Blast (BLAST)

Blast (preannounced L2) is built and promoted by Blur as native yield, taking deposits (no withdrawal), controlled by 3/5 multisig, pyramid style rewards, ETH deposits being invested via Lido

Basics

• Based in:
• Started in / Announced on: 20-11-2023
• Testnet release: Aiming for 1-2024 (11-2023)
• Mainnet release: Aiming for 2-2024 (11-2023), went live on 1-3-2024.

Audits & Exploits

• Bug bounty program can be found [insert here].
• Scored 19% on DeFi Safety (19-6-2024):

"This score was low mostly as they do not document. Node and Supporting Software: 49%  Good block explorer and archive node. Code Documentation: 0%  They say they are based on Optimism, but no docs on changes or version or anything, so you can’t verify this. There code certainly has some changes. No idea what. Security: 0%. No reference to audits or bug bounty."

Bugs/Exploits

• Blast stopped producing blocks after mainnet Dencun upgrade, resolved (3-2024).

Governance

Admin Keys

• Has a 3 out of 5 multisig that can upgrade and take funds (23-11-2023). Signers are unkown.

Token

Launch

Finally announced a launch date for its upcoming BLAST token airdrop: June 26. That’s later than the expected May date (16-5-2024).

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].
• Consensus mechanism:
• Algorithm:
• Virtual Machine:
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• Blast is able to provide native yield (roughly 4-5%) on both ETH and stablecoins held on Blast which comes in the form of automatic rebases.
• From DeFi Llama (22-11-2023):

"Promises profit-sharing features — native yield and gas revenue share. The 4% Ether yield offered to Blast depositors is generated from liquid staking protocol Lido’s yield for staked Ether, while the 5% stablecoin yield comes from MakerDAO’s so-called DAI Savings Rate."

Roadmap

• Can be found [Insert link here].

Revenue

$1.5 million for Blast during May 2024.

Usage

• From The Defiant (1-3-2024):

"Blast has completed its mainnet launch. While Blast ranked as the third-largest L2 by total value locked (TVL) following a divisive pre-launch points campaign, three-quarters of its TVL has evaporated since going live."

• The TVL of Blast has exceeded (26-11-2023) $518M, including 219K $ETH ($455M).
• "Holds over $135 million worth of crypto assets consisting of Ether, Lido staked Ether, and MakerDAO’s stablecoin DAI. The blockchain itself is not yet operational or even in testing, yet investors have been quick to pour funds into the project’s so-called bridge contract on Ethereum." (22-11-2023).

Pros and Cons

Cons

• Multisig with god mode powers.
• You “bridge to a random layer that has nothing to do with a real, technically implemented layer — which would inherit security from the layer 1 — and you lockup your funds to participate in an imaginary points system for a potential future airdrop." as said by Julian Richter.

Team, Funding and Partners

Team

• Full team can be found [here].
• Tieshun Roquerre, who goes by Pacman is founder of both Blur and Blast

Funding

• Blast has secured $20 million in funding from Paradigm, CL, DegenSpartan, Andrew Kang and Santiago (22-11-2023).

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