Blast L2 Eco_ Summary Ahead of the Airdrop

Ethereum Layer 2 protocol Blast is gearing up for its highly anticipated airdrop scheduled for June 26. In preparation, we made an overview of the key projects building within the Blast L2 eco.

Blast eco summary, as of June 26, 2024. Source: DWF Ventures

What is Blast and How It Started

Blast is an optimistic-rollup Layer 2 network offering native yields for ETH and stablecoins. Launched by the creators of the well-known NFT marketplace Blur and funded by Paradigm, Blast quickly gained attention.

Initially developed in stealth mode, Blast surprised the community with its official announcement in November 2023. Following the launch of its testnet in January 2024, Blast saw impressive growth, reaching a TVL of $600 million in just one week, making it the fastest-growing Layer 2 network at the time.

The dynamics of TVL in Blast. Source: Token Terminal

By the end of June 2024, Blast’s TVL stood at $2.9 billion, ranking it fourth among the 58 L2s tracked by L2Beat.

Blast Tokenomics and Airdrop Details

Ahead of its token generation event (TGE), Blast released details of its tokenomics:

• Community: 50% (vested linearly over 3 years).
• Core Contributors: 25.5% (1-year lockup + 25% released after, followed by monthly vesting over 3 years).
• Investors: 16.5% (same vesting as core contributors).
• Foundation: 8% (vested over 4 years).

Tokenomics of the BLAST token. Source: Blast

In the first phase of the airdrop, 17% of the total BLAST’s supply will be distributed the following way:

• Blast Points: 7% to users who contributed to the initial liquidity.
• Blast Gold: 7% to users interacting with Blast DApps.
• Blur Foundation: 3% to the Blur community.

DeFi on Blast

Currently, Thruster, a native decentralized exchange (DEX), is the top DeFi protocol on Blast, attracting about $454 million in liquidity. Following it, a lending protocol Juice has gained significant traction by offering users opportunities to maximize yields and earn points.

Blast’s Thruster and Juice TVL performance. Source: Blast Q2 2024 report

Other notable DeFi developments include Abracadabra’s launch of MIM Swap, its first in-house stablecoin-swap AMM on Blast. Additionally, multi-chain lending protocol ZeroLend has expanded its support to Blast, further enhancing the eco’s financial offerings.

NFT and Consumer Crypto

In the consumer sector, SocialFi project DistrictOne recently introduced Meme Labs, a launchpad designed to pool community liquidity and generate excitement for memecoins. Meanwhile, Blur, the project behind Blast, has expanded to the network, further strengthening the eco’s connection to its creators.

Blast Foundation

Blast recently launched the Blast Foundation, marking a transition from being managed by Arcade Research to a more decentralized governance structure. This shift signifies the project’s commitment to community-driven development.

Overall

With the upcoming airdrop of the BLAST token and the advancements, DWF Ventures and DWF Labs are excited to continue supporting projects within the Blast eco. The future looks promising for this rapidly evolving Layer 2 platform. Reach out to DWF Ventures if you want to partner in building up the Blast eco.