. Smart contracts can also opt out of this restart.

2.Bet L1
Blast only became possible after Ethereum's Shanghai upgrade. ETH profits from L1 staking, initially from Lido, are automatically transferred to users through an ETH restart on L2.

In the future, the Blast community will have the power to supplement or even completely replace Lido's native solution or other third-party protocols.

3.T-bill profit
Users who transfer stablecoins will receive USDB, Blast's auto-rebase stablecoin. The yield for USDB comes from MakerDAO's T-Bill protocol on the blockchain. USDB can be exchanged for USDC when transferred to Ethereum.

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

4.Share gas fee revenue
Other L2s keep the gas fee revenue for themselves. Meanwhile, Blast returns net gas revenue to Dapps automatically. Dapps developers can keep this revenue for themselves or use it to subsidize gas fees for users.
Native Yield mechanism of action
L2's base interest rate is currently 0%, resulting in the value of users' assets decreasing over time. To solve this problem, Blast is the first L2 with native yield. Users have the opportunity to earn income from using stablecoins such as USDC, USDT, and DAI on the Blast platform.

Profits from this activity are returned in USDB, Blast's stablecoin. The project also participates in ETH staking, and profits are transferred back to users and Dapps, creating an automatic profit increase model for Blast users.

Token information
Currently, the project has not officially launched mainnet, so information related to Blast's token is not available. Blogtienao will continue to update when Blast's mainnet is announced to launch on February 24, 2024.

Development team and investors
The Blast development team, mainly the people behind the Blur NFT marketplace, was founded by Pacman – the creator of Blur, an NFT marketplace on Ethereum. Blast, therefore, has a strong focus on the NFT sector.

November 21, 2023, the platform announced a successful call for $20M from Paradigm, eGirl Capital, Standard Crypto,... Backed by venture capital funds such as Paradigm and Standard Crypto, the project is led by Pacman and The team, inspired by prestigious universities, aims to revolutionize the L2 field with unique features and cutting-edge technology.

Although it has not yet officially launched the mainnet as reported above, Blast has deployed the Multisig wallet, allowing users to deposit money in advance, earn interest from ETH and stablecoins, and earn Blast points.
BLAST token airdrop
Blast is implementing the BLAST token airdrop program, the program is divided into 2 distinct phases with a 50/50% split for each phase but will have different conditions and requirements.

1. For early adopters
This phase will take place from November 2023 and has now ended. The airdrop tokens are used to reward initial participation and connection of users' assets.

During implementation, users can fulfill a few requests from the project to receive additional bonus points, such as: inviting friends to join and use the platform, make transactions, etc. These bonus points will later be converted to tokens at the conversion rate set by the project.
2. For Developers – Big Bang Competition

The Big Bang Contest is a contest organized by Blast for developers who want to get on the platform early.

How does the contest work?
REGISTER: Register any time before February 21st to participate in the Blast Builders break.
SUBMIT YOUR PRODUCT: Submit your project along with a 3-minute demo video by February 21.

COMPETITION: The judges will live stream their responses to the top projects and select the winner on February 21.
Prize
Winning projects will be promoted to all users of the platform for free before launch.
WIN BLAST AIRDOP: The largest individual Blast Airdrop allocation to date will be distributed to the winning teams. Use Blast Airdrop to incentivize project growth on Blast Mainnet and gain an edge over competitors.
Product category
Big Bang - Blast contest product type

Blast's information channels
Twitter
Website
summary
Through the article, Blogtienao has provided basic information surrounding the Blast project. Please learn more and evaluate for yourself to make the wisest investment decisions. Wishing you good luck and success in everything!

As usual, please note that this article is for informational purposes only and is not investment advice.