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Is BLAST the Next High Return L2 Project on Ethereum?

2024-07-04 02:25:37

Introduction

Ethereum Virtual Machine (EVM) has given birth to several Layer-1 and Layer-2 projects ever since its inception. However, only a handful of them could make it to the top 100s in ranking orsurvive. Some prominent names among these projects that are alive to date are Solana, Cardano, Polkadot, Polygon, and others.

Blast is another L2 project catching a lot of hype these days, thanks to it being a full-fledged ecosystem for not just the crypto audience but developers at large. Let's have a closer look at what this project has to offer to the market.

What is Blast?

Backed by big names in the crypto sphere like Paradigm and Standard Crypto, Blast is a Layer-2 project on Ethereum that offers native yield for ETH staking. The best part is that the yield generated using different protocols in the process is automatically passed back to Blast users without the need to manually manage their staking positions at any point in time. This is something most staking protocols still lack to date.

Background and History of Blast

As per its documentation, the Blast project came out as a result of Ethereum's Shanghai upgrade, an update that gave Ethereum users access to their staked ETHs for the first time since The Merge, an upgrade that turned the switch for the Ethereum blockchain to transition from Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus model.

Blast went live in its early-access mode in November 2023. The project was developed by Tieshun Roquerre, who also happens to be the founder of the NFT marketplace, Blur. This is also one reason why the Blast project caught so much hype after the official launch of its mainnet on March 1, 2024.

Key Milestones

Blast surpassed $1 Billion Total Value Locked (TVL) within just one month after its launch. This shows the popularity and legitimacy of the project and its user adoption in the market. As of June 28, Blast boasts a TVL of over $2.6 billion with more than 1.6 million users in its ecosystem.

Moreover, Blast has bridged more than $3 billion in TVL as of Q2 2024, which further highlights the prominence the project has gained in such a short span since its launch.

Today, developers are building and launching many new projects using the Blast blockchain. Though Blast uses different protocols for its yield generation and transfers to users today, it claims to supplement or even fully replace these third-party protocols in the future as its community gets stronger.

Tokenomics

Distribution of 100 billion BLAST tokens: 50% airdropped, 25.5% to core contributors, 16.5% to investors, 8% to Blast Foundation.

BLAST has a total supply of 100 billion tokens. 50% of this supply goes to the community in the form of airdrop, while 25.5% is allocated to core contributors and another 16.5% to the Blast investors. The remaining 8% is reserved for Blast Foundation to further expand and grow its ecosystem.

The Price Change of BLAST on CoinEx

BLAST price fluctuates around $0.021 with peaks at $0.02796 and lows at $0.01951 since its listing.

As of June 28, BLAST's price ranges around $0.021 with a 24-hour trading volume of roughly $25K in USDT. With 17% of its supply currently available in the market, BLAST has a circulating market cap of more than $375 million. CoinEx recorded the lowest price of BLAST at $0.01951 and the highest at $0.02796 two days after its official listing on June 26, 2024.

If you want to trade cryptocurrencies, CoinEx is a good place to get outstanding volatility and prices.

Overview:

*This information is not an investment advice.

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