The Impact of the Shanghai Update on Blast
In March 12th, the Ethereum network underwent the Shanghai update, which aimed to enhance liquidity and enable validators and stakers to access their deposited Ether and rewards. This update not only resulted in lower network fees but also had a significant impact on the crypto landscape. Blast, an Ethereum-based L2, became the first platform to introduce native yield for ETH and stablecoins on its network. In just 35 days, Blast achieved $1B TVL (Total Value Locked).
How the Shanghai Update Supports Blast
The Shanghai update allows for the automatic transfer of Layer1 staking ETH yield to Blast users. Blast utilizes auto-rebasing ETH and its native stablecoin, USDB, on the L2 to achieve this. The combination of auto-rebasing ETH, Layer1 staking, T-bill yield, and gas revenue distribution contributes to a 4-5% yield percentage for L2s. This high yield enables the development of innovative dApp business models, including the recently launched Blast-based launchpad called Blastup.
The Blast Testnet and the Big Bang Competition
Blast’s Testnet recently went live, along with the Big Bang Competition. The competition invites project submissions until February 21st, offering participants the chance to win the Blast Airdrop, connect with top investors, and access Blast’s extensive user base and $1.4B TVL. The Big Bang Competition features eight categories, including Perp dExes, Spot dExes, Lending Protocols, NFTs/Gaming, SocialFi, GambleFi, Infrastructure, and Miscellaneous. Submissions that utilize Blast features uniquely will have an advantage.
Blastup: The First Launchpad for Blast-based Projects
Blastup, introduced alongside the Blast Testnet, is an innovative launchpad platform that provides various Blast-related features. It offers project screening to ensure high-quality presentations, a launchpad accelerator to assist with documentation and tokenomics, farming opportunities for Blastup token holders on the staking platform, and reserved allocations for upcoming IDO (Initial Dex Offering) projects.
Hot Take: Blast Revolutionizes Ethereum-based L2s
The Shanghai update has opened new possibilities for Ethereum-based L2 protocols like Blast. By offering native yield for ETH and stablecoins and achieving a $1B TVL in just 35 days, Blast has demonstrated the potential of this update. Its high yield percentage enables the development of innovative dApp business models, and the Big Bang Competition aims to expand the Blast ecosystem with promising platforms. With the introduction of Blastup, the first launchpad for Blast-based projects, Blast is revolutionizing the Ethereum L2 landscape.
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